After a rash of accusations on bitcointalk against BiteBTC, the firm has rebranded as Fedlio. That has not stopped Crypto Analyst Firm Cointelligence from issuing refreshed accusations according to their CEO On Yavin’s latest tweet:
In a damning review on Cointelligence, BiteBTC received an industry low 1.0 rating and offered the following scathing review:
“The BiteBTC exchange is a unique place: from its data, it seems the exchange handles hundreds of millions in daily volume, denominated in US Dollars, and provides a liquid home to a large amount of coins. A closer look unfortunately reveals an exchange that inflates its volume metrics using wash trading, accused consistently of not honoring users’ fund withdrawal requests – allegedly stealing from them, having a seemingly non-existant team untraceable in the real world and a frustrating website, which rarely works in a user friendly way and does not even allow the user to open a support ticket, or – in the worst case we’ve seen – when a user wishes to disable its two-factor authentication, they simply click the button that says “”disable 2FA”” – and it is disabled, no questions asked – this is an extremely alarming vulnerability, easily exploitable by every amateur attacker.” – Cointelligence
In addition to Cointelligence, Coinmarketcap has issued a warning as well:
We have received reports that user deposits are being withheld. Please be careful with your funds. BiteBTC is now operating as Fedlio (https://fedlio.com/) and claims to have been acquired by Seychelles Commercial Bank (SCB).CoinMarketCap.com
We will update the story as it develops.
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