Zebpay warns: Fiat Withdrawals could become ‘Impossible’

With coming date for India’s banking ban on the cryptocurrency sector, Zebpay - India’s large exchange - is warning that users` fiat deposits could be affected
25 June 2018   610

One of India’s biggest crypto firms, Bitcoin wallet and exchange platform Zebpay,  has alerted its clients that their fiat rupee withdrawals could cease altogether in the near future, in accordance with the Reserve Bank of India’s (RBI) recent ban. On April 5th, the central bank issued a circular mandating regulated financial establishments including domestic banks to forbid services to crypto businesses like exchanges. The central bank mandated a three-month deadline and it’s plausible that cryptocurrency exchanges could see their bank accounts closed by July 5.

In this case, the users will no longer be able to withdraw their deposited rupees, India’s fiat currency, from crypto exchanges. In a statement on Saturday (first published on Thursday), Zebpay claimed:

In light of that [RBI circular], please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements.
Cryptocurrency Exchange, India

Definotely, the exchange pointed out that the clients will only be able to resume withdrawing their fiat deposits if “Zebpay has banking services that permit such withdrawal” after the July 5th deadline has passed.

Zebpay warning on Twitter
Zebpay warning on Twitter

In a related-FAQ, the company claimed its ‘present intention is to let crypto-INR pairs” after their bank accounts are shut to allow users acquire crypto with their frozen fiat deposits. Nevertheless, Zebpay alerted it “cannot guarantee that we will continue the crypto-INR trade pairs forever”, stating it’s unable to currently “fathom all the consequences” of the looming banking blackout. 

The central bank revealed earlier this month that it had processed no research nor consulted any opinions from experts or the government prior to enforcing the arbitrary banking prohibition on the crypto sector.

G Suite & Target Twitter Accounts Hacked

Scammers hacked verified G Suite and Target Twitter account to use it for another fake "crypto giveaway"; 5.8634 bitcoins received
14 November 2018   64

Twitter accounts of one of the leaders in US retail Target and Google G Suite services were hacked by unknown, who immediately announced the free giveaway of bitcoins. The legitimate owners returned access to their pages quickly enough, but fraudsters still managed to get about $ 30,000.

After hacking the account G Suite, which has more than 800k subscribers, announced the distribution of 10 000 BTC. As reported by The Next Web, this post was deleted after 10 minutes. At the moment, Google has not commented on the situation.

Scammers message
Scammers message

Account Target, which has a little less than 2M subscribers, announced the distribution of 5 000 BTC.

Representatives Target confirmed hack of account, starting an investigation into the circumstances of the incident.

Early this morning, our Twitter account was inappropriately accessed. The access lasted for approx. half an hour & one fake tweet was posted during that time about a bitcoin scam. We have regained control of the account, are in close contact with Twitter & are investigating now.

As exploers show, there were no transfers to the of hackers of the G Suite account. However, with the help of a post on the Target page, attackers were able to get 5.8634 bitcoins.