Russian cryptocurrency exchange Beribit is facing allegations of fraud as customers are not receiving refunds for their money. Reports from Russian media indicate that the exchange is requesting income legality certificates from victims to avoid paying debts. Only 19 out of 100 clients have received any money so far.

Estimates suggest that the total amount of funds blocked on Beribit could be as high as 400 million rubles, approximately $4.3 million. While platform representatives have acknowledged damages of 24.9 million rubles, about $263,000, this is just a fraction of the frozen assets.

Only 11 clients have passed the audit and are expected to receive their funds soon. However, users recently received messages from Beribit in the middle of the night, requesting evidence to prove they were not involved in money laundering activities through the exchange.

There are suspicions among crypto wallet owners that the exchange is altering conditions, asking for personal information, and searching for reasons to keep the money for themselves.

The Beribit scandal began in March with searches at the company’s Moscow offices and continued in April with reports of technical issues in cryptocurrency withdrawals, attributed to management changes and reporting inconsistencies. Following protests by customers at Beribit’s office, the company pledged to fully reimburse users. However, to date, Beribit has not fulfilled its promises, and customers are still unable to withdraw their funds.

Despite the ongoing controversy, there are no current plans for a total ban on cryptocurrencies in Russia, as confirmed by a lawmaker.

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