Cryptocurrency exchange CEO disappears. Investors fear exit scam

In the past, several exchanges have disappeared from the crypto market for multiple reasons, and it looks like Beaxy exchange might become the latest exit scam in crypto projects. The exchange appeared this summer claiming to become “the Binance killer,” but from the past few days, its CEO, Artak Hamazaspyan, has been off the grid.

However, he made an appearance through his twitter assuring people that he is well and is taking care of a family emergency, but people are still waiting for the news of an exit scam. Beaxy was called out for its reward program, and they advertised themselves by commenting under Changpeng “CZ” Zhao’s tweets.

After just a few months of its launch, Beaxy was attacked by the hackers in August, where it was targeted in a “partial spend” exploit, which cost the exchange 46 BTC and 111,000 XRP. Beaxy has done its share of damage to the crypto and Twitter community. They decided to gain popularity with the help of a Twitter-based referral program trying to attract inflows from new traders.

This failed as well as Beaxy couldn’t do well and only have about $51,000 in volumes. The price of the token is slowly declining, and after the disappearance incident, it has further declined. The biggest problem for Beaxy is that it might be incapable of paying user funds back in case traders want to withdraw. Beaxy has only 17 trading pairs listed, and the damage may be limited, but dark clouds can be seen forming overhead.

The BXY token has traded with volumes of $35,000 in the past 24 hours, and its value fell by 50%. The trading volume declined to $0.008 in the past 24 hours.