Azbit Review: azbit.com Scam Alert and Update

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Azbit is a Cryptocurrency trading platform, exchange, banking and investment ecosystem targeting the un-banked while using a ponzi-scheme style of business. Azbit token price is currently $0.00012. It carries the symbol AZ token.

I have reviewed several kinds of these Cryptocurrency investment operations and I will be able to appropriately advice on the best Cryptocurrency trading platforms to use. Let’s see what this company is made of and whether they are legit or scam.

Azbit.com has vehemently denied claims that it is associated with an exit scam called Bitsane exchange, although there is very strong correlation between Azbit and Bitsane.

For example, most of the people who work for Azbit worked for Bitsane before it went under. Secondly, in 2017, the CEO of Azbit.com, Maksim Zmitrovich, wanted to acquire the intellectual rights to own parts of Bitsane’s code in order to use it in his new trading platform, Azbit.com. This effort never saw the light of the day.

However, according to a press release, Bitsane exchange went live in 2016. They registered the company as Bitsane LP in Dublin under the leadership of Aidas Rupsys. His linkedin account has been deleted since the going under of his company.

The CTO (also doubling up as the director) of the company Bitsane was a man named Dmitry Prudnikov.

azbit review

In August 2017, the owner of Azbit set up a separate company called Bitsane Ltd in the UK.

It should be noted that Bitsane Ltd ( Zmitrovich’s company) is different from Bitsane exchange. As a matter of fact, Dmitry Prudnikov was the owner of the exit scam, Bitsane exchange. What appears to link the two is the fact that they both started companies with the same name. Another thing to note is that some of the employees who worked for the exit scam are now part of Azbit’s staff.

At some point, Azbit was actively promoting Bitsane exchange on their platform, thus making investors and asset holders to sign up in large numbers. The company has since tried to disassociate itself from Bitsane scam, claiming in several official statements that they are in no way working with the scam.

Elsewhere, they admit that they used to work with this exchange because they were unaware of their unscrupulous behavior and intent. In fact, Azbit claims that they were cheated just as much as the investors who trusted the the scam.

To make matters worse, there are reports that this company (Azbit) also admitted that even though they knew about the scam Bitsane, they didn’t want to cause panic among investors and stake holders, so they decided to keep the matter under wraps.

As you can see, there are conflicting reports about the company’s supposed association with the exit scam, and also one would beg the question of why some employees of Bitsane scam are still working for Azbit.

Last but not least, there is a thread on Bitcointalk.org which talks about Azbit using a stolen account to promote their services on the forum. The account username is nixon98. When the original account owner contacted the new owner, he received a reply supposedly from Azbit staff that the account was sold to them by a ”trusted trader”. This is of course a hacked account since it is obvious that the original owner didn’t give it out.

Azbit Review

Welcome to the Azbit review. If you wanted to purchase their token or invest in some way, we advice you to think twice because these accusations are serious enough to warrant investigations. As an investor in Cryptocurrencies, it is better to take advantage of a reliable Crypto wealth management service than rush to a service like Azbit.

The biggest selling point of this company is that they have Roger Ver in their advisory team which obviously means Maksim Zmitrovich shelled out a lot of bucks in order to hire him.

There is a lot surrounding this platform other than just the token which they are offering.

They have 3 investment plans for their members namely Silver, Gold and Platinum. As a silver member, the initial investment would be $1500. Gold members pay $3,500 while platinum members pay $7,500.

These plans automatically entitle investors to a share of the company’s profits which we suspect is paid back in Azbit token.

The profit-sharing business model is setup in such a way that Silver members gain +5.5% of the company’s profits every month. Gold and Platinum members receive +7.5% and +10.5% respectively. Deposit bonuses also apply in varying degrees depending on which investment plan one has purchased with the company.

azbit token investment
Azbit Investment plans

A dedicated Telegram channel is available to investors in Gold and Platinum plans only.

Azbit Multi-exchange

This facility was launched to provide traders with algorithmic trading and also provide access to sellers and buyers of trading bots.

Leverage trading is provided in addition to copy-trading service. But with the scandals we have heard about this company so far, it is better to use a service like Topedgefx to trade your coins and become financially independent. It’s less of a hustle plus there is less chance of losing your money.

The multi-currency exchange is supposed to support numerous Cryptocurrencies and security tokens. Trading of stocks and fiat currencies is also possible.

Azbit (AZ) Token

As per the official website, there are 138,888,888,888 AZ tokens in supply. Hard cap is 10,000,000 USD while soft cap is 6,500,000 USD. Any unsold tokens are to be destroyed.

AZ token is built on the ERC20 standard to ensure compatibility with third party services. It is not clear whether the token has a GitHub repository.

The company is supposedly looking to make Azbit token the official mode of paying for services on their platform.

Conclusion

Although the service is touting blockchain investment banking (which is their strongest selling point and the fact that they hired Roger Ver, one cannot go in without the main issues first being addressed. Some of them include unclear regulations. And the possibility that Azbit was associated with Bitsane could come to haunt investors later. To avoid getting caught up in the cross-fire, just find a proper Cryptocurrency trading service and you’ll have less heartache.