An Xinxin’s Bitroo Halts Withdrawals, Unveils Quant Fund
Bitroo Founder and former Golden Finance CEO An Xinxin launched a Bitcoin cloud mining project on Telegram, offering computing power packages and attracting investments up to 50,000 USDT per user. Since April 2024, Bitroo has suspended withdrawals, citing payout difficulties, while the platform’s claims of North American mining resources remain unverified. Reported losses range from tens of thousands to over a million USDT, with no official response to investor complaints. Recently, An Xinxin introduced a new quantitative fund, “Select Official,” actively seeking capital, prompting crypto KOLs to warn users of potential scams. Traders should exercise caution given ongoing payout issues and lack of transparency in both Bitroo and the new fund.
Bearish
News of Bitroo’s halted withdrawals and unverified mining claims erodes investor trust and fuels market skepticism. The launch of a new quant fund by the same founder raises red flags reminiscent of past Ponzi-style clouds mining and DeFi scams. In the short term, traders may become risk-averse, reducing leveraged positions in similar products. Over the long term, this incident could prompt calls for tighter regulation and due diligence, dampening enthusiasm for off-platform mining services and unlicensed investment vehicles.