Reports indicate that a protest erupted on April 26 outside the Federation Tower in Moscow, where Beribit's office is located. Over 50 clients gathered to demand the return of around 400 million rubles that had been inaccessible for withdrawal. Customers expressed frustration over delays in withdrawal processes, contrasting with smooth deposit transactions.

Despite attempts by Beribit staff to leave through alternative exits, angry investors blocked their path, leading to police intervention. A video circulating on Telegram shows clients receiving chocolates instead of cash as compensation.

Mash, an online Russian newspaper, first reported the incident on Telegram. Gazeta.Ru later revealed that the exchange promised to refund 50% of investments immediately, with the rest to be reimbursed within one to 15 days. Beribit announced changes in management, stating that discrepancies in balance sheets were discovered, prompting a detailed audit. Clients undergoing KYC/AML verification processes faced delays in deposits and withdrawals, though successful verification would grant unrestricted account access.

Amidst the chaos, a bill proposing a ban on crypto exchanges has been introduced in the State Duma. The bill, if passed, would not impact crypto transactions or registered mining entities but would prohibit cryptocurrency advertising. However, some argue that banning exchanges could threaten national security by hindering the acquisition of weapons and defense assets from non-Western sources.

Beribit, a registered crypto exchange facilitating various trading options, including ruble-crypto and USDT, recently faced law enforcement scrutiny with office searches in March. This scrutiny coincided with a temporary website outage related to investigations into a terrorist incident at Crocus City Hall.