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Alleged Bitcoin [BTC] withdrawal scam on HitBTC pointed out by Reddit user

Akash Anand

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Alleged Bitcoin [BTC] withdrawal scam on HitBTC pointed out by Reddit user
Source: Unsplash

HitBTC’s has created quite a ripple in the cryptospace over the past few days with multiple complaints being registered against the cryptocurrency exchange. The controversy had started when the exchange was accused of deliberately freezing transaction on New Year’s.

This issue was brought to light when a couple of users complained about random account blocks. John McAfee, who has been historically against the cryptocurrency exchange did not lose the opportunity to dig into it. He tweeted:

“I warned everyone more than a dozen times. Don’t sign up. Don’t use it. Withdraw your funds. I was trashed for calling out HitBTC as a corrupt company. Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.”

Just recently, colonelnipples, a Reddit user had stated, “I think HitBTC just scammed me and I have it documented”. The Reddit thread stated how the user had bought $700 worth of Bitcoin [BTC] after which he was not able to withdraw the assets due to a stipulated incompletion of the Know Your Customer [KYC] service.



The user also spoke about how the KYC process took a long and bizarre trail that included the cryptocurrency exchanges wanting photos around the user’s house as well as a documented form of the origin of the funds. He further said:

“I put together everything I have and send it off to them (remember, this is 1 transaction of $700, not multiple. They send exact same email about wanting the origin of funds, I politely ask what part I missed. They send exact same email about origin of funds again, I send them everything I have again.”

The allegations on the cryptocurrency exchange were also supported by several other users who had undergone similar experiences. Another Reddit user, SalvaD1, had stated:

“agree , very shitty exchange . the may not have the coins so they come up with that nonsense.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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1 Comment

1 Comment

  1. Avatar

    Marko

    February 15, 2019 at 12:29 PM

    Never came across this problem. All my withdrawals from hitbtc were quite fast (except 2-3 times when some delays happen) and without extra fees. Like this exchange anyway.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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