HitBTC, the fifth largest cryptocurrency exchange according to CoinMarketCap, has been accused of the “questionable, unjustifiable reasoning” that went into delisting Bitcoin Private [BTCP].
Bitcoin Private developers made the information public via their tweet on March 10, 2019. The tweet stated:
“Dear #BTCP community – please read the legal letter below, that uncovers @hitbtc and their questionable, unjustifiable reasoning behind the removal of Bitcoin Private from their exchange.”
The legal letter sent via email to HitBTC by Petros Law Group on behalf of BTCP detailed a timeline of events that led to a disagreement between HitBTC and BTCP developers. The disagreement finally concluded with HitBTC delisting BTCP after BTCP devs failed to comply with HitBTC’s request to compensate for the loss of users’ funds.
The letter detailed the alleged claims by BTCP developers that HitBTC failed to heed to BTCP’s coinburn, which was announced weeks prior to the event, but in turn, asked BTCP to compensate for the lost BTCP.
According to the whitepaper by BTCP, users who held Bitcoin [BTC] and ZClassic [ZCL] would be provided BTCP in the ratio of 1:1 after the fork. The unclaimed coins after the fork were to be “burned” or deleted. The coinburn by BTCP was supposed to happen on February 16, 2019, but a day prior to the coinburn, HitBTC reached out to BTCP devs for assistance.
The assistance to protect users’ funds turned into a compensation request by HitBTC as it requested a total of 58,920 BTCP for the loss that will be incurred by HitBTC after the coinburn.
This legal letter also stated:
“To clarify, no BTCP User, on any exchange which supports Bitcoin Private trading, was negatively impacted by the Coinburn… Furthermore, HitBTC knowingly, intentionally, and deceptively misrepresented their falsified claims in their fraudulent plea for BTCP developer assistance when they stated that it was “our users BTCP coins” that were in jeopardy”
HitBTC posted a blog on their official website stating that they have decided to delist BTCP from their platform and announced:
“Never in the history of our platform our users have lost the funds kept in our custody and this is the practice we don’t ever want to disrupt. This situation is a good example of how important it is not to change the rules in existing blockchains if those changes can have a negative impact on the users.”
Crypto_spawn, a Twitter user, commented:
“Well @officialmcafee has been sounding the alarm about hitbtc since last summer. Not sure if their tactics should come as a surprise to anyone paying attention. I refuse to touch hitbtc anymore.”
@privatematters101, another Twitter user, commented:
“Good luck taking @hitbtc to court, there must be a long line going by their reddit sub of people who have had their accounts locked up or assets stolen by this scam exchange @bitcoinprivate is a dead project anyway, cut your losses and walk away its not coming back from the this”
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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