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BiteBTC responds to users’ claims of being a scam; alleges competing exchanges of hiring hackers

Namrata Shukla



BiteBTC responds to users claims of it being scam exchange; alleges competing exchanges of hiring hackers
Source: Pixabay

The cryptocurrency market saw the prices of most cryptocurrencies follow the piped piper, Bitcoin, as it broke the $9,200 resistance. However, few users of BiteBTC exchange could not enjoy this price hike as they were unable to use their accounts or even withdraw their cryptos from the exchange.

The exchange that recently listed Bitcoin SV saw numerous people complaining about blocked accounts and disappearing cryptos from their wallets. AMBCrypto contacted BiteBTC to provide clarity over the current events taking place on the exchange via e-mail. They said:

“Unfortunately we have a small group of traders who want to shut down our exchange for personal reasons. Sometimes, some deposits is marked by our security system as suspicious and we are against the traders to confirm the origin of their funds according to the KYC and AML rules. If the trader cannot clearly explain the source of the suspicious funds, his account is temporarily blocked, but can be restored after the situation is resolved.”

However, the exchange also added that they have been experiencing attacks on their servers and they have reported this to local investigative parties. The exchange said that they have been coordinating with the police of Turkey and Ukraine. The exchange also speculates:

“Perhaps these hackers were hired by competing exchanges. We try to identify such facts, but these individuals do not pass the verification and trade anonymously.”

In 2018 too, BiteBTC saw a surge of accusations of scamming and reporting fake trading volumes. Currently, many users are waiting for BiteBTC’s response over withholding their crypto and freezing their accounts. The exchange has failed to provide answers to the users so far.

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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.