HitBTC insolvency brought into question as new research points to red flags

2019-5-24 21:00

The cryptocurrency market has had its fair share of controversies, with the latest report from Cointelligence speculating that HitBTC, a popular cryptocurrency exchange, might be insolvent. Cointelligence has claimed that HitBTC has only $3 million in Bitcoin [BTC] and Ethereum [ETH] across its wallets. This information was provided by a cryptocurrency organization called Coinfirm.

The report has covered four different areas where HitBTC’s data did not match up to what was expected: proof of reserves, withdrawal issues following its new KYC/AML policy, increased withdrawal fees as well as the company’s team.

In its report, Cointelligence stated,

“The first list of proof of reserves provided by Coinfirm and the AMLT Token Network on the 8th of April showed that HitBTC is holding 245.20 BTC in their hot and cold wallets, clusters at block height 570159 clustered at block height 568918.”

Three snapshots were conducted to calculate the total trading volume on HitBTC. They revealed that Bitcoin pairs amounted to $537 million and Ethereum trading pairs amounted to $155.79 million. When compared to other exchanges like Kraken, Bittrex, and Poloniex, the disparity between the proof of reserves and BTC trading pair volumes in HitBTC were significant.

Another major issue addressed by Cointelligence was the withdrawal fee hike that coincided with the new KYC implementation on the platform. The report said,

“Ironically, they use the pretense of a best practice known as Know Your Customer (KYC) as a masquerade to seemingly swindle funds on an indefinite basis, refusing requests for a refund. Name, address, citizenship and photo ID are all ways in which KYC can be implemented – it seems that HitBTC’s no ID policy was designed to get customers on board before the u-turn gave them a convenient excuse to freeze accounts.”

The cryptocurrency research website further added that they had contacted a user who complained about HitBTC and its reluctance to release funds from its roster after the new KYC/AML update. This issue was raised earlier by another user too, stating that a lot of users were facing trouble while withdrawing their virtual currencies for a couple of weeks.

The post HitBTC insolvency brought into question as new research points to red flags appeared first on AMBCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0031657 (-100%)

hitbtc cryptocurrency question insolvency cointelligence flags brought

Источник: ambcrypto.com

hitbtc cryptocurrency → Результатов: 56


Фото:

HitBTC Slammed by Trace Mayer, John McAfee Over Account Freezes Day Before Proof Of Keys

Some of cryptocurrency’s best-known names have joined public calls for exchange HitBTC to explain itself after it began halting withdrawals days before a significant event. Mayer: ‘Beware’ HitBTC Trace Mayer, organizer of Proof of Keys, which calls for cryptocurrency owners to remove their holdings from third-party exchanges on January 3, condemned HitBTC for the move, reports of which began December 31.

2019-1-2 11:30


John McAfee’s HitBTC Warning Comes to Light as Exchange Freezes User Accounts Before Proof of Keys Event

HitBTC Freezes Customer Accounts a Day Before Scheduled Proof of Keys Event In a highly unethical and suspicious move, it has recently come to light that cryptocurrency exchange HitBTC has been freezing withdrawals for many of its customer accounts just hours before the launch of the much awaited annual proof of keys event. To add […]

2019-1-2 09:54


Electroneum added on HitBTC and the price reaction was a ridiculous jump of 38%. This is an indicator of a deeper problem in ETN

Electroneum (ETN) saw a brief, preposterous  spike of 38%, as the coin jumped following its listing on the HitBTC exchange. As per the official blog announcement from the exchange: “We are happy to announce the long-awaited integration of Electroneum (ETN), the mobile-based cryptocurrency providing a digital payment solution to the developing world.

2018-11-22 01:11


ABTC, the Anti-Money Laundering Coin Announces Listing on HitBTC Exchange

AML bitcoin (ABTC) continues its giant strides in the cryptospace by being listed on one of the biggest and largest digital currency exchanges in the world, HitBTC Future Cryptocurrency ABTC tends to solve one of the biggest and most significant problems facing the cryptospace; the coin is synonymous with its anti-money laundering technology feature built […] The post ABTC, the Anti-Money Laundering Coin Announces Listing on HitBTC Exchange appeared first on ZyCrypto.

2018-9-17 23:15


Crypto Pundit John McAfee Filling Legal Charges Against HitBTC

Cryptocurrency big daddy, John McAfee has declared his readiness to file legal charges against HITBTC, after the exchange allegedly refused to yield to his complains. On different occasions, McAfee has been the voice of the cryptocurrency community, condemning “inhumane” actions of some governments who put a ban on cryptocurrency and the Security and Exchange Commission […] The post Crypto Pundit John McAfee Filling Legal Charges Against HitBTC appeared first on Ethereum World News.

2018-7-11 15:30


KaratGold Coin (KBC) Gets Enlisted on HitBTC Following One the Biggest ICO’s ever in History

KaratGold Coin (KBC), a game changing cryptocurrency representing cryptonized gold that can be transferred cost efficiently, securely and in real-time across borders, is now listed in HitBTC. A venture from KaratBars International, KaratGold Coin has recently completed a highly successful ICO that secured investments worth over one hundred million USD.

2018-6-26 08:27


KaratGold Coin (KBC) Gets Enlisted on HitBTC Following One the Biggest ICO’s ever in History

KaratGold Coin (KBC), a game changing cryptocurrency representing cryptonized gold that can be transferred cost efficiently, securely and in real-time across borders, is now listed in HitBTC. A venture from KaratBars International, KaratGold Coin has recently completed a highly successful ICO that secured investments worth over one hundred million USD.    June 25, 2018 KaratBars International […]

2018-6-26 05:14


дальше еще 7 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Stellar: What's next for XLM after 220% surge? Assessing...

XLM's incredible rally indicated intense buying pressure despite the altcoin season not fully kicking in. A short-term pullback from the overbought levels cannot be ruled out, given the overbouThe post Stellar: What's next for XLM after 220% surge? Assessing... appeared first on AMBCrypto.

Trump eyes 'crypto czar' role - Will this take the market cap to $3T?

Trump considers Chris Giancarlo for the first-ever White House cryptocurrency advisory role. Pro-crypto appointments signal Trump’s push for progressive U.S. digital asset policies. DonaldThe post Trump eyes 'crypto czar' role - Will this take the market cap to $3T? appeared first on AMBCrypto.

Capybara Nation surges 348%, hits ATH: Can the rally continue?

Capybara Nation spiked 348%, hitting an all-time high of $0.00002041 before a sharp pullback. Trading volume surged by 371%, signaling growing market interest in Capybara Nation (BARA). CapyThe post Capybara Nation surges 348%, hits ATH: Can the rally continue? appeared first on AMBCrypto.

Ripple’s XRP Surges 188% After Trump’s Victory, CEO Garlinghouse Optimistic

Ripple Labs is poised for a significant transformation as Donald Trump assumes the presidency, potentially reshaping the landscape of U.S. cryptocurrency regulation. The company's CEO, Brad Garlinghouse, shared his optimistic outlook in a recent interview, highlighting how the new administration could alleviate longstanding challenges Ripple has faced under the Biden era. XRP has made [...]

5 key metrics hint at Ethereum's next big bull run – Here's what to watch

Ethereum whales are accumulating while reduced selling pressure hints at a potential supply squeeze. Growing daily transactions and short-term holder interest suggest ETH’s next bullish phaseThe post 5 key metrics hint at Ethereum's next big bull run – Here's what to watch appeared first on AMBCrypto.