HitBTC Crypto Exchange Freezes Its Customers Accounts Ahead Of An Annual Proof Of Keys Event.

HitBTC Crypto Exchange Freezes Its Customers Accounts Ahead Of An Annual Proof Of Keys Event.

2019-01-03 | Mike Hallen

HitBTC Crypto Exchange Freezes Its Customers Accounts Ahead Of An Annual Proof Of Keys Event.

In line with information citing with multiple sources, Renowned Crypto exchange namely ‘HitBTC’ has frozen its customers’ accounts ahead of an 'annual proof of keys event'.

On the last day of Dec. in 2o18, the firm responded to a complaint 'posted' on Reddit after an anonymous user accused them of suspending his requests for withdrawals. Redditor PEDXS aforesaid that he had dutifully passed the KYC [know-your-customer] after waiting a long time of around six months to access his HitBTC’s trading account. He confirmed that while he had withdrawn a major portion of his money already, he had still left some quantity of it backed in his public address for day trading.

“After months of sending around more than 40 emails, HitBTC finally unfroze my account,” PEDXS mentioned in his complaint. “I straightaway withdrew most of my funds but left some quantity of it for the day trade. I did that as HITBTC promised that “No additional automated-controlled restrictions would be applied.”

Another Redditor, using the alias LOOKATMYIQ, 'revealed' that he too also faced similar withdrawal rejections of HitBTC. While explaining further, he said:

“Submitted all my documents/evidence for KYC days agone and currently support is going cold on me. Have I been scammed? I have been trading crypto for years on quite several exchanges and ne'er had my funds locked by surprise like this. Support was quick to retort once asking for further information but since I have given them everything they need asked for, they’ve simply disappeared on me.”

A Redditor replying as the representative of HitBTC collected their charges and ensured immediate follow-ups.

PEDXS doubted that HitBTC is purposely locking users’ accounts fearing huge coin withdrawals on the annual Proof of Keys event.

HitBTC And Proof Of Keys

To those who don’t recognize, Proof of Keys is a movement started by a famous Bitcoin capitalist Trace Mayer that requests crypto traders to withdraw their funds deposited with a 3rd party service on every 3rd Jan. The aim of doing it is to hold all these 'third-party services' responsible by testing them for their financial condition. The movement is however a way to detect that whether or not crypto exchanges hold the funds that are deposited into their personal wallets within the past.

“Over the months, from day trading I have engineered backing up my balance up to one or two BTC,” complained PEDXS. “With the proof of key date approaching, I felt that HITBTC is among the prime suspect for being insolvent, therefore i attempted retreating my BTC. Guess what, they blocked the withdrawal and froze my account once more.”

An another posted sated that:

“HitBTC was one-thing that began as a promising crypto exchange and got lucky with the massive crypto wave in 2016 and 2017, however it definitely has failed to maintain the innovations and user demands. They are barely able to survive and this may have a serious impact on users who are presently using HitBTC as their crypto exchange.”

Technologist John McAfee additionally requested folks to boycott HitBTC earlier in 2018, while 'mentioning':

HitBTC Crypto Exchange Freezes Its Customers Accounts Ahead Of An Annual Proof Of Keys Event.

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