Token Daily - Is HitBTC insolvent? Coinfirm analysis and research by paint a disturbing picture

Crypto exchange HitBTC only has around $3m in BTC and ETH across its wallets according to analysis by Crypto regtech firm Coinfirm.

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EN_HitBTC Redditor for 4 months. 6 months ago

Dear members of the crypto community, our official statement regarding the recent controversies can be found in our blog: https://blog.hitbtc.com/proof-of-silence-does-communication-matter/

crypt0troll Platinum | QC: CC 71, ETH 67, BTC 26 6 months ago

You only mentioned a small fraction of the issues hitbtc has caused. The stuff online is not fud against hitbtc but real issues faced by users who aren’t able to withdraw their funds or have their accounts cancelled for no reason. Where’s the official response on those ?

aristocratt 1 - 2 years account age. 200 - 1000 comment karma. 6 months ago

Oh, come on! Is it something brand new? Don't pretend that there are no other anonymous exchanges. Plus I can't remember any exchange that would work 24/7 without any tech issues. If can't withdraw your coins, then go online and contact the company. They must help you.

Bigmouse1 6 months ago

The article is quite controversial. It says that Cointelligence understands that in some countries local conditions and regulations don't let companies go transparent but right after this statement they claim that being anonymous is intolerable. How comes that? And where did they learn the amounts of money on the exchange's wallets? I don't think it's possible.

STILL_DETOX 6 months ago

hopefully

NattyBrah86 Silver 6 months ago

This should be made a sticky

mystrobelights 8 - 9 years account age. 225 - 450 comment karma. 6 months ago

Is this the daily pump and dump schemes?

HappyCow40 1 - 2 year account age. 35 - 100 comment karma. 6 months ago

I have been struggling with their customer service for the last few weeks. . . Trying to get my account unlocked.

NattyBrah86 Silver 6 months ago

Me too but fuck them I no longer give a shit. Soon they will ask me for dick pics to complete their KYC

HappyCow40 1 - 2 year account age. 35 - 100 comment karma. 6 months ago

You haven’t sent them yet? I’ll let you know if it changes. Hopefully delay it just for security and they give us access. I really don’t want to give up on my funds. It’s crazy but a good lesson.

Rachel_HitBTC Redditor for 3 months. 6 months ago

Hello HappyCow40, Could you please share your ticket number in order for us to provide you with a follow-up? Thank you in advance! \-Rachel

NattyBrah86 Silver 6 months ago

Trying to get your money from SHITBTC is lying trying to get water out of a rock

thabootyslayer 6 months ago

Anybody still using HitBTC in 2019 deserves to have their money stolen.

XWarriorYZ 6 months ago

We need to have all these tiny exchanges that just constantly wash trade die off already

az0r4 Crypto Nerd | QC: CC 25 6 months ago

They closed some coins from getting withdrawed, if u have coins there still u deserve to lose it, next exchange to go down.

crypt0troll Platinum | QC: CC 71, ETH 67, BTC 26 6 months ago

Hitbtc is a scam exchange

OdoBanks Redditor for 6 months. 6 months ago

shitties exchange in the world.. actually CHARGING YOU for depositing bitcoin.

Rachel_HitBTC Redditor for 3 months. 6 months ago

>actually CHARGING YOU for depositing bitcoin. Based on our current ToS, there are no deposit fees.

[deleted] 6 months ago

[deleted]

NattyBrah86 Silver 6 months ago

You are embarrassing yourself

HodlierThanThou 2 - 3 years account age. 300 - 1000 comment karma. 6 months ago

Likely the endless stream of users coming forward claiming your exchange withholds funds despite adhering to over the top kyc requests. Which is, you know, *stealing*. Edit: also [this](https://www.reddit.com/r/CryptoCurrency/comments/bs342g/hitbtc_only_has_around_3m_in_btc_and_eth_wallets/)

hungryforitalianfood Crypto Expert | QC: CC 82, VEN 50 6 months ago

lol stop. You freeze accounts the first time they try to withdraw and then run them through the ringer asking for insane information that’s often not attainable. Your customer service is a joke, no one can help, takes forever to get a reply, and the coins continue to not be released. People are here aren’t dumb. We know your shitshow. I guess keep stealing as much as you can for now, because you’re all going to jail soon.

NattyBrah86 Silver 6 months ago

They disabled BTC withdrawal at the "proof of keys" event. What a fucking disgrace, Hitbtc owners belong in jail

crypt0troll Platinum | QC: CC 71, ETH 67, BTC 26 6 months ago

Yeah ok How about that time where you disabled tether withdrawals for a couple months with no explanation

JesusBryce_ Bronze 6 months ago

It’s safe to so. You haven’t been able to withdraw from this exchange for about a year and a half.

krollAY Platinum | QC: ETH 89 6 months ago

What are you trying to withdraw? I withdrew the small amount I had on there like 6 months ago with no issue. They take a large % though, which is part of why I withdrew and haven’t used it since anyway

rekkktttt Gold | QC: CC 87 | 6 months old 6 months ago

If you try to withdraw significant amounts (over $500 give or take) there's a pretty solid chance they give you the KYC wall and basically use that to stall and probably hope to deter you entirely from trying to withdraw. We're talking everything from submitting standard documents, to posing around your house like a fucking moron for hitbtc selfies, to getting "official letters" from decentralized exchanges saying your funds aren't stolen (as if a DEX is going to do that). Blockchain proof is irrelevant to them somehow and they honestly expect other exchanges to "guarantee" the users funds weren't involved in something shady... I mean c'mon.  It doesn't matter if you were KYC'ed already or not they could still pull that shit on you without a doubt. Could be blatant theft or they could be trying to hide the fact they don't have anywhere near the amount of funds they're supposed to.

krollAY Platinum | QC: ETH 89 6 months ago

Wow I had no idea it had gotten that bad. I had less than that so maybe that’s why it didn’t give me hassles. And I suppose you’ve already tried to withdraw smaller increments and they hit you with these issues after ~$500?

rekkktttt Gold | QC: CC 87 | 6 months old 6 months ago

I've only seen it occur for amounts over $500 personally so that's what I've based that off of. The lowest amount I've seen it happen for was about $800 and that goes back to the DEX part I explained above. HitBTC claimed since a decentralized exchange (an extremely popular one mind you) was used prior to depositing funds into their exchange that the funds must be "proven" to be legitimate without any sort of blockchain based proof being deemed "valid" in their eyes. Telling somebody to get a letter from a decentralized exchange, which has no KYC mind you, officially declaring your funds are legitimate is like asking for you to change the sky from blue to red for the day. It's a task they know you'll never complete and use that as an excuse to take your funds.

NattyBrah86 Silver 6 months ago

You never know, it is random process. Obviously they have to let a percentage of users withdraw their funds to keep the scam going as long as possible

rekkktttt Gold | QC: CC 87 | 6 months old 6 months ago

Exactly this. It can't happen to everybody but it's like gambling with satan depositing money there lmao. Will you get it back? Lets find out!

Ohhstfu Low Crypto Activity 6 months ago

Um... i was actually able to withdraw $60k from the exchange two months ago without a KYC... i was so glad cause i kept hearing these bad shit about them and was semi expecting it to be gone..

easy-bartender Bronze 6 months ago

I’ll bet they are using funds to artificially inflate trading volumes.

Chelseaqix 6 months ago

I bet 95% (19/20) are. The thing about HitBTC is they’re not only simulating trading volumes they’re just out of money. Like Bitfinex just they’re out of time to lie. Bitfinex is hoping to play the market to regain what they’ve lost/defunct on. I guarantee they’re trying to buy time to recoup funds. Like idiots the market ignores them because this would be horrible news.

e3ee3 Crypto God | QC: BTC 67, CC 59, ETH 28 6 months ago

It is not $3M tho [https://etherscan.io/tokenholdings?a=0xa12431d0b9db640034b0cdfceef9cce161e62be4](https://etherscan.io/tokenholdings?a=0xa12431d0b9db640034b0cdfceef9cce161e62be4)

Chelseaqix 6 months ago

I think they were talking about bitcoin?

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