Why You Should AVOID HitBTC

Tainted exchange HitBTC have once again been involved in a scam, this time it involves the Bitcoin Private team - Crypto Daily have gained exclusive access to some of the legal documents published by Petros Law to reinforce these allegations, you can see the documents for yourself here -

Bitcoin Private Letter to HitBTC

This isn’t the first time HitBTC have been involved in scams and indeed, it now seems clear that this is an exchange we suggest you should AVOID at all costs. In 2019 alone, numerous reports have surfaced against HitBTC, not to mention numerous other allegations which surfaced during 2018.

In January this year, it became apparent that HitBTC had been freezing users accounts and delaying withdrawals, in this instance, many funds seemed to go missing, leaving investors out of pocket.

Earlier this month, Bitcoin Private have fallen victim to a HitBTC scam when HitBTC decided to delist the Bitcoin Private token following a scheduled coin-burn.

According to Cointelegraph:

“At the beginning of March last year, BTCP was created in a fork from ZClassic (ZCL) and Bitcoin (BTC) with a notice of a future coinburn in its whitepaper: the scheduled event was meant to delete (or “burn”) all the coins which haven’t been claimed (or moved) since the fork. On March 3, 2018, the day after the launch, HitBTC reportedly charged the BTCP team a listing fee of half a million dollars in Bitcoin.”

Then:

“On Feb. 15, one day before the coinburn was planned to happen, HitBTC reportedly contacted BTCP requesting assistance to protect its users’ funds in a series of emails, which then escalated into a request for compensation of 58,920 BTCP to be given after the coinburn due to expected losses.”

Now:

“On Feb. 17, the coinburn reportedly happened, one day after it was forecasted, and on Feb. 21, HitBTC allegedly threatened to pull BTCP support if the coin’s development team did not compensate 58,920 BTCP. The discovery was later confirmed by the coin’s developers, who stated that the findings were mathematically accurate but at this time, the source, purpose, and recipient of this exploit is currently unknown.”