A lawsuit against HitBtc

[OmegaStarScream]

In short, KarmaRed started a lawsuit against HitBtc.

I'm probably being a little bit paranoid but being cautious never hurts. It looks serious so I highly suggest for people to start withdrawing their money from the exchange as soon as they finish trading, you don't want your funds locked because of the legalities (or possibly an exit scam) etc.

Details: https://medium.com/karmared/hitbtc-is-having-karma-issues-c85eb23da4fe

[1Referee]

People shouldn't need a lawsuit to withdraw their funds from that rotten hole. HitBtc has a proven trackrecord of being an incompetent player in this market, and that for years straight.

If you also take into consideration that this exchange managed to consistently settle itself in the top 10 global exchanges in terms of volume, one really starts asking itself how much of a joke the crypto market actually is. The main exchanges usually steering this market are now covered under a thick layer of Asian dust, which is quite embarrasing actually.

You are not paranoid at all. If you was, you would have withdrawn your funds way sooner. Better do it now.

[ItsFlavy]

I was reading over their Terms of Service and legalities, and it looks like they NEVER covered the possibility of being sued for their decision. So... That's on them to deal with. Most other exchanges explicitly state they serve the right to refuse any coin they desire. And depending on the exchange, the fee may or may not be refundable. In this case, they half-assed their TOS and are gonna pay heavily for it. You could say... Karma comes around to bite you in the ass

[Samarkand]

...
If you also take into consideration that this exchange managed to consistently settle itself in the top 10 global exchanges in terms of volume,
one really starts asking itself how much of a joke the crypto market actually is.
...

If you can even believe their volume numbers. Why would you put any trust
in self-reported volume statistics from an exchange that has a history of dubious
behavior?

On the other hand, HitBtc has often listed Bitcoin forks that you couldn´t even
trade at other exchanges at all. Some people therefore had to use the exchange, because
of a lack of alternatives.

[timerland]

Lawsuit or not, I wouldn't use HitBTC. However if there are active members of the community that are attempting to go up against a particular company, then it's probably a good sign that you should stop using it altogether and withdraw your funds from it. It shows how untrustworthy this particular exchange is, really.

HitBTC has a track record of asking excessive amounts of questions that aren't mentioned when you deposit, after you try to withdraw. And they hold user funds for a long time by doing this process. Essentially, you'll be forced to give info about the origins of your funds, in very detailed format, and they'll always ask for more info, even if you do fulfill what they asked for in the beginning. This process is tiresome, and time consuming.

...
If you also take into consideration that this exchange managed to consistently settle itself in the top 10 global exchanges in terms of volume,
one really starts asking itself how much of a joke the crypto market actually is.
...

If you can even believe their volume numbers. Why would you put any trust
in self-reported volume statistics from an exchange that has a history of dubious
behavior?

On the other hand, HitBtc has often listed Bitcoin forks that you couldn´t even
trade at other exchanges at all. Some people therefore had to use the exchange, because
of a lack of alternatives.

That's true. But usually there are alternatives that are available. Unless you're trading small amounts, I wouldn't use HitBTC at all due to the fact that what's going to happen come withdrawal time is completely up to them.

[BitHodler]

On the other hand, HitBtc has often listed Bitcoin forks that you couldn´t even
trade at other exchanges at all. Some people therefore had to use the exchange, because
of a lack of alternatives.

Well, no one really has to use an exchange because of a fork, especially not when the fork in question yields only pocket change per coin. People force themselves to sell fork coins directly, which is completely unnecessary.

I think the only non pocket change fork exception was BTG that Hitbtc listed as one of the first? Good thing is that the fork hype lost its shine due to an oversupply of garbage forks. It's no longer a reason to use Hitbtc.

I think thus far every exchange has had to deal with various lawsuits, so I don't even think it's worth panicking over. An exchange has always the upper hand, especially when there is no solid proof of theft.

[milewilda]

People shouldn't need a lawsuit to withdraw their funds from that rotten hole. HitBtc has a proven trackrecord of being an incompetent player in this market, and that for years straight.

If you also take into consideration that this exchange managed to consistently settle itself in the top 10 global exchanges in terms of volume, one really starts asking itself how much of a joke the crypto market actually is. The main exchanges usually steering this market are now covered under a thick layer of Asian dust, which is quite embarrasing actually.

You are not paranoid at all. If you was, you would have withdrawn your funds way sooner. Better do it now.

For some people, they are not really blinded on the volume or even on the ranking on where Hit was being placed therefore they still decide to stick with it inspite on having all of those issues exist and i dont even think up that those stats are for real or just really fake just to lure in users. If theres a lawsuit then this would be a good indication or a convincing thing for us to make such act.

[buwaytress]

You're not being paranoid at all. We all see cries for help every day on every exchange but when it comes to proper complaints with what seems to be legitimate evidence, time to sit up and pay attention.

If the exchange can't even do a simple listing for the amount it charged (527 ETH btw!) then we know for sure these are simply amateurs. Look at the way they responded too. No different from amateur exchanges.

Anyway, this proves listing does take 100s of thousands of dollars. So all you investors know where your token sale funds are going to...

[TooDumbForBitcoin]

Well...At least now we know the listing payment on HitBtc. How greedy they are - 527 ETH for listing and 0,1% trades commission 

[Slow death]

In short, KarmaRed started a lawsuit against HitBtc.

I'm probably being a little bit paranoid but being cautious never hurts. It looks serious so I highly suggest for people to start withdrawing their money from the exchange as soon as they finish trading, you don't want your funds locked because of the legalities (or possibly an exit scam) etc.

Details: https://medium.com/karmared/hitbtc-is-having-karma-issues-c85eb23da4fe

This story will be very interesting to follow, mainly because of this:


Registrant Name: WhoisGuard Protected
Registrant Organization: WhoisGuard, Inc.
Registrant Street: P.O. Box 0823-03411
Registrant City: Panama
Registrant State/Province: Panama
Registrant Postal Code:
Registrant Country: PA
Registrant Phone: +507.8365503

This major exchange received 527.01 ETH from Karma for the listing services, but has not fulfilled it’s obligations.

Now we know why they want to be anonymous

[pugman]

You're not being paranoid at all. We all see cries for help every day on every exchange but when it comes to proper complaints with what seems to be legitimate evidence, time to sit up and pay attention.

If the exchange can't even do a simple listing for the amount it charged (527 ETH btw!) then we know for sure these are simply amateurs. Look at the way they responded too. No different from amateur exchanges.

Anyway, this proves listing does take 100s of thousands of dollars. So all you investors know where your token sale funds are going to...

Maximum listing amounts cost till like 20 bitcoins. But this is insanity.

Will we ever have an exchange that one could possibly trust or not having paranoia every time we deposit funds in an exchange. And fucking banks are not helping as well. I am sick and tired of exchanges doing shit like this. OP, thanks for linking this down, I better move my funds somewhere else, the funds amount very less but still.

[magneto]

Definitely not being paranoid. HitBTC has had a bad history, and scrolling around the forum on a daily basis I'd say a big portion of all exchange related complaints are regarding HitBTC. It could just be an incredible coincidence, or that HitBTC is indeed a shady exchange to avoid. (I definitely think the latter).

Their whois info is anonymous, we don't know where they are actually located physically, there is no clear founder/CEO of the company. Just take a look at this thread that was closed by HitBTC essentially by saying 'it doesn't matter': https://forum.hitbtc.com/discussion/2669/hitbtc-where-are-you-located-and-who-is-your-ceo-responsible-traders-want-to-know

Based on them not fulfilling obligations for coin listings, their withdrawal issues, and their obscured company details, there is too much risk to use them.

[pugman]

Their whois info is anonymous, we don't know where they are actually located physically, there is no clear founder/CEO of the company. Just take a look at this thread that was closed by HitBTC essentially by saying 'it doesn't matter': https://forum.hitbtc.com/discussion/2669/hitbtc-where-are-you-located-and-who-is-your-ceo-responsible-traders-want-to-know

Based on them not fulfilling obligations for coin listings, their withdrawal issues, and their obscured company details, there is too much risk to use them.

That is messed up shit dude. There were 5 whole pages of users crying about their deposits and their anger is beyond limits yet understandable. And they locked the thread after their reply so that no one else could reply.

No one should be forced to be in such a dilemma. I am surpirsed that there is only one lawsuit. Same goes for bittrex and poloniex.

[bitcoindian]

Well...At least now we know the listing payment on HitBtc. How greedy they are - 527 ETH for listing and 0,1% trades commission 

OMG! They are charging very huge amount for listing the coin but still, companies are listing in the exchanges by paying such huge amounts and also they are charging very high fee for transactions.

[faithupgrade]

I have a BTC deposited in HITBTC.. Should I withdraw it? Its not too big, it is small. But the problem is it must be 0.01 BTC before I can withdraw it. I cannot even sold at loss my XRB because its not 0.01 BTC in total.

[BTCeminjas]

I have a BTC deposited in HITBTC.. Should I withdraw it? Its not too big, it is small. But the problem is it must be 0.01 BTC before I can withdraw it. I cannot even sold at loss my XRB because its not 0.01 BTC in total.

That is simple mate, trade you bitcoin into ethereum coins and I think ethereum will having a small amount of transaction fee when you withdraw your fund there. If I am not mistaken their flat fee 0.00958 ETH which is low cost compared to bitcoin minimum withdrawal.

I also have an account in hitBTC, and I have also coins worth of 150$ a small amount but when I read those statement above I'd like to withdraw also mine.

[kamatsu]

what is the point of a trading plateform is you cannot  withdraw your money ?

i have total legit account for 2 years + ( in several platforms).
i have filled 3 times KYC form passport ect. They sent twice request to fill it

Support is inexistant

i have 3 tickets concerning my withdraws / moving my coins elsewhere... but

transation not available..
still you can move your coins  there not withdraw, funny the issue is only 1 way...


When a business modell spend countless effort to grow , advertisement everywhere
BUT
has no customer service,
has no refund or proof that money go to the right direction it fill my opinion SCAM description.