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Author Topic: HitBTC only has around $3m in BTC and ETH wallets  (Read 10 times)
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Today at 02:01:22 PM

Crypto exchange HitBTC only has around $3m in BTC and ETH across its wallets according to analysis by Crypto regtech firm Coinfirm. Centralized exchanges hold the funds on behalf of their users, putting users at risk of hacks and providing them zero control over their funds. Furthermore, users have no idea what these exchanges are doing with the funds. In short: Your Private Key, Your Bitcoin, NOT Your Private Key, NOT Your Bitcoin.

Bitcoin (BTC) – Proof of Reserves Comparison:

2. Withdrawal issues following the new KYC/AML policy introduced by HitBTC
HitBTC didn’t force KYC on its users until it became convenient to them, following the article by Filip Zaric Moye on the 23.04.2018, “Frozen funds, excuses and confusing messages – there is a growing stack of evidence to suggest that HitBTC, the cryptocurrency exchange, is scamming some users.”

3. Comparing withdrawal fees of HitBTC vs Huobi, Okex, Binance, Kucoin, Bittrex, and Kraken:

In some cases HitBTC has 10-40X higher fees than the benchmark:

4. Anonymous team.
When we conducted our HitBTC exchange rating (, we gave them a risk score of 7 and a team score of 0, as there is no public information available about their team.

These four red flags should give anyone pause about HitBTC. The combination of the low reserves, the policies and fees which seem designed to make withdrawal of funds difficult or unappealing speaks of an exchange desperately trying to conceal its own insolvency.
Within a few seconds of querying their Platform Coinfirm generated an AML Risk Report for a major wallet allegedly tied to HitBTC which includes not just risk factors but also financial characteristics. Coinfirm has also published the industry first Know Your Exchange Report where they covered over 200 exchanges globally and provided them all risk assessments based on various parameters. In addition to the AML Risk Report below you can also see the assessment by Coinfirm in their KYE Report. You can find the full public version here (, for the full version with risk assessments for each exchange please become an AMLT Network Member (

This is only part of the information, the rest you will find:
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