[2019-05-24] Red Flags Points To HitBTC Insolvency

[CryptoBry]

The cryptocurrency market has had its fair share of controversies, with the latest report from Cointelligence speculating that HitBTC, a popular cryptocurrency exchange, might be insolvent. Cointelligence has claimed that HitBTC has only $3 million in Bitcoin BTC and Ethereum [ETH] across its wallets. This information was provided by a cryptocurrency organization called Coinfirm.

The report has covered four different areas where HitBTC’s data did not match up to what was expected: proof of reserves, withdrawal issues following its new KYC/AML policy, increased withdrawal fees as well as the company’s team.

The cryptocurrency research website further added that they had contacted a user who complained about HitBTC and its reluctance to release funds from its roster after the new KYC/AML update. This issue was raised earlier by another user too, stating that a lot of users were facing trouble while withdrawing their virtual currencies for a couple of weeks.

Further Read: https://ambcrypto.com/hitbtc-insolvency-brought-into-question-as-new-research-points-to-red-flags/

HitBTC is now on the watch out list for possible problems which can lead to its demise. There have been rumors the past few weeks on operational and financial problems aside from the usual complaints of its users. And now a study are confirming about many red flags which can raise doubts on the exchange's viability. Will this be the signal for the end of one of top exchanges we have around?

[shamc]

Hopefully hitbtc will be around for a lot longer. Although some people dislike it and claim to have problems withdrawing funds, i have yet to experience any of those issues. Haven't tried it recently, but in the past it was always worked without any issues

[Slow death]

Hopefully hitbtc will be around for a lot longer.

they can only continue to work if people are too blind to continue to use hitbtc

Although some people dislike it and claim to have problems withdrawing funds, i have yet to experience any of those issues. Haven't tried it recently, but in the past it was always worked without any issues

you are defending a shady exchange based on the fact that you have not had withdrawal problems yet, I suppose it must have been months since your last withdrawal. try to withdraw now and then tell us if you had no problem

[joniboini]

Although some people dislike it and claim to have problems withdrawing funds, i have yet to experience any of those issues. Haven't tried it recently, but in the past it was always worked without any issues

Shouldn't have said this if you tried recently. Just because you never face a problem, thousands of others might have a headache trying to withdraw their funds. Will you still hope exchange like this continues to operate?

I'm not sure how valid the report is, but what HitBTC has done is really similar to previous exchanges that eventually went insolvent and disappear for good. So there's no surprise that sooner or later they'll face the same thing.

[jseverson]

Uh oh. People should be taking out everything while they can, whether or not this is true. If it's true, then you're saving yourself the headache of losing money, and if it's not, then they're in perfect position to pay out and happy customers will return.

Haven't tried it recently, but in the past it was always worked without any issues

This doesn't question their integrity, but rather their actual ability to give customers what they're due. I understand that people want to support exchanges they've used without a hitch, but there's no place for benefit of the doubt (as your response seems to imply) in cases like this.

[CryptoBry]

Although some people dislike it and claim to have problems withdrawing funds, i have yet to experience any of those issues. Haven't tried it recently, but in the past it was always worked without any issues

Shouldn't have said this if you tried recently. Just because you never face a problem, thousands of others might have a headache trying to withdraw their funds. Will you still hope exchange like this continues to operate? I'm not sure how valid the report is, but what HitBTC has done is really similar to previous exchanges that eventually went insolvent and disappear for good. So there's no surprise that sooner or later they'll face the same thing.

I sympathized with people who are experiencing problems in withdrawing from HitBTC. Last year, I experienced something that soured my trust with this exchange...it took them almost a month for a certain token that I send to the exchange to appear on my account. This time around it is already very clear that HitBTC got big problems and there is that chance this can go down the toilet if people behind the platform will not do everything possible to save the exchange. I hope that if the problem is financial then they should look for a good partner and investor to save them otherwise this can be the next Cryptopia.

[LeGaulois]

If they have only $3 million left then that could explain why they piss off people with their withdraws and KYC bullshit. If you have some coins there then better to transfer out everything if you can.
3 million USD is a lot of money for us but for an exchange sorry it's ridiculous. It's like having $1 in your pocket

[webtricks]

Hopefully hitbtc will be around for a lot longer. Although some people dislike it and claim to have problems withdrawing funds, i have yet to experience any of those issues. Haven't tried it recently, but in the past it was always worked without any issues

No one denying it didn't work in past, we all know it did but services were never up-to the mark. Deposits don't reflect although transaction confirmed, withdrawal never reaches wallet - almost every third user has experienced these problems. Things have started getting worse from second half of 2017. It took 6 days for my TRX to get deposited back in Jan 2018. Meanwhile the value of my TRX went from 0.65 BTC to 1.4 BTC which came down to 0.4 BTC when balance actually get deposited. So HitBTC was shady always but its recent requirement of doing KYC have made the situation more suspicious. It clearly shows HitBTC is broke and trying its best to save funds from where ever it could.