HitBTC Account Freezes Withdrawals, Faces Accusations

The Cryptocurrency exchange HitBTC froze withdrawals from its account on January 1.  There were accusations raised on HitBTC by Trace Mayer on freezing such withdrawals, to which HitBTC hasn’t given any response yet.

Trace Mayer tweeted, “Has (HitBTC) failed (Proof of Keys)?” Further writing “I do not have an account. Asked a friend to initiate a withdrawal. BEWARE!… Result: ‘Withdrawals are temporarily disabled on your account.’”

Earlier, John McAfee, the crypto advocate had also raised concerns over HitBTC and showed distrust about HitBTC after there were reports from the users that they were unable to withdraw their funds. Mayer joined McAfee in raising his concern on the same matter.

The users also accepted the fact on both Twitter and Reddit that this repetition of freezing accounts has happened several times even in the past, and that the timing of two days, before ‘Proof of Keys’ was not necessarily thoughtful.

The event ‘Proof of Keys’ which was started by Mayer in the previous month requests the cryptocurrency investors to withdraw their coins from the third-party platforms in order to take control of their private keys. By this, he believes that the investors will be educated about holding reserves by themselves and not banking on any middlemen who will back the spirit of Bitcoin (BTC) and enhance acceptability.

Earlier in September, McAfee who had proclaimed an intensive effort to tackle the activities at HitBTC, which he termed as corruption, seemed unsurprised by the ongoing events.

He took to Twitter and said “I warned everyone [sic] more than a dozen times. Don’t sign up. Don’t use it, “Withdraw (sic) your funds. I was trashed for calling out HitBT [sic] as a corrupt company [sic]. Tough sh*t. You had six months warning from me to withdraw your funds. Do not ask me to help you now.”

The cryptocurrency wallet producer, Bitfi, which is promoted by McAfee also joined the claim and mentioned that HitBTC was stealing money from its users.

HitBTC was contacted to provide its comment on the ongoing events via their media email but did not respond yet till the time of writing this article.

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