What's going on with the HitBTC exchange?

18 Jun, 2019
by David Robb
Exchange
What's going on with the HitBTC exchange?

More questions have been raised about what may be happening behind the scenes at the HitBTC crypto exchange. Twitter user @TheCryptoMonk pointed out a number of suspicious things that traders may need to be aware of.

These latest accusations are being made just over a month after some users started to suspect that the HitBTC exchange may be insolvent, as they were facing difficulties withdrawing their tokens. A member of the board eventually spoke out to insist that the trading platform still had plenty of funds, and that in general employees didn't want to address "general allegations lacking substance".

It remains to be seen whether the details dug up by @TheCryptoMonk fall into this category, or whether they suggest something much more troubling. The user has claimed that the company's headquarters is suspiciously empty, and is questioning why so many different addresses in different countries are being used by HitBTC.  

The name of HitBTC's CEO has apparently also not been disclosed. Although these facts on their own may not be enough to suggest anything particularly bad, @TheCryptoMonk believes that the increasingly suspicious attitude of the crypto community over the last year or so means that HitBTC would want to be more transparent if it was possible. They suggest that users get out of the exchange as soon as possible, as "a Mt Gox 2.0" could be on the way.

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