Rumor: HitBTC is insolvent, customers struggle to withdraw funds for weeks

18 May, 2019
by Richard Allen
Rumor: HitBTC is insolvent, customers struggle to withdraw funds for weeks

As the industry celebrates Bitcoin’s bull run, another exchange is in the spotlight. Rumors have begun surfacing that Hong Kong-based cryptocurrency exchange, HitBTC is insolvent as customers have reportedly faced major hurdles when trying to withdraw their funds.

A Twitter thread by @ProofofResearch suggests the exchange is insolvent, expressing surprise at the fact that HitBTC is still operational considering they have “liquidated down 720,000 BTC. They have about 350 Bitcoins remaining."

As ProofofResearch notes, several users on Telegram and Reddit have reported difficulty when trying to withdraw their cryptocurrencies “for some weeks now.”

The Twitter thread continues, noting the most well-known issues with HitBTC came from prominent Bitcoin developer Luke Dashjr, who tweeted back in March that the exchange had “decided to go full scammer” explaining they had been “stealing balances of users,” himself included.

Dashjr continues, stating HitBTC had been locking accounts and making unreasonable demands for private information, which many users were unable to provide even if they wanted to. If you don’t provide the info they asked for, “they just keep your Bitcoins,” he said.

ProofofResearch provided HitBTC’s main wallet collection showing 720,142 BTC was received while 720,114 were sent. “Minimal funds on the exchange,” the tweet reads.

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