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Established in 2013, UK. No. of pairs - 723. Fiat - no. Centralized exchange. KYC & Restrictions - US traders are not accepted.

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HitBTC Exchange Fundamentals and Tutorial [Episode 7]

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Alleged Bitcoin [BTC] withdrawal scam on HitBTC pointed out by Reddit user

HitBTC’s has created quite a ripple in the cryptospace over the past few days with multiple complaints being registered against the cryptocurrency exchange. The controversy had started when the exchange was accused of deliberately freezing transaction on New Year’s. This issue was brought to light when a couple of users complained about random account blocks. John McAfee, who has been historically against the cryptocurrency exchange did not lose the opportunity to dig into it. He tweeted: “I warned everyone more than a dozen times. Don’t sign up. Don’t use it. Withdraw your funds. I was trashed for calling out HitBTC as a corrupt company. Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.” Just recently, colonelnipples, a Reddit user had stated, “I think HitBTC just scammed me and I have it documented”. The Reddit thread stated how the user had bought $700 worth of Bitcoin [BTC] after which he was not able to withdraw the assets due to a stipulated incompletion of the Know Your Customer [KYC] service. The user also spoke about how the KYC process took a long and bizarre trail that included the cryptocurrency exchanges wanting photos around the user’s house as well as a documented form of the origin of the funds. He further said: “I put together everything I have and send it off to them (remember, this is 1 transaction of $700, not multiple. They send exact same email about wanting the origin of funds, I politely ask what part I missed. They send exact same email about origin of funds again, I send them everything I have again.” The allegations on the cryptocurrency exchange were also supported by several other users who had undergone similar experiences. Another Reddit user, SalvaD1, had stated: “agree , very shitty exchange . the may not have the coins so they come up with that nonsense.” The post Alleged Bitcoin [BTC] withdrawal scam on HitBTC pointed out by Reddit user appeared first on AMBCrypto.

HitBTC Surrounded By Controversies As Exchanges Halts Withdrawals and Imposes Weird KYC Procedures

Hyped to be one of the world’s most advanced crypto exchange, HitBTC is gaining attention for all the wrong reasons since the start of 2019. A lot of news flow that has surfaced in the last few days have attached the exchange’s name with controversies, including those of scams and insolvency. Not a good start for HitBTC in 2019 While the year 2018 is expected to bring back good times to cryptos, one of the most technically advanced crypto exchange, HitBTC, hasn’t had the best of the starts for the year. The exchange is marred by rumors and blames that it is hit by a SCAM and certain news flow suggests that the exchange might be heading to bankruptcy. There’s criticism coming in from individuals and from the leading influencers in the industry regarding exchange’s inability to withdraw funds and its bizarre KYC procedures. All problems began at the ‘Proof Of Keys’ event which was held on 3 January 2018, that brought HitBTC to the spotlight. The idea behind the proof of keys event was to withdraw crypto funds from exchanges in an attempt to identify crypto exchanges and third parties that do not have adequate liquidity, essentially exposing exchanges that do not hold the amount of crypto they should be holding. During the event, most people reported that HitBTC would not be in a position to manage if all users withdraw their funds. While HitBTC ducked that claim and survived a catastrophe at the Proof of Keys event, the problems didn’t end there for HitBTC. Looking at all the newsflow and the uproar that had emerged on social media, John McAfee, a prominent crypto influencer came out and criticized HitBTC. In the tweet McAfee mentioned his warnings to people of the illegitimacy of HitBTC, saying You had six months warning from me to withdraw your funds. Do not ask me to help you now. I warned everyonw more than a dozen times. Don't sign up. Don't use it. Withdtaw your funds. I was trashed for calling out HitBT as a corrupt cimpany. Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.https://t.co/Ls9mzpUSbz — John McAfee (@officialmcafee) January 2, 2019 While the exchange was getting away with the Proof of Keys event, users start complaining about the bizarre experiences with the KYC procedures that include activities such as, asking for social media account info and taking pictures of oneself in different areas of their houses. The Subreddit page of HitBTC is also rife with various comments that are not quite in favor of the exchange. Furthermore, over the last few hours, there were comments from users who have reported normal withdrawals, a lot of them are still queued to get their monies back. Another issue on Reddit is that the Reddit user ‘@HitBTC’ is suspended and the only moderator of the HitBTC’s Reddit page was, in fact, the user @HitBTC. Therefore the Reddit page is currently not run by anyone at this point. While all these problems looming, a trader on Reddit known by ‘u/colonelnipples’ wrote that he opened an account with HitBTC and deposited $700 with no issues and purchased Ethereum with it. However, when he tried to withdraw the amount, he received a message from the exchange, that he needs to complete full KYC. Interestingly, this was his first transaction on the platform. HitBTC, which began with high hopes and promises of being the most advanced crypto exchange seems to be falling apart. Hope the exchange finds a solution soon or it would be very close to shutting down its doors, as a lot of news suggests. Will HitBTC comes out clear from the mess it has created? Do let us know your views on the same. The post HitBTC Surrounded By Controversies As Exchanges Halts Withdrawals and Imposes Weird KYC Procedures appeared first on Coingape.

HitBTC Dismisses Allegations It Froze Accounts in Response to Proof of Keys Event

HitBTC Dismisses Allegations It Froze Accounts in Response to Proof of Keys Event Cryptocurrency exchange HitBTC has rejected allegations by some of the industry’s best-known figures that it was deliberately freezing user accounts, the company told Cointelegraph in an email Jan. 3. Responding to a request for comment, Peter Swen, a representative from the exchange’s marketing team,… The post HitBTC Dismisses Allegations It Froze Accounts in Response to Proof of Keys Event appeared first on Altcoin Today.
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HitBTC Says It Didn’t Freeze Accounts for Proof of Key Event as Exchange’s Marketing Team Gives Clarity

The cryptocurrency exchange HitBTC has been in the media after being accused of freezing users’ accounts for the ongoing Proof of Keys event. The cryptocurrency investor Trace Mayer, for example, publicly accused the company of suspending withdrawals. Has @hitbtc failed #ProofOfKeys? I do not have an account. Asked a friend to initiate a withdrawal. BEWARE! Result: "Withdrawals are temporarily disabled on your account."https://t.co/J3HMHKA1ah@maxkeiser @ToneVays @theonevortex @SatoshiLite @Excellion @CaitlinLong_ @nvk pic.twitter.com/wsXKiOlEJF — Trace Mayer [Jan/3➞₿∎] (@TraceMayer) January 2, 2019 HitBTC told BitcoinExchangeGuide in an email on January 3rd that these allegations regarding frozen accounts are not real. Peter Swen, part of the HitBTC Marketing Team, explained that the issue was not related to the “Proof of Key” flashmob. Apparently, the withdrawal problems that some of the platform’s users were experiencing were triggered by a standard KYC/AML procedure. The company explains that withdrawals can always be paused if security measures are triggered. This tends to happen just for safety reasons and it is a standard procedure. According to HitBTC, the intention is to protect customers and provide them with the best security. Apparently, some of these withdrawal freezings happened due to the international KYC and AML measures that the exchange adopted. These rules apply at all times and cannot be evaded. About it, Mr. Swen told BitcoinExchangeGuide: “The temporary, safety-related withdrawal freezings are a direct consequence of our international KYC and AML measures. These rules exist and apply to us and everybody, 24 hours a day, 365 days of the year. Therefore, we do not turn off any security tools or checks, ever.” These rules are specifically in place to protect customers and trust HitBTC for processing transactions and trading. In the email, Swen explains that the security measures are in line with their Anti Illegal Activity (AIA) policy which the exchange published here. HitBTC is the 18th largest cryptocurrency exchange in terms of trading volume. In the last 24 hours, the platform processed $179 million in trades. The most popular trading pairs at the exchange are BTC/USDT, EOS/USDT and XRP/USDT, accounting for almost 50% of the whole trading volume at the exchange.
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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
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Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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