Proof of Keys urges customers to remove and withdraw their funds to expose fraudulent cryptocurrency exchanges like HitBTC.
Trace Mayer is working hard to advertise the Proof of Keys event on 3 Jan 2019, tomorrow. The event urges customers to remove and withdraw their funds to expose fraudulent cryptocurrency exchanges like HitBTC. The idea is to make sure that exchanges like HitBTC actually hold all the crypto assets that they claim, which is possible only if all users withdraw their crypto assets from the exchange at one go.
Mayer says:
“People kind of need to understand the importance of proof of keys and proof of work. And so why not do it on the genesis block day [January 3]. Why not turn this into an annual celebration that we can do as a community, and just demand proof of the keys.”
HitBTC has already started acting in a fraudulent manner by freezing customer’s accounts ahead of the Proof of Keys event, there have been multiple cases of the same and reported on Reddit.
Multiple customers have had their funds frozen for more than 6 months due to HitBTC’s fraud KYC test that they require from customers to get access to their accounts.
One such complaint can be seen here on Reddit.
Six months ago my account got suspended. After months of sending 40 plus emails, HITBTC finally unfroze my account. I immediately withdrew most of my funds, but left a small amount to day trade. I did that because HITBTC promised that “No further automated restrictions will be applied”. Over the months, from day trading I have built back my balance up to a couple BTC. With the proof of key date approaching, I felt that HITBTC is the prime suspect for being insolvent, so I tried withdrawing my BTC. Guess what, they blocked the withdrawal and froze my account again.
John Mcafee has urged its followers multiple times to expose HitBTC and its fraudulent dealing with its users.
The Proof of Keys event is the best way that the cryptocurrency community can come together and expose fraud exchanges like HitBTC and others. Coinnounce also awaits comments from HitBTC on their fraudulent activities. If we hear from them, we will update this article.
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I stopped using HitBTC after they delisted a coin without warning. HitBTC blamed the devs and, the devs blamed HitBTC. All I know is that it is the exchange's job to be responsible with their listings and that CAPP has a legitimate project and usable product. It did not help that their withdrawl fees did not scale to value. It would cost more to withdraw an asset than I actually had to withdraw.