More Users Slam HitBTC, Call For Boycott

May 03, 2018 at 21:15

Looks like more users are disgruntled over cryptocurrency exchange HitBTC’s dismal customer support and balance suddenly dropping to zero.

And they’re demanding their money back and calling for a boycott.

Some users are complaining that HitBTC is still trading the ICO token BAR even when these tokens should have been removed in its trading platform after a hack job.

To recall, Titanium Blockchain Infrastructure Services also known as TBIS, announced last February that 16 million BAR tokens were stolen from company wallets. The company was then forced to fork the blockchain to TBAR to reimburse those affected.

TBIS has distributed TBAR to exchanges to restore lost BAR tokens.

On April 6, TBIS said on its Twitter account that it has supplied HitBTC with TBAR for distribution to affected users.

That means HitBTC should have given back the TBAR tokens equivalent to what was lost.

But some users beg to differ. One user said it has been nearly two months and the crypto platform has yet to completely distribute lost BAR tokens. What’s worse is the exchange has not yet removed the BAR ICO token in its platform and is, in fact, still trading it.

Another user said some are still buying the “dead” BAR token, which doesn’t have any value now, because it’s still available on the HitBTC platform. Whereas other exchanges have delisted the said token in their respective platforms.

Because of this, many users have labeled the cryptocurrency exchange as a “total scam,” “thieves” and “hackers.”

A quick online search also revealed more complaints over losing cryptocurrencies on HitBTC’s platform and the very slow action—even none—on the problem raised to customer support.

Lost money on the platform have different amounts, with some at $6,000 with others going as high as $25,000.

There’s even an online petition going around against HitBTC for its shameless support service.

See petition here:

One user posted on 99bitcoins that it took HitBTC six months and a bad review before management noticed and solved the issue he raised.

Richard Sanders, a known crypto scam whistleblower and writer for multimedia portal Medium, has also called for a boycott against HitBTC for the allegations asking investors to pull out from the exchange.

see story here: HitBTC Criticized for Slow Action on Returning Stolen Funds

With all the negative reviews and boycotts called for, HitBTC is painting a very bad picture for the crypto market.

The problem with this is most cryptocurrency exchanges are unregulated. That’s why there’s a clamor by governments and authorities for regulations on cryptocurrencies.

But for now, who do affected users run to?

HitBTC was launched in 2014 being operated by Hit Techs Limited in a still unknown location. Some have said it is located in Europe while others say it is based in Hong Kong. As of March 2018, it has a daily volume of over $250 million.