HitBTC Allegedly Holding User's Funds Hostage Despite Submission of Proof of ID

  • One Redditor claims HitBTC is holding his funds hostage, despite having documents necessary for KYC/AML checks.
  • Users on social media are accusing it of selective scamming.
  • Searching for complaints against the exchange leads to a plethora of results.

HitBTC, a controversial cryptocurrency exchange, is once again under fire as one Redditor claims it’s holdings his funds hostage while demanding he verifies his social media accounts, even after proving information regarding his identity.

According to Reddit user Allomancer_Jak, the cryptocurrency exchange is currently holding his funds hostage, even though he attempted to verify his identity with the exchange by sending a photo of himself and his passport in front of an email from HitBTC’s security team.

When this wasn’t good enough for the exchange, the Redditor added, he included proof of his residency and his bank statement in the documents sent to the cryptocurrency exchange, but to no avail.

In its most recent demands, the exchange is asking the user to log in to the platform without using a virtual private network (VPN) – which may allow it to record where he is logging in from. It further asked him to provide information on the origin of deposited funds. The message HitBTC send the user reads:

For your convenience, the origin of funds report may be presented in a free form as a chain of events in chronological order, every step validated with blockchain explorer data, screenshots, and data used on other crypto infrastructure services, so that we would be able to contact them for verification, if needed.


It added that the user should send over links of his social media accounts, presumably to verify he has an online presence.

In addition, kindly update us with the data regarding your social networks presence, i.e. the links to your profile in major social networks.


These demands came after the user sent over Coinbase transaction records that he purchased his BTC with fiat currency on the platform. Tracing the path of his funds through the blockchain could be extremely hard or nearly impossible.

As various users commenting on the Reddit post noted, anyone could impersonate Allomancer_Jak on social media. Some believe HitBTC, along with other companies associated with it, are selectively scamming, meaning they pick specific targets to scam while operating as legitimate organizations.

Searching for complaints online against the exchange leads to a plethora of results, which implies something is indeed going on. As CryptoGlobe covered, eccentric cybersecurity pioneer John McAfee even launched a campaign against it earlier this year.

McAfee’s campaign, however, was likely motivated by HitBTC’s withdrawals fees on a project the bitcoin bull invested in. The cybersecurity expert accused HitBTC of being liable for the “death of untold people,” over a lack of support for Docademic (MTC), a project that claims to offer users free health care services.

The cryptocurrency exchange recently barred Japanese users from its platforms, as it’s set to launch a licensed subsidiary in the country in Q3 this year.

‘TRUMP-2020’ Futures Trading live on FTX Derivatives Platform

Michael LaVere
  • Crypto derivatives exchange FTX is launching the 'TRUMP-2020' (TRUMP) contract.
  • Clients will be able to trade futures on President Trump's 2020 reelection odds.

Crypto derivatives exchange FTX has launched a new futures contract for traders to speculate on President Donald Trump’s reelection in 2020. 

According to the official update made Feb. 5, FTX clients will now be able trade ‘TRUMP-2020’ (TRUMP) futures contracts, which the exchange says will expire to $1 if President Trump wins the 2020 U.S. election, or $0 otherwise. Risk calculations for the contract are based on a “risk price” of $5 per contract. 

FTX expects that the price of TRUMP contracts will closely mirror the probability of his reelection. 

The update reads, 

Theoretically--ignoring interest rates, fees, inefficiency, spread, etc.--the price of once [sic] contract of TRUMP should be equal to the probability that Trump wins reelection. So if you think there's a 52% chance of Trump winning, then TRUMP should trade at $0.52; buying below there would be good, as would selling above $0.52.

Unfortunately for Americans participating in the election’s voting, trading on FTX and with the FTX Token (FTT) is prohibited for U.S. citizens. 

Trading on FTX is not available in the United States or other prohibited jurisdictions. If you are located in, incorporated or otherwise established in, or a resident of the United States of America, you are not permitted to trade on FTX.

The U.S. election is set to take place on Nov. 3, with the winning candidate required to obtain at least 270 of the 538 total electoral votes. 

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