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.

Crypto-powered Brave browser tops competitors in Japan's Google Play Rankings

The cryptocurrency-powered Brave browser has recently topped its competitors on the Google Play store in Japan, becoming a leading mobile browser in the country.

According to a post shared on Reddit, the browser topped all of its competitors – including Google Chrome, Opera, and FireFox - in the Android app store, Google Play. Available data shows that while Brave is currently one of the top 1’ apps in the country, the next browser on the list is Mozilla at 14.

The screenshot shared on Reddit shows that while Brave was downloaded a total of two million times last month, FireFox’s download numbers were slightly above the half a million mark. It’s worth noting, however, various mobile devices come with Google Chrome pre-installed.

While most users don’t bother changing their default apps, Google itself has in the past tweeted out that “Android is about flexibility,” sharing a video in which it shows how to remove a pre-installed app like Chrome and replacing it with another browser.

Rankings on the Google Play store are determined by various factors, including an app’s crash rates, error rates, and more. There could be various factors behind the Brave browser’s rise as it’s a privacy-centric one that rewards users for seeing ads.

Through its Basic Attention Token (BAT), Brave rewards its users for seeing ads, in a feature that’s currently only available in a few countries. The browser’s latest version started allowing BAT withdrawals, although by default users’ tokens are distributed to content creators according to the time they spent engaged with their content.

Featured image via Pixabay.com.