John McAfee Prepares Legal Action Against Crypto Exchange HitBTC

Francisco Memoria

Cybersecurity pioneer and crypto fanatic John McAfee has recently revealed he and his team are “preparing a legal complaint” against popular cryptocurrency exchange HitBTC and its service providers, as the exchange failed to respond to him when he reached out.

As CryptoGlobe covered, McAfee launched a campaign against HitBTC late last month, seemingly because of its withdrawal fees on Docademic (MTC), a crypto project that reportedly offers users free health care services.

According to the cybersecurity expert, HitBTC hasn’t done anything to help people “access the only free healthcare in the world,” and is responsible for costing people in the cryptocurrency community money and is liable for the “death of untold people.”

Notably HitBTC replied to McAfee justifying that its withdrawal fees were high because it pays the Ethereum required to send transactions through the network, instead of forcing users to have ETH on their accounts to pay the fees. To cover the ETH fees, HitBTC claims to raise withdrawal fees in the token being withdrawn.

It notes that McAfee’s input would be welcomed while in search for a solution, and asks the cybersecurity pioneer if he has an “algorithmic solution” that could help out. One of the solutions the exchange proposed involves actively monitor token prices so it won’t overcharge users.

Replying to HitBTC, McAfee threatened to fund a $20 million lawsuit that could bring the company down.

McAfee claims to have written 11-12 messages to the cryptocurrency exchange, and only receive one reply in the end. It’s worth noting that after McAfee was spiked and left for dead and launched his campaign, the cryptocurrency exchange reached out.

HitBTC Controversy 

HitBTC is notably an incredibly controversial company in the community, as various users complain that it is selectively scamming community members, by locking the funds of only a few which are then seen as outliers. A Reddit user recently alleged the company was holding his funds hostage, despite his submission of proof of ID.

The exchange recently barred Japanese users from its platform, as it is set to launch a licensed subsidiary in the country later this year.

‘Dr. Doom’ Economist Predicts More Market Turmoil Ahead Over COVID-19 Outbreak

Michael LaVere
  • Dr. Doom economist Nouriel Roubini predicts more market turmoil ahead as a result of the coronavirus.
  • Roubini says the best-case scenario is a recession similar to 2008 financial collapse. 

New York University economist Nouriel Roubini predicts more market turmoil ahead as a result of the ongoing coronavirus pandemic. 

According to a report by Business Insider, Roubini, known by his moniker “Dr. Doom,” has warned that the coronavirus could lead the U.S. into a “Greater Depression” eclipsing previous market recessions. 

He said, 

The best economic outcome that anyone can hope for is a recession deeper than that following the 2008 financial crisis.

Roubini explained how the economic impact of the coronavirus is different from historical examples of market instability. Compared to the Great Depression and World War II, the current crisis is forcing businesses to close and workers to stay at home. 

He continued, 

Not even during the Great Depression and World War II did the bulk of economic activity literally shut down, as it has in China, the United States, and Europe today.

Roubini said the best-case scenario would be for a return to growth in the fourth quarter of 2020. However, he cautioned it would rely upon hard-hit countries enforcing quarantines, central banks responding appropriately and governments engaging in “massive fiscal stimulus” to turn the market around. 

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