John McAfee’s Campaign Against HitBTC May Be Motivated by Withdrawal Fees

Francisco Memoria
  • John McAfee recently launched a campaign against crypto exchange HitBTC.
  • The campaign, new data suggests, may have been motivated by the exchange's withdrawal fees.

As recently reported, eccentric cybersecurity pioneer John McAfee launched a campaign against popular cryptocurrency exchange HitBTC, accusing it of not being “truly interested in helping the poor.” The campaign, new data suggests, may be motivated by HitBTC’s withdrawal fees for a specific token.

In his campaign, McAfee called for his over 845,000 twitter followers to boycott HitBTC as the company hadn’t done anything to help people “access the only free healthcare in the world.”  At the time, it seemed the campaign was launched because one of McAfee’s Crypto Team members had his account frozen by the exchange.

HitBTC’s reply clarifies that the issue is related to the exchange’s withdrawal fees on a cryptocurrency.

In its reply, HitBTC reveals that its withdrawal fees are high because it pays the ETH required to send transactions through the network. Since most users don’t have ETH to pay for it on their accounts, the exchange raises the fee in the token being withdrawn.

It notes that McAfee’s input would be welcomed, specifically if he has an “algorithmic solution” that could help out. One of the solutions HitBTC brought forth would involve it actively monitor the price of tokens being withdrawn so it won’t overcharge users. The exchange’s reply reads:

We do not see a problem either in monitoring token prices and automatically updating them on an hourly basis on in correcting the commission manually in particular cases – the way we have made a manual adjustment for the token we are talking about. But some of the assets still are more volatile so their price can change within an hour.

HitBTC

Notably, a project McAfee is invested in, Docademic (MTC), allegedly gives its users access to free health care. According to its whitepaper, it’s been around since 2016 and offers a free Telemedicine service that connects users to doctors. It uses blockchain technology to record patient data “starting with their first contact with a doctor through our DOCADEMIC APP.”

According to John McAfee’s tweets, Docademic doctors helped him when it was necessary, presumably after he was spiked and left for dead. In a subsequent tweet, the eccentric cybersecurity pioneer revealed that while he has invested in the crypto startup, this isn’t about its token.

Per McAfee, HitBTC’s “unethical tactics cost me and everyone money.” Replying to him, various social media users alleged the exchange has been selectively scamming, and barely replies to support tickets. As covered, it recently barred Japanese users from its platform, and is set to launch a licensed subsidiary in the country in Q3 this year.

Notably, Docademic’s MTC token, at press time, sees well over 60 percent of its trading volume happen on HitBTC, as the exchange listed the token against BTC, USDT, and ETH. The firm’s token is currently trading at $0.258 after falling over 7 percent in the last 24-hour period.