Why delisting Bitcoin Private from HitBTC is a fraud? Details of the scandal

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2019-03-12 17:30:15

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Why delisting Bitcoin Private from HitBTC is a fraud? Details of the scandal

The Team accused the leadership exchange HitBTC in misconduct and unfair delisting of their project with the trading platform. Claims filed with programmers to HitBTC, published March 9 in the official Twitter account of BTCP. The most important of the letters below.

the

developments

may 3, 2018 HitBTC team makes BTCP Commission in the amount of 500 thousand dollars for listing on the exchange. Payment paid in Bitcoins, programmers provide leadership HitBTC copy of Wallpaper marked with the date of burning coins.

January 8, 2019 burning is mentioned in the article, the programmers assign a height to activate hard forks: 480 000 unit or about February 16.

It should be noted that the team BTCP repeatedly reminded of the need to move coins. We will remind, the possibility of destroying the BTCP spelled out in whitpaper from the beginning as one of the solutions to the problems of low Hasrat cryptocurrency.

February 10, 2019 representatives from HitBTC has assured its users in the official Twitter account of the exchange, their coins will be safe and do nothing.

Source: Twitter

The Coins to the address created prior to the issue, BTCP will be destroyed, but all of our wallets are created after this event.

And then the fun begins.

February 15, 2019 — the day of burning coins representatives HitBTC contact the team BTCP via Twitter asking for help. Thirty minutes later, programmers began to investigate the circumstances. It turns out that exchange are unable to move the coins from «older» addresses and then demanded compensation for the losses which in fact did not happen.

The developers BTCP arose a reasonable question — why the HitBTC waited so long and began to talk about the issue on the day of the burning? The response of the exchange was as follows.

Despite all the reasons we can't give these coins to burn. That is why we ask you to compensate for all the losses after the destruction of BTCP on the wallets. We will notify you of the exact amount of compensation after verification of the wallets of our clients as the blockchain BTCP will be generated after the burning of the coins.

On the same day was created the channel in Discorde to provide operational technical assistance exchange. To the letter the command BTCP made the screenshots with proof of activity and correspondence.

February 16, 2019 — despite all the efforts of developers, representatives of the exchange have been unable to solve the problem. Then the burning of coins and is called «too controversial and unethical». HitBTC still required «to take some action» otherwise the management of the company «have to do anything to ensure the safety of their customers».

17 Feb 2019 took place the burning of coins (block 480 000).

February 21, 2019 — HitBTC concluded that the team BTCP allegedly failed to comply with their duties and demanded to compensate for the loss. After some time, the exchange has openly threatened to remove the coin from the trading platform if developers won't pay her «compensation».

February 25, 2019 is the team of the cryptocurrency received an official letter from HitBTC c requirement to pay her 58 920 BTCP compensation.

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Who is to blame really?

Note that neither holder BTCP with other exchanges did not experience any difficulties after burning coins. According to representatives of HitBTC, «under attack» their storage was Segwit-coins BTCP. They can be obtained only through the original fork in March 2018.

In Other words, if some funds and was under threat of incineration, it certainly was not the money of the users. It turns out, the user HitBTC openly lied about the origin of cryptocurrency. Moreover, compensation with the developers, demanded to cover the losses of the exchange. In addition to individual customers wallets, HitBTC was probably their addresses, which housed the lost coins.

Exchange based in Hong Kong, by local law, its actions could be classified as fraud. She was also seen in a very suspicious activity during hard forks BTCP.

The team BTCP demanded the exchange to give a detailed explanation regarding the delisting coins and requirements «payment». The situation in our watch .

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