Alleged Bitcoin [BTC] withdrawal scam on HitBTC pointed out by Reddit user

HitBTC’s has created quite a ripple in the cryptospace over the past few days with multiple complaints being registered against the cryptocurrency exchange. The controversy had started when the exchange was accused of deliberately freezing transaction on New Year’s.

This issue was brought to light when a couple of users complained about random account blocks. John McAfee, who has been historically against the cryptocurrency exchange did not lose the opportunity to dig into it. He tweeted:

“I warned everyone more than a dozen times. Don’t sign up. Don’t use it. Withdraw your funds. I was trashed for calling out HitBTC as a corrupt company. Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.”

Just recently, colonelnipples, a Reddit user had stated, “I think HitBTC just scammed me and I have it documented”. The Reddit thread stated how the user had bought $700 worth of Bitcoin [BTC] after which he was not able to withdraw the assets due to a stipulated incompletion of the Know Your Customer [KYC] service.

The user also spoke about how the KYC process took a long and bizarre trail that included the cryptocurrency exchanges wanting photos around the user’s house as well as a documented form of the origin of the funds. He further said:

“I put together everything I have and send it off to them (remember, this is 1 transaction of $700, not multiple. They send exact same email about wanting the origin of funds, I politely ask what part I missed. They send exact same email about origin of funds again, I send them everything I have again.”

The allegations on the cryptocurrency exchange were also supported by several other users who had undergone similar experiences. Another Reddit user, SalvaD1, had stated:

“agree , very shitty exchange . the may not have the coins so they come up with that nonsense.”

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