This research effort was prompted by information presented to Zerononcense from a member of the cryptocurrency community.

Specifically, this individual reached out with relevant information about HitBTC’s potential insolvency and inability to fulfill customer withdrawal requests (in crypto).

After receiving this information and some corroborating screenshots, the author decided to delve a bit deeper.

Customer Complaints

The first, and most readily apparent evidence that there has been ongoing trouble with the HitBTC exchange can be found through public complaints by customers.

Below are some screenshots from the HitBTC Telegram:

Below are some screenshots from Reddit:

HitBTC’s Reddit is No Longer in Existence

Notably, HitBTC’s Reddit can no longer be found on the website.

When attempting to access it, this page is displayed:

Twitter Complaints

Even well-known Core developer, Luke Dash Jr. had some issues with HitBTC:

Eventually, however, it appears that HitBTC did get around to allowing Luke Dash Jr. to access his funds:

It is worth questioning whether this process was expedited solely due to Luke’s influence and popularity in the crypto community as a long time Core developer. Obviously, his issues received significantly more attention than that of other individuals that have had similar problems with HitBTC.

Here are some other complaints about HitBTC:

Safe to Say There are Some Withdrawal Issues

After reviewing the scores of reports on various different platforms that attest to customers having a generally difficult time withdrawing their funds from HitBTC, if at all, it seems obvious that HitBTC is having significant issues on their end.

There are dozens of reports from customers regarding withdrawal issues that are not included in the screenshots above. Most of these reports note that they have been waiting for their withdrawals for a significant period of time.

What is particularly troubling is that these are crypto withdrawals that these customers are waiting for, rather than fiat. This is notable because, with fiat withdrawal requests, there is at least a possibility that there is an issue outside of the exchange’s control (i.e., banks, regulations, disputes with payment processors, legal proceedings, etc.) that could be creating the backlog.

However, in this case, the issue is that customers are not receiving crypto withdrawals, which is usually a major signal that an exchange is in serious trouble.

Given this fact, the next reasonable course of action is to review HitBTC’s funds in order to confirm this hypothesis and get a better idea of what’s going on.

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