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This January 3 is the beginning of a new tradition that has been planned to force exchanges and other third-party services to show that they actually have the cryptocurrency reserves they claim to own. Known as the Proof of the celebration of the keys, the name of the event was coined by Trace Mayer and will involve users of the numerous third-party services that withdraw so much encryption from their respective platforms. Users can then choose to return their funds to the platforms if they wish.
The exact date of the event is not wrong. Exactly 10 years ago, on January 3rd, the Bitcoin genesis block (BTC) was created.
HitBTC Restrictions on accounts of users who wish to withdraw their encryption
Redditor PEDXS entered the social media platform to express his displeasure with HitBTC by limiting his account after passing the KYC procedures and getting the status & # 39; verified & # 39; on the trading platform. Has explained:
Six months ago my account has been suspended. After months of sending 40 more emails, HITBTC has finally unlocked my account. I immediately withdrew most of my funds, but I left a small amount for daily trading. I did it because HITBTC promised that "no further automated restrictions will be applied".
Over the months, from the trading day I rebuilt my balance up to a couple of BTCs. With proof of the key date approaching, I heard that HITBTC is the main suspect of being insolvent, so I tried to withdraw my BTC. Guess, they blocked the withdrawal and blocked my account again.
He later added that the timing of withdrawal restrictions and the reluctance of HitBTC to answer his questions can only mean that the coincidence is more than satisfactory.
The block occurred over 10 days ago. So far I have tried to contact them, but I have only received automatic answers. The communication has ceased for several days, so I decided to publish a notice on Reddit.
We hope that others can have a better fortune to get their funds before January 3, when the insolvency will be reported.
John McAfee reiterates that he has warned everyone about HitBTC
When the story broke down on HitBTC by restricting cryptographic withdrawals, John McAfee brought Twitter to remind his followers that he had warned dozens of times about the operation of the exchange.
I've warned everyone more than a dozen times. Do not register. Do not use it Pick up the funds. I was wiped out for calling HitBTC a corrupt company. Shit hard You have six months notice to withdraw your funds. Do not ask me to help you now.
His complete tweet can be found below.
I've warned everyone more than a dozen times. Do not register. Do not use Withdtaw your funds. I was wiped out for calling HitBT like a corrupt bug. Shit hard You have six months notice to withdraw your funds. Do not ask me to help you now. Https: //t.co/Ls9mzpUSbz
– John McAfee (@officialmcafee) 2 January 2019
Why Crypto users are supporting the & # 39; Key Test & # 39;
Many crypto enthusiasts and traders have various reasons as to why they will participate in the event. The main reasons are:
- Most cryptographic exchanges are centralized and may lie about the amount of cryptography they hold
- Cryptographic exchanges must ensure that users can withdraw their funds at any time
- It is the last stress test and will exhibit reliable platforms
- Confirm that users are free and independent when it comes to preserving their digital assets
What are your views on HitBTC suspected of freezing customer accounts before the Proof of Key event? Let us know in the comments section below.
[Image courtesy of MoneyTalksNews.com]
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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