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The "Proof of Keys" event against centralized exchanges is happening today, January 3, led by Trace Mayer, Bitcoin investor (BTC).
The Proof of Keys event is essentially a bank run on centralized exchanges, in which activists are called to withdraw all their cryptocurrency funds from centralized trading platforms and store them in their portfolios. The idea behind this is to reaffirm the owners' control over their cryptographic assets and ensure that the exchanges are effectively in possession of all the funds they support.
In a YouTube video that provides information on the Proof of Keys event, Mayer states that cryptocurrency owners should decide whether to claim their "monetary sovereignty" or keep waiting "14 days to get [their] coins. "Mayer also states:
"What if some of these exchanges have been plunging into the customer's resources because [it is easier] to make the payroll […] rather than firing people? "
On January 1, Mayer accused HitBTC of exchange of cryptocurrencies in withdrawals of frozen accounts on the threshold of the Proof of Keys event. Later he was followed by others in his suspicion, including John McAfee, the Bitfi wallet maker and the entrepreneur Tuur Demeester.
HitBTC subsequently rejected the allegations. In a comment to Cointelegraph, a representative of the exchange marketing team denied any link between the blocking of the account and the ongoing event. He wrote in an email:
"These temporary and safety-related freezes are a direct consequence of our international KYC [Know Your Customer] and AML [Anti-Money Laundering] measures … These rules exist and apply to us and to everyone, 24 hours a day, 365 days a year. Therefore, we never deactivate security tools or controls. Not on normal days and not on special days; including events and flashmob like Proof of Key Day. "
Bitcoin Evangelists and cryptographic critics alike have criticized space for becoming too centralized, which many perceive as antithetical to its founding principles. The American economist Nouriel Roubini, who told US senators that the crypt is "the mother or father of all the scams and bubbles", said that cryptography is also more centralized than North Korea. Roubini said that cryptographic decentralization is a "myth", adding:
"… miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is" dictator for life ") and Bitcoin's Gini inequality coefficient is worse than North Korea."
Additional reporting by Aaron Wood.
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