Bitcoin exchange HitBTC freezes customers’ accounts before "Proof of Keys" event

posted 6 months ago
Cryptocurrency exchange HitBTC has frozen its customers’ accounts ahead of an annual proof of keys event, according to multiple sources. On December 31st, 2018, the company responded to an open complaint on Reddit after a user accused them of suspending his withdrawal requests. A Redditor presenting himself as a representative of HitBTC ensured immediate follow-ups.

To those who don’t know, Proof of Keys is a movement started by renowned Bitcoin investor Trace Mayer that requests crypto traders to withdraw their funds deposited with a third party service on every January 3rd. The purpose of doing it is to hold all third-party services accountable by testing them for their solvency. The movement is a way to detect that whether crypto exchanges hold the funds that have been deposited in their private wallets.
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