Crypto Exchange HitBTC Criticized For Suspending User Accounts For Months
With a market full of millions of users, it is only in due time that a user will fall suspect to glitches, hacks or plain old negligence. According to a popular crypto trader, his own mother has fallen victim to the wrongdoings of HitBTC, one of the oldest exchanges in the world.
Popular cryptocurrency analyst and trader Sicarious, recently took to Twitter to express his apparent distaste for the HitBTC exchange, which locked his sixty-five year-old mother out of her cryptocurrency holdings for over three months.
As noted on Sicarious’ appearance on the Crypto Street Podcast, he got involved in the early stages of the cryptocurrency industry, entering a position in Bitcoin during December 2013. Speaking more on his mother’s involvement in the industry, he pointed out that she expressed interest in Bitcoin when it was just worth $250, first entering the market when Bitcoin eclipsed the $350 price level.
According to the trader, even though she submitted all the required documents for “EVERY KYC hoop they’ve thrown at her,” her account remains locked by HitBTC staff. In a genuine bout of disappointment, he wrote:
“Her account is still locked, & after submitting a driver’s ID, passport, bank statements, utility bills, txids & screenshots, she had a skype convo with them this morning. This is their response. Her acc. has been frozen for 3 months… Apparently, HitBTC thinks that a 65-year-old woman asking her son for help when a sketchy-ass exchange steals her money means she’s a front for money launders.”
He then accused the exchange of using consumer funds irresponsibly to the point of insolvency, even going on to ask if they “get a kick out of screwing over innocent grandmas.”
Despite seeming to be all talk, no action, Sicarious went on to make the accused exchange aware of the fact that his mom is currently filing complaints with the U.S. CFTC, and will be seeking legal counsel moving forward.
In his rightful outrage, the crypto personality also asked users to retweet and respond to the Twitter rant in a bid to spread the word about this case. Jake Chervinsky, an American lawyer active in the cryptosphere, responded to Sicarious, noting that crypto could eventually be used to “disintermediate” selfish and malicious third parties.