One of the biggest crypto exchange has raised alarm bells after users were suddenly faced with a message stating “currency operations not available” when trying to withdraw, according to users reports.
Worryingly, one user says that an account at Poloniex has received all of HitBTC’s XRP, amounting to around 15 million XRP, worth some $15 million.
HitBTC has not responded to our request for comments at the time of writing, but their twitter account appears to be active even while many state support is not responding.
A group has already seemingly formed contemplating potential legal action, with one of them claiming to have reported HitBTC to the UK Police and FBI.
According to information they have gathered, HitBTC is seemingly based in Hong Kong, with the exchange claiming to have operated since 2013.
“If we pool our resources we will have much greater chances to solve the problems than just by ourselves. I noticed hundreds of isolated and unheard HITBTC customer posts on forums; here we can have a chance to be heard,” a document seemingly written by Cedric Ballet says.
The French man claims to have $55,000 stuck in the exchange, waiting for a withdrawal since December 17th with no response from support.
He is joined by 29 other named potential plaintiffs at this stage who in combination claim almost $400,000 is stuck on the exchange.
“If after submittal we do not obtain the integrity of the funds and no satisfactory answer we will put things into motion and forward the case to the competent authorities in HK, Europe and the US,” Ballet says.
HitBTC has been a somewhat peculiar exchange, gaining some prominence after TenX’s price dropped some 97% after the token was launched.
HitBTC had been listing TenX IOUs before the tokens actually existed, leading to a sharp fall once they were actually launched.
So raising concerns about their practice, complemented further by a somewhat buggy interface, which may have kept many out.
It therefore never rose to be a prominent exchange, with traders seemingly preferring other crypto exchanges, but some say it is the fifth biggest cryptos only exchange in the world, and if it is the case that some $15 million worth of XRP has been taken out, then the combined losses might be substantial.
However, that is not confirmed at this stage, but complaints have reached fever pitch, with many understandably worried about the situation.
Update: HitBTC has unequivocally stated “Not a single bit of our clients’ assets had been lost since our launch in 2013… Every deposit will reach its destination, every withdrawal will be processed.”