Crypto Exchange HitBTC Withdrawal Delays Raise Allegations of “Running with the Money” – Trustnodes

Crypto Exchange HitBTC Withdrawal Delays Raise Allegations of “Running with the Money”


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.”


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Camila Rossi
May 20, 2019 5:47 pm

Finally nothing happened right? what’s the source for these news, reddit? crypto world has to get serious about news sources, make it more reliable and more people will follow.

May 20, 2019 10:59 pm

They did suspend it for a bit, but after a few days everything back to normal. I do a lot of traveling and unexpected surprises are a pita. I didn’t take part on the PoK directly, I withdrew in advance what I knew I needed, people need to prepare for things properly

August 16, 2018 1:25 pm

Those delays took place only in December. Since then everything is OK and the exchange works even faster than before.

January 4, 2018 5:31 am

It has expanded beyond belief. there will always be bad people. You need to check the company out prior to making large investments. I feel sorry for all affected and i hope somehow a good result can be achieved as they still have the verge so they will grow in value where ever they are, once caught and returned the revenue may be pretty for users

I feel like trader
January 11, 2018 6:33 pm

Hi, Two days ago, I bought some VIBE (ERC20 token) for 15 800 sat on HitBTC when it was 20 000 sat on Binance. Then, HitBTC asked me a for 140 VIBE fee. VIBE was 2.40$ at the moment. The arbitrage was very profitable so I paid. I found it unacceptable but it was worth the price. And after all, my withdrawal would arrive faster !!! It was alright. Price grew up to 27k sat on Binance so I was really happy. Then it slowly fell down to 13k. It went up a last time to 18k. Now it’s trading… Read more »

Ricardo X
January 12, 2018 8:01 am

HitBTC is running the largest Cryptocurrency Ponzi scheme on the Internet. That’s why there are massive delays in deposits and withdrawals, while some transactions are executing instantly. They are transferring your coins to Poloniex and other exchanges to trade in bulk so that they can make more money. The little trading fees weren’t enough for them, so they decided to use reverse mining to use your coins. For those folks that are having XRP deposit issues, check your XRP Wallet Address and see if it matches this one: rhL5Va5tDbUUuozS9isvEuv7Uk1uuJaY1T. There is a good chance that it will. I’ve spot checked… Read more »

Yadira M
June 12, 2019 10:15 pm
Reply to  Ricardo X

This seems very thorough, Poloniex and HitBTC are both too big players for this to go unnoticed, I know it’s a couple years too late but can you provide more proof of this or just this annecdote? I think you’re full of crap, Poloniex and HitBTC is too much, but hey I’m open to see what else you’ve got to say if you do.

Capt Crypto
January 25, 2018 3:57 am

This article is junk. The author is obviously a hack who must have had a transaction pending with Hitbtc and is butthurt over it. The entire article is about their horrible support of late. Anything to substantiate the 15 mill XRP stolen??????? dumbazz

August 17, 2018 8:27 am

Agree with the previous trader. HitBTC managed to cope with all its problems which it faced in Winter. All of it is much better now.

DYOR, be smart
July 5, 2019 10:42 pm

It’s really great to see an update, some news sites don’t realize the harm they can do by skipping this very vital step, which can lead to misinforming the public.


Anna Almeida
October 21, 2019 11:28 am

Wonder who this Cedric guy is or how is he in connection with hitbtc? When I google it the first result is this post, has he said anything on other social medias at all? Is this just that one complaint blown out of proportion that they probably already fixed? Just makes you think.

The update kinda clears it up so its safe to say there wasn’t any foul play here

January 2, 2018 10:19 pm

im a user of hitbtc and they just fixed the problem no funds where stolen

January 4, 2018 2:19 pm
Reply to  ray

It’s not fixed yet. I still haven’t received my withdrawal and NEO withdrawals are still frozen.

Matheus Garbala
January 2, 2018 11:01 pm

@ray is not true. Please looks my history. 31 days later – problem not resolved

Roland Tannous
January 5, 2018 11:10 am

The group has now grown to over 387 members and are still taking action.
we already contacted law firm and are collecting additional information.

for those interested please join us on telegram:

January 10, 2018 8:37 pm

they are thiefs !! i’v deposited siacoins 14 days ago and the network showed that everything went normal with the transaction .. and they shows me 0 in balances !! not even saw any intention to solve it !! they just pushing automated messages ..