BiteBTC Denies Allegations of Being A Scam, Claiming Other Exchanges Hired Hackers

  • Users of the BiteBTC exchange are reporting missing funds and blocked accounts.
  • The platform replied to emails from AMBCrypto to explain the issues they are facing.

The cryptocurrency market goes in waves, but the majority of altcoins follow the trend that Bitcoin ends up taking. Right now, Bitcoin is above $9,000, making a major difference in the industry. However, there were a few people with BiteBTC that did not get to enjoy this surge in price when they were completely unable to use their account in any way.

At this point, there have already been multiple people that have reported their blocked accounts and even missing cryptocurrency from their own wallets. AMBCrypto decided to take action, contacting BiteBTC directly to gain a little clarity over what is happening via email.

In response, BiteBTC said that there are presently a few different traders that are trying to take down the exchange “for personal reasons.” The company added,

“Sometimes, some deposits is marked by our security system as suspicious and we are against the traders to confirm the origin of their funds according to the KYC and AML rules. If the trader cannot clearly explain the source of the suspicious funds, his account is temporarily blocked, but can be restored after the situation is resolved.”

Still, the exchange admitted that they have been dealing with attacks on their servers for a while and have already reported these issues to the local investigators. The exchange explained that they have been working to fix these issues with Turkish and Ukrainian police. However, that has not stopped BiteBTC from suggesting that the hackers attacking them come from exchanges that are competing against them. The platform added,

“We try to identify such facts, but these individuals do not pass the verification and track anonymously.”

Last year, there were other accusations of scams and fake trading volumes being reported with BiteBTC as well. Even with this explanation provided to AMBCrypto, there are still tones of users that are patiently waiting for a reason why they are withholding their funds and freezing their accounts. With no answers to the public yet, the patience is quickly running out.

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