New Report Suggests HitBTC Exchange Allegedly Cheats Users During Recent MXM Token Trading

HitBTC is generally considered to one of the more legitimate trading avenues in existence today. This is because, the platform has generally stayed away from any suspicious activities, controversies or other unwanted indulgences. However, as per a certain “insider source”, HitBTCs executive brass recently made use of some questionable tactics whereby they managed to bilk their “entire customer-base out of their MaxiMine (MXM) holdings” — an ERC-20 token that has recently witnessed a massive surge in its value.

A Closer Look At The Controversy

Some of our regular readers may remember that during the first week of April, MXM pumped by over 100% — an occurrence which many experts attributed to the project releasing its brand-new smart contract system.

In this regard, it was being reported that holders of the old MXM tokens were meant to be issued with new coins that made use of the new smart-contract framework.

From data that can be procured from Etherscan, we can clearly see that HitBTC does indeed have under its possession ‘280,000 MXM tokens that employ the new contract system’.

On the aforementioned issue, a person who wishes to remain unnamed at this time claims that while he only lost $80 worth of his MXM holdings, he knows of people who had invested thousands of dollars in the alt-token via HitBTC and are now being denied access to their assets by the exchange.

At press time, HitBTC has banned all withdrawals on its MXM markets and users have no course of action to take so as to get back their hard-earned alt-coins.

Other Key Statistics Worth Pointing Out

  • Ever since the above-mentioned swap happened, data shows that a number of MXM withdrawals have still been processed using the old contract.
  • One of the processed transactions was found to be worth 50,000 MXM — a figure that is estimated to be around $7,000. To be even more specific, this tx was facilitated around a week back when BTC was trading for around $5.5k.
  • Since its value started to pump, MXM has been listed by a number of different crypto exchanges. However, back in February, only HitBTC and CoinBene had listed the token (primarily because the price of each coin was less than a penny.)
  • Till date, HitBTC has refrained from commenting on its delisting of MXM — even though the firm’s core dev team has routinely carried out a number of software updates, framework upgrades as usual.

Final Take

As per a number of Twitter users, HitBTC has been totally unresponsive towards any complaints or queries related to MXM over the course of the past few weeks. Not only that, it is also being alleged that the trading platform has banned a number of users who have repeatedly been asking the exchange to refund their tokens.

On the matter, an investor closely associated with HitBTC was quoted as saying:

“The reason I chose to buy at HitBTC is because they were listed as an MXM partner, so I felt I could trust making my transactions there. Their blanket refusal to fix this just further shows they are not competent and should not be trusted with anyone’s money.”

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