Serious concerns about exchange HitBTC + resolution


#1

Dear SMART Community,

I suppose many of you know that for a few weeks now all our fellow SMART hodlers who have their assets on HitBTC are stuck. They cannot withdraw, deposit nor move their SMART coins, instead a message is displayed that the wallet is under maintenance. Contacting HitBTC didn’t do anything so far. It has been said that they have technical issues.

This post is not meant to be another complain about this issue.

By posting this I want to share my recent findings on HitBTC which left me seriously concerned about the exchange in general.

A few days ago I signed up with HitBTC for the first time to check it out because it offers a bunch of coins which are not listed on Cryptopia. (The SMART wallet was already frozen there at that time.)

I made a deposit, no issues with that. Then I made two trades and wanted to withdraw my coins from the exchange. Suddenly only error messages came up, I tried it for hours to withdraw. But it just showed “An error occurred, please try again later” or “Currency operations not available”. I wasn’t even able to transfer my coins between Trade and Main Account anymore. Without having your coins on the Main Account you can’t even initiate a withdrawal anymore.

This made me suspicious and I learnt that this happens to a bunch of HitBTC users lately. And the point is, that it looks like HitBTC users face such issues not accidentally but systematically.

If you take a look at the [HitBTC forum] it speaks for itself. It’s full of messages from people who can’t withdraw or have their coin wallets frozen completely. Same for the [CryptoCompare reviews], [/r/btc] and [BitcoinTalk].

Here you can see an overview of the coin wallets that are currently frozen on HitBTC, including SmartCash: Live overview of HitBTC wallet status
I need to add that the coin wallets I had issues with do show up as not affected. But according to the things I experienced and the reports of others I conclude that in fact every wallet on HitBTC can be locked.

This situation is a perfect example of why centralized exchanges are dangerous. I feel the obligation to especially warn unexperienced users to jump on exchanges like HitBTC. And I think as a cryptocoin community we shouldn’t endorse such places which could eventually lead our users to financial losses.

Therefore I would propose the following to whoever it may concern and invite you all to

  • a) Cease any activity on suggesting to buy SmartCash on HitBTC (non-offensive method)

and/or

  • b) Issue a temporarely warning on HitBTC via the official SmartCash channels (offensive method)

until we have a clear picture of what is really going on.

And finally and most importantly, I would suggest to

  • c) Sign up SmartCash to the Komodo [BarterDEX], a decentralized open-source cryptocurrency exchange based on atomic-swap technology. This is directed at the SmartCash developers, please see: How get your coin listed on BarterDEX

To all the people who are faced with their coins stuck on HitBTC, I feel with you. Even if it seems absurd to you, make sure you submitted a support ticket, save screenshots, document your case somehow. It will eventually help.

I would also welcome any comments, questions and further suggestions. You can also contact me directly on Discord (nflaw) or via Twitter DM (@n_flaw).

Best wishes,
nflaw


HitBTC just resumed SmartCash withdrawal, deposit and transfer
Problems with SMART on HitBTC
#2

I support your opinion, HitBTC looks less and less appealing. I also had to contact the support when my withdrawal of SMARTs got stuck. It took me 3-4 days to withdraw. I wonder why they are being so immature while they are able to earn a lot honestly and flawlessly with decent platform. So, they have to make something changes to lure me back there )) Meanwhile I suggest everyone to avoid using HitBTC exchange.


#3

I have exactly the same problem as you described and since days i’m waiting of an answer of the support team. There are a lot of theories outhere, some of the people says that this is a scam and the coins are gone. But i still hope to get my smartcash sooner or later. Maybe the smartcash team could help us out making some pressure on the exchange platform, as a lot of supporter and follower of this project are having really bad times right now. I don’t know…


#4

Yeah i was trading there but seen a bad service there last week,a coin even delisted there ,we were able to withdraw but HitBTC charged a very high fee to withdraw.


#5

Yeah, the high withdrawal fees on HitBTC are another crucial point. (Not as crucial as my initial concern but still)

A lot of coin wallets there come with very high withdrawal fees in comparsion to the actual miner fee. For example to withdraw NEM you have to pay a flat fee of 15 XEM, that’s currently round about $15 or Substratum you have to pay a flat fee of 17 SUB = $17. A USDT withdrawal even costs a flat fee of $100.

HitBTC users are forced to choose certain coins to avoid the high fees or because they aren’t able to withdraw in the first place.

Such high withdrawal fees are not bearable for causual users who can only invest small sums of money. From my point of view they are a clear rip-off.


#6

I can only add that I got arround 2100 smart cash stuck at their exchange , and it’s already pain in the ass to do whatever you can do with anything there. Even now my balance shows 0 smartcash , eventhough before few hours I had some of these 2100 - 1412 in the wallet , but they now even disappeared. I will never use hitbtc again and wont advise anyone to do so.


#7

Exchange for LTC send to Cryptopia and then exchange for SMART and withdraw. that’s what I did, HitBTC has been a crap experience for me.


#8

✓ Regarding my suggestion c), mentioned above:

SmartCash is now live on BarterDex, an atomic swap based exchange @BarterDex https://t.co/HbTeM82PYz #SmartCash $smart #cryptocurrency #crypto $crypto #blockchain #altcoins #alts $alts https://t.co/w4Wyhtk4u6

— SmartCash (@scashofficial) March 14, 2018

Since HitBTC also re-enabled SmartCash coin operations, you now have to choose for yourself if you go with a centralized or a dezentralized exchange.


#9

It happens again, SMART is offline for withdraw at ShitBTC for a couple of days!! And now without any “Technical maintenance” status or so on, just “Offline”.
Any ideas?


#10

No info, but it’s not the first time they close withdrawals around SmartReward time…
HitBTC’s reputation is going down in a lot communities, not only SmartCash. I wonder: where will they be in 6 months?


#11

(29/03/2018) At the time of writing this HitBTC does not allow withdrawals of SmartCash… I checked many other coins and they did not have the same problem. Is this something systemic with SmartCash? As it appears to be a regular issue and is quite damaging to the brand.

Can I suggest that who ever is responsible for on boarding Exchanges that we at least add one P2P exchange? This should be easier and would at least allow us to gain access to cash on/off ramp and a P2P community is in keeping with SmartCash stated goals… One good project (currently in ICO) is Local Coin Swap (www.localcoinswap.com) who has a working exchange already to go. Approaching them early (as in now) makes the process much cheaper for us, and is more likely to succeed. Local Coin Swap is based in Hong Kong and is made up of an Australian team with 100% of all profits and voting rights held by Token holder community!


#12

The way I see it, the more exchange we’re in, the better (unless it’s crappy exchanges). HitBTC is very slow to update its wallets, I’ve seen it happen for multiple coins. They also have this “strange” habit of disabling withdrawals around SmartRewards time.

If you want your idea of getting listed on Local Coin Swap to get more attention by the team, I’d advise to go on the official Discord. Here’s an invite link (in case you need it):


#13

Cheers Karl I’ll try to get something happening. I’m sure I am not the only one who just wants a simple way to move coins around safely without leaving my hard wallet for too long. I also would love to open the door to cash for coin opportunities. In Australia it takes 3 - 5 days for our lazy banks to get my money into BTC Markets and on a few occasions the banks reverse the transactions without any explanation… With a cash P2P transaction I’ll have my coins in minutes :slight_smile:


#14

We has a P2P proposal pass a vote, but I assume that person has dropped the ball on development. He hasn’t made an update in months. Its a shame too, I was looking forward to it. Perhaps he will surpirse us and come through one of these days.


#15

@JSilk Thanks for the feedback, I sort of missed the proposal… :thinking:

A pity we have no news about it.


#16

I think we should escalate the situation about constant SMART withdrawal problem at HitBTC. May be it’s possible they are holding our coins to receive SmartRewards each month.
Does someone have contacts with related News sites to publish this information? And, of course, much fluent English ))


#17

I’m stuck with HitBTCm we need help!!!


#18

Every time HitBTC suspended withdrawals, they re-enabled it latter. You did not lose you smarts, don’t worry. The only problem is that HitBTC are slow at work.


#19

We know we don’t lose our Smarts, but they are disabling the withdrawal for weeks. I think they are taking advantage of the SmartRewards feature, and that’s a very unethical practice. As they say in Mexico, no se vale!


#20

Just wanted to mention BarterDEX now supports SmartCash. Crypto-bridge.org is also supported with great liquidity.

If you are tempted to use HitBTC please check the current status here first to make sure you can use their system as expected: https://hitbtc.com/system-health

Negative approaches won’t work with exchanges, just need to be polite and work with them. However, nice support tickets from users being created shows there is a demand. Just don’t need accusations thrown at them.