Karma Group Accused HitBTC of Fraud

Accoding to the Karma's team "exchange received 527.01 ETH from Karma for the listing services, but has not fulfilled it’s obligations"
30 May 2018   871

Karma Group filed a lawsuit against the HitBTC exchange in the Hong Kong court. This is reported in the company's blog.

According to the representatives of the project, HitBTC received 527.01 ETH for the listing of Karma (KRM) tokens, but did not fulfill its obligations. HitBTC did not provide any updates on the timing of the listing and did not return the funds.

The Karma Group service package included the implementation of blockchain, the listing of two trading pairs (BTC and ETH), retweets, and the addition of an additional trading pair with a tokenized US dollar (USDT).

HitBTC Invoice
HitBTC Invoice

As Karma reports, representatives of HitBTC pledged to include Karma tokens in the listing until April 20. The exchange received all the necessary information about the blockchain based on the bitShares technology. In addition, the Karma team on March 29 re-notified HitBTC that KRM is not "familiar" to many ERC-20 exchanges.

As representatives of Karma say, the team regularly specified the status of the project during April, and representatives of HitBTC assured that it will be completed by the 20th of the same month. Karma constantly offered all kinds of technical assistance, but HitBTC rejected these proposals.

HitBTC could not complete the work by the designated deadline, did not contact for five days, and then reported that Karma had not notified the developers that KRM was not a standard ERC-20 token. According to representatives of Karma Group, this is not true.

Since then, HitBTC has not indicated a new deadline, but only vague estimates - "from 5 to 12" or "about 10 days". The Karma team called these actions HitBTC fraudulent and is preparing to file a lawsuit against this crypto exchange.

The Karma team stands for transparency and a high level of business ethics. The fathers of the crypto economy were standing for freedom, but 100% freedom always comes with 100% responsibility. We're sure that the basic principles violation, especially by the big market players, is unacceptable. That's why we decided to create this international law case.

George Goognin

Karma Founder

In December last year, HitBTC users experienced problems with the withdrawal of assets due to the impossibility of conducting transactions. The exchange explained the delays in the influx of new users.

Poloniex and HitBTC to Suspend ERC-20 Tokens Support

This decision is caused by the "BatchOverFlow" bug, recently discovered by the Coinmonks
25 April 2018   741

HitBTC reported the suspension of withdrawal of funds in ERC-20 tokens. The Poloniex exchange, in addition to withdrawal, limited the possibility of replenishing accounts with ERC-20 tokens. Both sites explain these measures by the need to conduct a check after the appearance of information about the bug "batchOverflow".

Poloniex Twitter
Poloniex Twitter
HitBTC Twitter
HitBTC Twitter

Earlier a similar decision was taken by the OKEx exchange.

At the beginning of the week it became known that the attacker, using the above-mentioned bug, was able to still 8 vigitillion of BEC tokens.

In addition, according to the information on the network, the bug does not affect contracts for projects that use the popular SafeMath library.