Grand Theft Crypto : How HITBTC used AMM tokens failed issuance to rob thousands from its users !
Those who were busy trading on HITBTC for the past week could not miss the great mess caused by AMM token introduction on the platform.
Indeed, tokens were issued in HITBTC, apparently way underpriced (at lowest increment for each market to be accurate) thus causing greedy, but nonetheless honest traders to get into a buying frenzy. HITBTC, well aware of the issue, simply shut down withdrawals so saavy traders could not make their arbitrage BUT, left the markets opened for a full day. After numerous reports from users, HITBTC finally decided to shutdown AMM trading, apologizing for their error through a supposedly friendly e-mail, telling everyone that they will restore order, accuracy and justice. Moreover, as a “security measure”, HITBTC also prevented every asset to be moved for a full week. After their absolute lack of communication, HITBTC simply decided to withdraw all AMM tokens from users accounts without notice, simply stating by a general e-mail that buyers were part of a fraudulent event which made HITBTC a victim and that they simply took away all “fraudulent” AMM tokens from buyers’ accounts and that they will not provide any refund ! This is pure and plain sight theft. This issue was already reported to several authorities and medias. Smells like Mt Gox. Traders beware. Take a look at AMM issue thread on HITBTC so you can get a better grasp of the situation : https://forum.hitbtc.com/discussion/2110/amm-issue-full-refund-requested#latest
DaDa
