Tech 12 months ago

Admin

Warning: scammers are taking advantage of the Bittrex “verification backlogs” issue

Bittrex users should beware of scams asking for keys and threatening to have accounts “disabled again.”

Throughout the past few months, users took to Reddit and Facebook to voice out their frustration over Bittrex’s very slow verification process for their accounts, preventing new users from moving their funds at all. As part of compliance to KYC laws, new and unverified accounts created on or after August 1 have been restricted from withdrawing any BTC, as users found that their withdrawal limit has been changed to zero until they go through the identity verification process successfully. However, even compliant users have been having problems, much to the frustration of users.

According to Bittrex, the delay is due to the influx of user sign ups that prompted the need for a system upgrade. Support tickets have piled up as a result. And as of December 16, Bittrex announced through their support announcement web page that they are freezing all new account sign ups until certain upgrades are finished to accommodate the “enormous number of new account registrations.”

The process has been particularly bloody, judging based on over 5,000 angry comments on their last Facebook post, and over 700 more spilling over on an even older post. They haven’t posted anything on their Facebook page since June 12, but their Twitter account has been active.

Based on their wallet status, however, majority of Bittrex’s wallets and markets are working smoothly.

Two months ago, the exchange said that they have disabled certain accounts as part of a compliance review, and that it affects less than 0.1% of their user base. They also clarified that there is nothing fishy going on.

“Any reports that Bittrex miscalculated or misapplied its exchange fees, that there is a security problem with the exchange, that Bittrex lost any coins stored on users’ behalf, or that Bittrex is banning people trying to access Slack to discuss the status of their accounts are incorrect.  We are committed to making Bittrex a strong, safe, and compliant exchange where people can securely participate in the digital currency economy.  We ask for patience from our highly valued customers.  As for us, we plan to ‘keep calm, and carry on.’”

The delay has been ongoing, so much so that scammers are taking advantage of the confusion. On Christmas day, Bittrex re-Tweeted a post from Coinigy, reiterating that scammers are asking for users’ private keys lest they risk their accounts getting disabled again.

You’ve been warned.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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