Something rotten: Strange actions from Bittrex
Image: Bittrex demands the r/bittrex to be shut down. Joke image from Pexels.
On Friday Dec 1 2017, Bittrex representative u/jyap reached out to the admins of the
r/bittrex subreddit and demanded it to be closed down and set to private. The subreddit is an inofficial one, maintained by people who are not affiliated with Bittrex. The subreddit exists as a place for Bittrex customers who have to deal with the exchange’s unresponsive customer support.
r/bittrex admin u/keroncyst responded they are not obligated to do anything with the subreddit. Bittrex rep responded that they are delegating the issue to Bittrex legal team.
That seems to be a good red flag since lately the instances of people having their money locked up on Bittrex or their account disabled for no reason started to crop up. Traders are understandably fearing exit scam or bankruptcy – as always, when the exchange doesn’t provide any information, people wax lyrical and come up with all kinds of conspiracies. The actual subreddit r/bittrex is not a scary place full of venting, desperation and CS bribe offers though, people are actually very well behaved there.
Your best user policy is of course not depositing money above current verification level – it is not fool proof, if your user account gets locked up you still have a problem, but it is something. Some traders also seem to appreciate features like BitMEX 1-confirmation deposit which allows them to margin trade with the bare minimum which consitutes their full account balance and deposit quickly when they want to open a new trade or avoid margin call.
Meanwhile, not related to Bittrex, there is another issue boiling once again - we still haven’t seen the full Tether audit from Bitfinex. Some crypto traders from
r/bitcoinmarkets voiced the idea of a collective action to stop trading on Bitfinex until they clarify Tethers but it didn’t gain much traction.
On December 3rd, ChrisJ who works for Bitfinex talked on Whalepool TS about Bfx transparency issues, the recent Tether hack and more. The session was put up on Youtube (it’s about 51 minutes long): https://youtu.be/Z8k5ne-iFP0
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About the author
Written by KarlVonBahnhof
KarlVonBahnhof also on Reddit, Chris belongs to the crypto trader class of 2013. Located in the Americas most of the time, you're most likely to meet at r/BitcoinMarkets though.
Opinions are author's own.