Ethereum-Based Cloud Crypto MaxiMine Promises to Recompensate HitBTC Users’ Losses

By CCN.com: Following our recent report that HitBTC users were getting the shaft when trying to withdraw their MXM tokens from Hong Kong-based crypto exchange HitBTC, which no longer allows trading of the token, MaxiMine has announced that they will rectify the lost coins.

MaxiMine ‘takes responsibility’

MaxiMine writes that they are “taking responsibility” for the losses, and after receiving the tokens they sent to HitBTC back; they will fund the token swaps themselves.

After active communication with HitBTC, it was agreed upon that MXM team will take responsibility for affected traders of HitBTC during this token swap. HitBTC will send the new MXM tokens back to the project team and the swap will be performed manually.

MaxiMine wants users to contact them via e-mail, but it’s unclear why users should have to. As CCN reported, the transfers out of HitBTC were highly visible and apparent on the Ethereum blockchain, being conducted weeks after the token had converted to a new contract.

MaxiMine (MXM) price has been in rough straits over the past week, shuffling between 4 and 6 cents, a long way off from its all-time high reached earlier this year. At this point, traders will either have to wait for another price rise or potentially cash out for far less than they might have earned when the contract swap initially took place.

Approximately a few hundred users were affected overall. MXM continues to mostly trade on CoinBene, with the vast majority of its volume taking place there. Interest in MXM may have declined as a result of problems with the contract swap.

User beware

MaxiMine, for its part, is not to blame for the actions of HitBTC. HitBTC seems to have actively chosen not to adopt the new smart contract in its withdrawal functionality. MaxiMine adds it’ll process the swaps ASAP:

Once the project team has received the tokens from HitBTC and verified all token holders, new tokens will be distributed accordingly to all affected users.

While they appear to be making the right decision by refunding the tokens meant for their users, HitBTC has once again alienated an entire community and part of its userbase. The exchange has a growing reputation for doing so, with many questioning its legitimacy overall.

HitBTC never did respond to our request for comment on the previous article. We’re not surprised. The exchange also chooses not to respond to many customer inquiries.

Hardly a month goes by without some news of miscreant exchange activity. The world is ready for alternatives, but they are slow to come.

This post was last modified on 01/05/2019 06:07

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P. H. Madore @bitillionaire

P. H. Madore has written for CCN since 2014 and is currently Head of Crypto. Please send breaking news tips or requests for investigation to paul.madore@ccn.com. His website is http://phm.link

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