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Crypto Exchanges Fail Proof of Keys Event

13:59 04/01/2019

Some crypto platforms failed to prove liquidity of their cryptocurrency supplies during the Proof of Keys event. This annual initiative takes place on January 3 — on this day, users are invited to withdraw bitcoins and make sure that they themselves, and not the exchange administration, own their private keys.

 

Just before the event, HitBTC blocked the withdrawal function, which caused outrage of many users as well as suspicions of its insolvency.

As reported on the Proof of Keys website, on the day of the event, withdrawals were impossible at platforms Robinhood, Poloniex, Bitfinex, Purse.IO, and on HitBTC as well. Also, a few days before the event, an American exchange Coinbase suspended bitcoin trading against the US dollar, and that, according to experts, can point to the problems with cryptocurrency supplies.

 

However, on the evening of January 3, Bitfinex tweeted that withdrawal issues were fixed, saying that difficulties were related to updates. Coinbase also resumed trading with BTC/USD in the second half of the day.

Service Purse.io, which allows to purchase and use bitcoins on Amazon Prime, also aroused suspicions. The platform froze withdrawal of funds on January 3 without explaining the reasons, and did not even respond to the requests and complaints of users on Twitter.

 

Such exchanges and wallets as Atomic Wallet, XMR Wallet, Bitfi, Shakepay, Abra, etc., were included in the list of  “solvent” ones.

Still, the Proof of Keys event cannot be an absolute guarantee of liquidity or bankruptcy of a particular exchange. For a complete picture, all users across the globe would have to withdraw their funds, but the Bitcoin network itself wouldn’t likely process such a number of transactions in a single day.

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