Karma Group has filed a complaint with a Hong Kong court against HitBTC, one of the leading crypto exchanges.
The company stated in its blog post, that HitBTC received 527.01 ETH for KRM listing, but did not fulfil its obligations. Specifically, the platform has reportedly neither made changes in listing schedule nor paid back the funds.
According to the news reports, Karma Group booked the exchange services, including blockchain implementation, a listing of two pairs (BTC and ETH), retweet as well as the launch of an additional pair with USDT.
"At first, HitBTC representatives agreed to complete all the obligations until the April 20th, 2018. Karma provided HitBTC team with all the information about the BTS-based blockchain (non ERC-20)," the statement said.
Moreover, the company checked the status of the project from time to time in April and was assured by the exchange representatives that everything would be ready till the agreement deadline.
However, HitBTC failed to make the tasks by the specified date and Karma could not get touch with it within a 5-day period, but then the platform experts "then tried to tell Karma team that Karma hadn’t notified HitBTC developers about that KRM is not an ERC-20 token."
Eventually, the exchange has not mentioned new schedule giving only unclear dates, which is found by Karma as a fraud.