Karma Group sues HitBTC

Posted 30 May, 2018

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.

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30 May, 2018 17:20

← Prices for cryptocurrencies generally stronger with Seoul considering ICO ban revision

Prices for cryptocurrencies have gone up in the middle of the week, with Seoul proposing cancelling ICO ban in the country. On the Bitfinex, the leading digital coin, bitcoin, changed hands at $7,503; Ethereum on this platform softened in price, reaching some $564. Ripple was on the rise at about 0.60876. Litecoin prices were at 120.53 after rising to some $121 earlier.

Prices for cryptocurrencies generally stronger with Seoul considering ICO ban revision

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30 May, 2018 14:19

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