THE WAR AGAINST CENTRALIZED EXCHANGES BEGINS.

“Proof of Keys” is a movement founded by the famous Bitcoin investor, Trace Mayer.

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It started this year on the 10th anniversary of the first-ever Bitcoin block mined on January 3rd, 2009. He suggests that every Bitcoin owner with BTC stored on a centralized exchange should withdraw it to his own wallet on this date.
As you know, all the coins stored by a third-party service (i.e. centralized exchange) are not truly yours. It’s more like a custodianship where they are holding them for you. In this relationship, you’re only a number in their database, while they are the true owners of the private keys that account for the real coins on the blockchain.
So this makes us wonder, “Do these centralized exchanges really own 1:1 the BTC claimed in this database? Will our collective action prove the opposite?”
The first one to fall
This is exactly what happened with HitBTC, a centralized exchange with a daily trading volume of more than 40,000 BTC. When trying to withdraw their BTC that is rightfully theirs, some users had the unpleasant surprise of being welcomed by the “Withdrawals are temporarily disabled on your account” message.
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