Is BTC-e Making a Comeback?

Last updated: Mar 30, 2023
2 Min Read
AI Generated Summary

As you may already know, BTC-e was taken down a few weeks ago as a result of a US government crackdown on unregulated exchanges. They viewed BTC-e as an exchange that helped Malware campaigns to monetise their funds. Moreover, BTC-e was accused of helping launder funds in the Mt Gox hack.

This culminated with the arrest of Russian citizen Alexander Vinnik in Greece in July. They accused him of being one of the operators of the exchange. They also seized the domain of the site and levelled a $110m fine on the alleged operator.

However, a mere week after the exchange went down, there was an announcement by the remaining operators at the exchange that they would be re launching and returning funds to individuals who held accounts there. This will be done by a sort of debt like token.

BTC-e is making active steps to continue with the re-launch. Indeed according to the most recent update, they are sending some of these digital assets to a new holding company as part of the re-launch plans.

In the same statement, BTC-e promised that they would make certain that their users would be able to withdraw 55% of their funds on the relaunch. They would also be publishing more frequent updates on their blog after the 31st of August.

The same forum account that issued the announcement offered to answer any questions that individuals may have. Obviously there were a number of questions that related to the legal challenges that the exchange was facing.

In a translation of the response, the individual said

At the moment, we have not received official documents from the United States. All that is at the moment is an order

Editorial Team

The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. We aim to empower the crypto community with the knowledge needed to navigate the crypto landscape successfully and safely, equipping our community with the knowledge and understanding they need to navigate this new digital frontier. 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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