Good News – BTC-e Releases update on Exchange

BTC-e released a statement yesterday on the state of affairs after it’s recent take down via the US governement. You can read the statement here, if you can read Russian. Translated, it said:

  1. We are able to access our databases and wallets, at the moment we are evaluating data and balances on koin, this information will be made public by the end of next week.
  2. We confirm that the main streams of the threads have been sent to the service through Mayzus Financial Services Ltd and at the moment they are arrested.

What this means, then, is that any user who had Bitcoin or any altcoin on the exchange is okay, and might possibly get their money, or part of it back. Fiat Currency held by users on the exchange will be lost.

BTC-e said that the information on what is safe and what not, will be made public by the end of next week. This is good news for most, if not all, BTC-e users who had coins stored on the exchange. One can hope to be cautiously optimistic here.

BTC-e was taken down due to it’s alleged money laundering operation, when Alexander Vinnik was arrested by the US government in Greece. Vinnik was the alleged mastermind behind the Mt Gox incident, and used BTC-e as a front to rotate his stolen coins and turn them into white money. Not only this, but it was also charged with helping the WannaCry malware spreaders, helping them funnel their stolen coin into fiat or to convert it into altcoins. The whole store on the case can be read here.

We will update this thread once there is any further development on the case. You can also read the Reddit thoughts on the topic here.

To learn more about Bitcoin, start here.

Johnny

Hi, Hello, Welcome! You can call me Johnny, though i admit it seems a cheeky little name. I am by profession a Project Manager at a reputed multi-national IT Company. I usually work in the education space in my country. By Education though, i am a Metallurgical Engineer. What was that? IT and Metallurgy don't go together? Yes well, that is correct, i'm speechless. My interests primarily involve Technology and new innovations, Bitcoin & Cryptocurrencies, Books (Novels of any kind really) & Gaming. I love to communicate and share my knowledge whether it is a moral dilemma or a new happening in technical world! Feel free to reach out for anything and everything!!

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