News BTC-E Operators Confirm User Funds is Under Their Control...

BTC-E Operators Confirm User Funds is Under Their Control for now

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It is always good to see an exchange post an update regarding its status. Especially if that exchange is BTC-E, as there is a lot of uncertainty. It now turns out things may look better than people originally anticipated. It appears they gained control over the exchange’s wallets again. This could hint at users being able to get their money back after all. A positive sign for the exchange and its users, that much is certain.
Ever since the BTC-E domain was seized, there have been more questions than answers. Additionally, one of the alleged operators of the exchange is in custody as well. The report by Google regarding the company’s role in laundering ransomware proceeds only added more fuel to the fire. All of this shows the company has a lot to answer for and provides few answers so far. In fact, no one had heard from them in a few days, which usually doesn’t bode well by any means.
BTC-E Funds may be Safe After all
However, a new update has been posted on BitcoinTalk. It appears this is a post by the official BTC-E account, which is good to see. No one knows for sure who controls this account at the time, though. In the post, the user explains how they seemingly accessed the company’s databases and purses. They are in the process of assessing data and balance sheets accordingly. It is expected an official update will be provided before the end of next week.
Most users are interested in finding out if they can get their money out of the exchange. Based on this somewhat vague message, that certainly seems possible. The poster does not confirm they will be refunding customers, though. Then again, once the balance sheet is in order, we will get a better overview of the big picture. It is good to know the money hasn’t been seized by authorities, after all. That still seemed highly probable, but it is not the case by the look of things. An intriguing development, to say the least.
What is rather interesting is how this BTC-E post was made in the Russian subsection of the forum. Granted, the people running this exchange are Russian nationals. However, posting such important messages in a language half of the company’s users do not understand is not necessarily a smart decision. It raises a lot of room for speculation. Most people rely on Google Translate to figure out the meaning of this post and the comments. So far, it is yielding a lot of mixed results, to say the least.
Header image courtesy of Shutterstock
About JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.
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