A lot of cryptocurrency enthusiasts are wondering about the BTC-E exchange. After all, the company is currently processing Bitcoin withdrawals. Unfortunately, the process has hit a few snags along the way. There is a lot of backlash from users being forced to give up right to reclaim missing balances. Not doing so requires putting a lot of faith in the company moving forward, which is not easily given.
It has to be said, very few people will trust BTC-E right now. That isn’t surprising, given the extended disappearance of the company not too long ago. Moreover, the fact they only control 55% of user assets isn’t great either. Customers looking to withdraw Bitcoin funds can do so right now. However, they waive the right on their missing 45% of the funds moving forward. That is anything but a fun aspect, which causes a lot of backlash.
BTC-E Withdrawal Issues Still Linger
More specifically, people want to get their money out of the hands of BTC-E. The company is still dealing with an investigation and major fines. A lot of trust has been lost in the process, which won’t surprise anyone right now. Unfortunately, withdrawing Bitcoin comes at a very steep price. No one in their right mind gives up the claim for the remaining funds willingly. Unfortunately, there is no other alternative but to wait for the company to relaunch. Even then, it may take months, if not years until the missing money is recovered.
So far, the Bitcoin community isn’t too thrilled about this development. Some users still struggle to access accounts to this very day. Especially people in the US can’t log in right now or deal with limited functionality. Interestingly enough, various users report how their accounts are blacklisted. Two-factor authentication has also caused a few problems in this regard. Plus, it appears there are quite a few phishing sites targeting BTC-E users as well. A very complicated scenario, all things considered.
It will be interesting to see how things will evolve moving forward. It does appear the company is actively issuing Bitcoin Cash to customers, which is somewhat surprising. Then again, the company effectively controls this money on behalf of their users. Whether or not this situation will cause more friction, remains to be seen, though. The BTC-E situation will continue to unfold for quite some time. We can only hope most people decide to reclaim all of their money in the long run.
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