BTC-e’s Big Claim: Bitcoin Withdrawals to Begin Today

BTC-e, the long-running and controversial bitcoin exchange targeted by US authorities last month, has claimed that users will be able to withdraw their funds beginning Saturday.

As previously reported, BTC-e – after its original domain had been seized by law enforcement following the arrest of a Russian national and the levying of a $110 million fine for money laundering violations – said it had secured “55 [percent] of the funds” originally held by the exchange, with the rest being confiscated. Yesterday, BTC-e renewed access through a new domain, allowing users to check their balances and communicate through the chat box.

In an update, the exchange said that users would be able to withdraw the portion of their funds still available – provided that they accept a deal which would see BTC-e issue a debt token aimed at making up for the confiscated funds.

The statement reads:

“On September 2, 2017, it will be possible to withdraw 55% of the funds from the account…on the condition that our debt obligations are abandoned to the remaining 45% of funds in the form of tokens. More details about the conditions, the principle of calculation and the form of output will be available tomorrow.”

Users that elect to keep their funds on the site, the statement goes on to explain, will have their funds transferred to an as-yet-unrevealed domain that will serve as the home for the newly-launched BTC-e.

“On the day the site is launched, the balance will be recalculated at the market rate and will be credited to accounts with a higher ratio than 55/45….Tokens will be credited to your account balance, which you can use for bidding and releasing codes,” the exchange said.

Turnstile image via Shutterstock

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