BTC-e Claims Funds Will Be Returned to Clients, Repudiates Alexander Vinnik

Good news for clients of BTC-E that have funds stuck in the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange. The official social media accounts of the team behind BTC-e are still functioning and claim that despite everything that happened, they will issue refunds to clients as soon as September 1st.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

BTC-e says that the next update will be information on what options are available to restore the service, as well as the procedure for obtaining funds, in the event that the service is not restarted. If the service is not restarted before the end of August, then from September 1st the company will start the process of issuing refunds to clients.

"In the next 1-2 weeks, we will evaluate and publish information about how much money fell into the hands of the FBI and what amount of funds is available for return."

Interestingly, they also claim that Alexander Vinnik "was never the head or employee of our service." Despite this they don't explain how the FBI could have gotten its hands on the exchange's Bitcoin and Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term wallets if not by accessing it with Vinnik's administrator accounts.

Background

Earlier today we published the news that BTC-e’s website has been taken over by US criminal authorities.

Last week it was revealed that BTC-e faces a $110 million penalty for violating US anti-money laundering laws. Its suspected operator and alleged MtGox Bitcoin launderer Vinnik was arrested in Greece by the local police and personally faces a $12 million fine and decades in an American jail.