Bitcoin News and Finance Crypto Exchange Bitzlato Restores User Access to Half of Bitcoin Balances, Report Skip to main content

Crypto Exchange Bitzlato Restores User Access to Half of Bitcoin Balances, Report

Crypto Exchange Bitzlato Restores User Access to Half of Bitcoin Balances

Bitzlato users can now partially withdraw their bitcoin funds from the dismantled cryptocurrency exchange, according to a media report. The Russia-linked trading platform was targeted by Western law enforcement and had its France-based server infrastructure seized in January.

Bitzlato Customers Allowed to Withdraw Up to 50% of Their Bitcoin at the Exchange

Users of Bitzlato’s web portal and app can now withdraw a portion of the funds they had with the crypto exchange when it was busted by French and U.S. authorities in mid-January. Since Monday, its clients have access to half of their bitcoin (BTC) balances.

Account holders can withdraw up to 50% of their bitcoins, Bitzlato representatives told the Russian-language crypto news outlet Forklog. The minimum withdrawal amount is 0.001 BTC and the commission is 0.0003 BTC, the report detailed.

Withdrawals can be ordered through a Telegram bot and users need to provide the email address of their Bitzlato account, the article explained. Upon verification, a code necessary to complete the transfer is generated and sent to that email inbox.

The Hong Kong-registered exchange was dismantled based on allegations that it processed more than $700 million dollars’ worth of illicit funds, as the U.S. Justice Department announced, or over $1 billion, according to Europol.

The dirty money was allegedly related to various criminal activities and actors, including the former largest darknet market Hydra, which was shut down by Germany in April, and Russia’s biggest crypto pyramid scheme, Finiko.

Bitzlato co-founder and majority owner Anatoly Legkodymov, a Russian national residing in China, was arrested in Miami. Four more members of Bitzlato’s team were detained in Europe while another co-founder, Anton Shkurenko, was questioned and released in Russia.

In an interview on Youtube, Shkurenko had announced plans to relocate the exchange to Russia and relaunch operations from there. He also promised to partially restore withdrawals despite French law enforcement having seized the platform’s hot wallet.

According to a survey conducted among almost 3,300 respondents in Bitzlato’s news channel on Telegram, 30% of users are withdrawing funds without issues, 3% experienced short-term asset freezes, the money of another 4% is still blocked, 12% are yet to decide how to withdraw, and more than half of the polled intend to wait for the platform’s peer-to-peer market to reopen.

What are your thoughts on the Bitzlato case? Share them in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory