Why does not BTC-E work: scam or technical work?

Over the past week, public attention has been focused on the BTC-E exchange - even the forthcoming hard fork of bitcoin did not occupy the minds of users as much as the intrigues and investigations around the large Russian-language exchange that suddenly left offline. We suggest recalling all events related to BTC-E and suggesting what the stock exchange and its users are waiting for now.

What happened to the BTC-E.com exchange?

The currency trading platform called BTC-E started its work in the distant 2011 year and until the present events was the largest Russian-language stock exchange in the world. At one time the stock exchange was in the TOP for daily turnover of funds, and although the golden times for BTC-E in the past and its position lost ground, it can not be denied that the exchange was popular and in demand.

All the hype, which is more like the plot of the American blockbuster, than for real events, began on 25 July, when users lost access to the site. In general, exchanges often conduct technical work and other fraud, so the departure from the beginning did not seem strange. When he dragged on for several hours, and then for a day, then many traders began quite legitimate unrest, which only intensified after sensational statements in the press.

26 July it became known that in Greece was detained a certain Alexander Vinnik - a native of Russia, who peacefully rested in the most expensive hotel in Chalkidia and did not even suspect that it was not the first month that he was being watched. As it turned out, the Greek authorities did not have anything against the rich tourist, but acted at the request of their American colleagues. But from the US side to Vinnik there are very impressive claims - a Russian citizen is charged with laundering 4$ Billion in bitcoins.

It would seem, well, and where is the arrested comrade with billions to BTC-E? The connection is very direct, it was through the gateways of the exchange that these large sums were laundered, and in parallel with this a version appeared that it was Alexander Vinnik who was one of the leaders BTC-E... Stunning news - what is true and what is fiction is extremely difficult to establish, but the further course of events looks like a real theater of the absurd.

The development of events: who is Vinnik and whether he directed BTC-E.nz?

Despite the promise of the exchange management to return to normal work very soon, access to the site has not been restored. Following the arrest of Vinnik, new accusations followed: the alleged BTS-E owner was also guilty of stealing funds from the main cryptoscam Mt.Gox, and the BTC-E itself was charged with the fact that 95% of the stolen funds' withdrawals in the course of cyberattacks are not without her participation. On this positive note, the US authorities announced the arrest of the exchange's domain, and the situation was further aggravated, after which the exchange announced that the technical work would continue for another 5-10 days.

As for the person of Alexander Vinnik himself, that is, information that he really is the co-leader of BTC-E. In particular, this is stated by the administrator of the qugla.com service, who had business connection with the exchange. But the most interesting thing is that the representatives of the exchange commented on the situation at the main crypto forum Bitcointalk and stated that Vinnik did not know and knew, especially since he was not the leader.

BTC-E exchange representatives response: news for today

Quite a long time the representatives of the trading platform did not comment on what was happening and did not make it clear, but when the situation was heated to the limit, messages began to appear in them TWitter and bitcoin-forums. According to the version of the BTC-E exchange itself, 25 July the data center appeared FSBshniki, who arrested the server. The fact that the representatives of the stock exchange is being presented and what the parties should wait for is said only that if the situation does not manage to be stabilized by the end of August, then compensation will begin to be paid to the victims.

The main thing is that representatives stated that part of the stock exchange's funds was confiscated by the feds and at the moment it is determined what remains available in BTC-E accounts. Says the administration of the exchange is true or not, but 29 July from the etherium-purse belonging to the site, there was a major withdrawal on 95$ Million Who carried out this same transfer and who left the money - is unknown.

Law enforcement version: what happened to BTC-E

Greek law enforcement officials confirmed that Alexander Vinnik is related to the crypto-exchange market. As for their American counterparts, they even hooked up the entire federal apparatus in order to punish criminals on their merits. The US Department of Justice claims that Vinnik was a member of the group that was engaged in money laundering, and the financial crime and prison management department and the stock exchange issued fines of 110$ Million and 12 $ million, respectively. In addition, the exchange is accused of all deadly sins: from assistance to extortion programs before discussion with platform participants right in the chat of how best to launder money.

What is waiting for BTC-E.com: will the exchange return to work?

The likelihood that the exchange will return from the offline and begin its previous work, or else someone will pay something as compensation, is negligible. Too serious charges to it are put forward by the American law enforcement officers, and several cases are incriminated at once. It will be extremely difficult to get yourself out of such a mess with the organizers of the project, it's more logical to simply collect the remaining money and hide, because with the high probability of BTC-E admins, Vinnik's fate awaits.

Many fear that the closing of the exchange will affect the market of crypto-currencies and lead to a collapse of the rates. Most likely, this scenario should not be expected. First, the exchange is not the main giant and, compared to the most cereal trading platforms, its turnover is rather modest. Secondly, the expected outflow of investment with crypto currency should not be expected - the problems of the exchange with the law are not cyber-attack or scum in the truest sense of the word - nobody was deceived and, in fact, was not robbed, so do not think that traders will leave trade, and investors Investing money, and go to do other things. Thus, in the crypto-currency world, it is not worth expecting a collapse, if the impact is, it is very insignificant.

Nevertheless, of course, we wish the stock exchange a speedy recovery and return, and users of full compensation for losses, but whether this will be a big question, the answer to which will show the time.