BTC-e, a bitcoin exchange, has given details regarding its cryptographic token that it will be planning on issuing. This is part of a move to refund users after there was a crackdown by United States law enforcement. BTC-e is a long-running and err of mystery surrounding the bitcoin exchange that ended up getting taken down in late July. This occurred after the arrest of one of the organization’s alleged managers. But now the bitcoin exchange has revealed that it is planning – or at least making plans – to pay back users’ funds that were held by the exchange.
Those close to the source via posts from cryptocurrency forums on platforms like Twitter say that control has been regained relating to more than fifty percent of the funds associated with the exchange. Additionally BTC-e explains that it will send out tokens to cover the balance. This is a similar sentiment, which was echoed by bitcoin exchange Bitfinex. They issued a token to users following the loss of sixty million dollars worth of bitcoin, which was hacked during the summer of 2016.
BTC-e explains that it will make available a free trading option in the market for their tokens called BTCT. Users wil be able to sell them at the going rate and will trade at “any price, but no more than their face value,” according to a company representative. BTC-e told sources that it was involved in the process of gaining outside funds in order to be able to relaunch the exchange. As such and part of this process, BTC-e has expressed that it will rebrand in the future but specific details regarding this are still unclear.
In any case, the company has begun to make best efforts to cover this mishap. Company reps state, “For example, you had 1 BTC. You will receive 0.55 BTC and 0.45 BTCT. 0.55 BTC you can output immediately. The remaining 0.45 BTCT you can either exchange for BTC at the market rate, or wait for their exchange at face value.”