BTC-e Statement regarding MtGox possible insolvency

BTC-e Statement regarding MtGox possible insolvency

25.02.14 17:31 from admin

Dear participants,

We are concerned by MtGox shutdown and would like to assure you that:

1. MtGox losses do not affect account balances or the operation of BTC-e in any way.

2. We confirm the Bitcoin system operation and its exciting prospects, and MtGox bankruptcy has not been caused by any underlying technical problems of Bitcoin. Bitcoin international peer-to-peer network and cryptocurrency are independent of actions of a single market participant. Bitcoin protocol continues to function exactly as it should. The cryptocurrency maintains its stability and the network will continue to develop and exist as long as required by its users.

3. At BTC-e we are constantly monitoring Bitcoin accounts and FIAT reserves. At BTC-e we continue to maintain all clients’ assets in full – both Bitcoin and FIAT.

4. BTC-е has no vulnerabilities during client transactions as we use safe and proven transaction protocols. All transaction issues reported by our clients undergo a thorough check.

The safety of client funds and transactions is of ultimate importance for the company, and this is the reason why we have been an industry leader for the last three years.

1. BTC-е is at its peak of financial strength with the record levels of clients and capital adequacy. The company plans to start publishing financial statements, verified by an external audit, on a regular basis.

2. The highest levels of security are already in place at BTC-e, and the company regularly uses external professional advice to further increase the security of our clients.

3. BTC-e is the only exchange to offer a modern trading platform, MetaTrader 4, to its clients, and many other exciting projects and further upgrades are in the pipeline.

The company plans to soon begin to publish publicly available statements certified by external auditors.



*– {Kolin Evans comments,} this apparent MtGox stunt does not seem to be unfolding how it would be planned, all we have seen is a volume rise in BRICs nations BTCe and Chinese exchanges have seen a large influx of traffic – as stated by even the smallest exchanges the issue is a non issue – as long as the exchange takes the most simplest of precautions.

I bet many never thought they would see the day where one of the most trusted entities in what is becoming the future of finance is a completely unregulated Russian exchange – this is the power of the self regulating free market, BTCe sees the benefit of being one of the most secure and independent exchanges –  BTC38 of china is another – and they have the advantage that they trade Quark of course.


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