In a follow-up to the recently announced action plan to repay customers, cryptocurrency exchange BTC-e has revealed details about its new cryptographic token.
BTC-e recently said that it has managed to gain control of 55% of the funds. In the latest update, it said “Currently 55% of funds are available, so 55% will remain in currency, and 45% will be converted to a specific currency token.”
It said (loosely translated):
“For tokens of all currencies, free trading on a separate page will be opened. You can trade them at any price, but no more than their face value. We pledge to redeem all the tokens. You can also sell your tokens to other users and get a currency, or wait and exchange tokens at face value.
“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.”
BTC-e recently said that it would not be possible for it to continue operations under “BTC-e” brand name due to unresolved issues with law enforcement agencies. Last month, the Financial Crimes Enforcement Network (FinCEN) imposed $110,003,314 civil money penalty on the exchange for willfully violating U.S. anti-money laundering (AML) laws. Its servers, database, and funds were also seized by the authorities.
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