A statement regarding the situation with BTC-e

July 27, 2017

The collapse of BTC-e, one of the oldest and well known exchanges, teaches all the community another lesson: trust is a ticking time bomb. Many thousands of investors lost hundreds of millions in a moment. I think the explanation given by the exchange in Twitter and on the website, that “maintenance work” is going on is absolutely not credible. With the resources of BTC-E no maintenance work should continue for so long, even if half of the servers actually burnt out, which is hardly possible. I do not see any sense in supporting or developing different theories about the reasons for suspension of the exchange which are discussed now on the Internet. The only thing that is important – unfortunately, the exchange won’t work any more and users won’t get access to their accounts. It is also now widely reported that Aleksandr Vinnik has been arrested in Greece.

In Exscudo we made security problem solution our priority and that is why we needed EON technology to create our ecosystem. Trust is earned over the years, but is lost in a moment as practice has shown. Our goal is to give users a reason to work with us not because they trust us, but because they know and control themselves their own balances and accounts. Our exchange provides only services and transactions are stored by EON decentralized technology, maintained by users all over the world.

The BTC-E event is another wake-up call for everyone who has something to do with crypto-currencies.

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