Breaking: Vircurex Has Halted Withdrawals
Vircurex has stopped withdrawals for BTC, LTC, FTC, and TRC. Popular altcoin exchange Vircurex just announced that it has stopped withdrawals for BTC, LTC, FTC (Feathercoin) and TRC (Terracoin). Any incoming deposit will not be credited. Furthermore, on 24 March, all BTC, LTC, FTC, and TRC accounts will be frozen until Vircurex can redistribute available funds to users. Last year, the exchange was hacked twice, resulting in a large loss of coins. Vircurex promised to cover the losses from their own income, and the plan seemed to have been working until recently. “We had enough coin....
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Beijing-based virtual currency exchange Vircurex has frozen most of its digital currency withdrawals effective immediately, claiming it no longer has the reserves to cover customer requests. The freeze will affect all bitcoin, litecoin, feathercoin and terracoin withdrawals. A message on Vircurex's site says it will create a new balance type called 'Frozen Funds' covering all balances in the aforementioned currencies. The company maintains it won't be shutting down, saying it intends to "gradually pay back the losses". That Vircurex had a reserve shortfall had been known for some time,....
Bitcoin and altcoin exchange Vircurex announced today that they'll be halting the withdrawal of bitcoin, litecoin, feathercoin, and terracoin, and also not crediting deposits made to user accounts "for the time being", according to an announcement posted on their website. The halt is effective immediately, according to the company, who adds that on Monday (24th of March), they'll be freezing accounts with holdings in BTC, LTC, FTC, TRC, and removing open sell orders. The halt comes following two thefts in 2013 which "lead to a loss of a significant number of BTC, LTC, FTC, TRC." As....
Troubled crypto exchange Zipmex has time to come up with a restructuring plan by Dec. 2 after halting withdrawals in July. Cryptocurrency exchange Zipmex has gotten a chance to sort out liquidity issues as a court in Singapore has granted the firm with more than three months of creditor protection.Singapore’s High Court has ruled to give each of the five Zipmex entities a moratorium until Dec. 2, 2022 to come up with a restructuring plan, Bloomberg reported on Monday.The action aims to protect Zipmex from potential creditor lawsuits during the moratorium period after the exchange abruptly....
Bitcoin exchanges are going through hard times. In the span of a month, Mt. Gox has gone bankrupt, Flexcoin has shut down due to robbery, and Vircurex has halted Bitcoin withdrawals. Coinex.pw was also hacked. At first glance, these events appear devastating for the Bitcoin economy. But when we look deeper, we discover something extraordinary. The following fact has the potential to fundamentally transform financial markets: Depositors are losing their money. This is great news, albeit not from the recent depositors' perspective. From a broader economic standpoint, Bitcoin bank runs are....
It has been a heated start of the week for the crypto community. Crypto exchange Binance temporarily suspended withdrawals on the Bitcoin network. This happened the same day as Celsius halted all withdrawals, raising liquidity concerns. Naturally, many users started to worry about Binance as well. Disclaimer: The following op-ed represents the views of the […]