Singapore crypto currency exchange BiteBTC.com reported fire in three days

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Singapore crypto currency exchange BiteBTC.com recently announced that on 1 January in their data center, there was a “fire”. According to the company, the fire has led to the fact that 7% of users lost access to their accounts. The event emerged out of the event Proof of Keys, causing many users concerns about possible fraud.

According to representatives of the exchange, the first day of the new year in the data center, where servers reside, a fire occurred, which part of the data on the backup and the main servers were damaged. They also assured that all cryptocurrency wallets are safe, but they will take time to restore the balances and the history of trades for 7% of affected users of the latest backups.

Team BiteBTC.com apologized and asked customers to treat the situation with understanding, but also asked users to fill out a form confirming their recent transactions. It should be noted that the exchange did not provide any additional evidence of a fire, simply asking us to trust them and be patient. However, some of the traders have already faced such situations and don’t trust the stock market.

Problems of distrust

Exchange BiteBTC was launched in January 2018, and now occupies 34-e a place in the world by trading volume. Users are faced with problems of access to your account January 3, and their number was sufficiently large. On this day, the exchange and told about the fire. The question arises why the message about the fire on the stock exchange it was announced that day, when one expected that a large percentage of customers will withdraw money?

Another question — do their markets. At the time of this writing, BTC/USD is trading at $4474, which is $400 dollars higher than on other exchanges. However, this tactic was used by many fraudulent exchanges informed to motivate users to make deposits. Exchange is trying to do the same, or is it a coincidence? Only time will tell.

At the moment, users can still create new accounts. The strange thing is that new users can register accounts, and the old are unable to access their accounts. Many believe that if this situation continues, it will be another classic Ponzi scheme.

It was reported that many exchanges have failed in the period of Proof of Keys and BiteBTC, it seems, is one of them. Otherwise, the exchange must prove its solvency.

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Tags: BiteBTC.com Proof of Keys

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