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BTC-E Ethereum Classic Scam Accusation
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BTC-e Calls Ethereum Classic a Scam

Avatar newsbtc 4 years ago

The world of cryptocurrency seems very divided when it comes to Ethereum and Ethereum Classic right now. Cryptocurrency exchange BTC-e went as far as calling Ethereum Classic a”scam,” as they have no plans to support it. However, various of their ETH users are eligible to receive ETH tokens for funds stored before the hard fork took place. Will the company pay that funds to the rightful owners, or will they keep the ETC to sell it and reap the profits?

BTC-E Plays A Very Dangerous Game

Personal feelings should never prevail over common business sense, especially not in the world of cryptocurrency. The BTC-E exchange is shooting themselves in the foot by calling Ethereum Classic a scam, as these types of allegations will haunt companies for a very long time. Ethereum Classic is the same as the Ethereum blockchain, but without support for the hard fork.

So far, Ethereum Classic has seen some great support from community members. Additionally, various companies are working on ETC integration into their platform or products. If this project were such a scam, as BTC-E claims, none of this would be happening. In fact, these claims are based on nothing but personal bias by the look of things.

“BTC-e’s official standpoint on this issue is as follows: Ethereum Classic in the current circumstances is a scam. The Ethereum community decided to implement the hardfork in order to switch to the new chain. All major pools and exchanges (including BTC-e) did exactly that. On the second day after the start of ETC trading BTC-e received a notification from Poloniex, saying that we need to secure the ETCs in our ETH wallet. At the time of notification, most of these coins have already been sent to Poloniex by our users. So there were almost none of these coins in our wallet.”

This is quite an interesting statement, as BTC-E claims their users have transferred their own ETC funds to the Poloniex exchange. However, the company provides zero evidence to support these claims, further indicating that something is not adding up. That said, BTC-E claims they can do nothing about the situation, even though a lot of people are demanding their funds returned to them.

It will be interesting to see how this scenario plays out, as BTC-E is not the only exchange facing a lot of flak over Ethereum Classic right now. Coinbase continues to leak funds left, right, and center, as they have still not fixed the issue with Ethereum purchases and withdrawals. Peter Todd even mentioned on Twitter how this could lead to the exchange platform becoming insolvent rather quickly.

Source: BTC-E Blog

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