Vircurex Freezing Accounts – Withdrawals not Available

It seems like the never-ending story of Bitcoin exchange sites that goes bankrupt after having been robbed out of their cryptocurrencies because of them not having sufficient protection. Vircurex is a similar story, but still differentiates slightly as they have not filed for bankruptcy, but instead only temporarily frozen accounts to try and find a solution.

Vircurex is a Beijing based Bitcoin, Litecoin, Dogecoin and other cryptocurrencies exchange site, which had two severe hacking attacks last year where the hackers managed to steal a very large portion of the cryptocurrencies. Vircurex is not at all a big exchange site, having a trading volume in February of 54 Bitcoins overall, making it difficult for them to recover any theft losses.

Vircurex made an official statement where they explained that the reason for the freezing of the accounts are due to large withdrawals, which have drained the funds within the company. Furthermore they explain how they plan to pay back the users, giving security to the users that they might see their funds again, unlike what happened with Mt.Gox.

“We are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that allows the exchange to continue to operate and gradually pay back the losses,” The statement said

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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