Coingrounds aka Bit-U – First Ever Bitcoin Bail-In

Today Silfax, the dev behing the PTS Exchange CoinGrounds (later renamed bit-u) announced that customers would not be receiving any of their PTS back, and would be receiving 58% of their BTC back.

 

Update – so Digitalocean is being rather unresponsive unfortunately, and I’m doubtful about the prospect of tracing this, to my great dismay.

In terms of giving out all that we have left, I have been getting a bunch of PMs, so I’ll just clarify here.

At the going rate of about 0.012 (on cryptsy), with all of the funds that the exchange still has, we can afford to let everyone withdraw 58% of their total balances and orders.

I’ll put up the site soon (in around an hour), and give everyone around 36 hours to withdraw all of their funds, and then I will close the site again indefinitely, unless new information from DO comes to light.

In case anyone wasn’t clear, you will still have BTC in your balance, but when you withdraw, it will ask you to enter a PTS address instead, and it will send you 0.012 * your BTC * 58%.

If at the end of the 36 hours the site still has some funds, I will pass that out manually to users most affected.

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