ethereum exchange claims ETC scam

A numerous amount of exchanges gladly added Ethereum Classic (ETC) to their platforms for their users to trade.

Many have seen a positive response within a week, but one Ethereum exchange, BTC-e, has had quite a different experience with the original blockchain. The Bulgarian-based exchange submitted a new post identifying a major problem with ETC which claims it is a “scam”. However, they provide no evidence to this claim. What is mentioned is a correspondence between BTC-e and Poloniex. BTC-e meant to secure their ETC, however their users had already transferred their coins to Poloniex. Customers are constantly demanding for their ETC, in order to deposit it in their ETH wallets. The exchange cannot fulfill their requests since these customers have already removed them from the platform, the bulletin claims.

Ethereum Classic is still too young to determine if it is scam or if it has a future. One thing is for certain is ETC is incredibly popular. Whether or not BTC-e has some personal bias towards Ethereum Classic, the fact that they are denying customers the ability to trade ETC will be hard to forget.

You can read the full bulletin below:

Dear Clients!

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.

We continue to receive requests from our customers demanding to return the ETCs that are supposedly deposited in our ETH wallet. We cannot do that for the reason specified above.

Anyone, who purports that we sent the coins to Poloniex in order to sell them, can check all the transactions on blockchain. All transactions are recorded and it is easy to trace the sender and the volumes of coins sent.

Best Regards,

BTC-e Team

New Hampshire native, Danielle Meegan, is a writer based in Los Angeles. She has been published in a couple of sports and entertainment magazines and newspapers throughout the years and has dabbled with multiple virtual currency exchanges to understand the 'ins and outs' of trading. Danielle has invested in over 15 different virtual currencies, including Ether.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on to receive the latest on BTC-e, exchange or other Ethereum wallets and exchanges news.

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
News Categories of Interest