Crypto Exchange Bitzlato Allowing the User to Withdraw 50% of Asset

The embattled crypto exchange Bitzlato has activated the user interface to allow consumers to withdraw 50% of their Bitcoin assets. The Bitzlato team has encouraged users to use the Telegram bot and Phoenix bots to withdraw their frozen assets. A telegram statement by the Bitzlato team revealed that the user could only withdraw at least 0.001 Bitcoin (BTC) with a compulsory commission of 0.003 BTC.

Bitzlato Reveals Plans to Refund the Customers

In January, the European regulators in the crypto space ordered the closure of Bitzlato following  being involved in a money laundering saga. Following the withdrawal suspension, the Bitzlato team has engaged in a prolonged debate to pursue a suitable method of refunding the investors’ assets.

The team agreed to exchange the existing altcoin assets for BTC to safeguard the investors’ assets from bad actors. Also, the firm confessed that the altcoin system experienced many events of system failure after the closure of Bitzlato. 

The unexpected closure of Bitzlato prompted consumers to make bold moves to transfer their assets to leading crypto exchanges, including ByBit and Binance. Consequently, other affected consumers moved their assets to Trust Wallet.

Proposed Withdrawal Procedures

Per the March 21 report, the Bitzlato team has encouraged the affected customers to provide their data, including the email addresses linked to their accounts, for verification purposes. The Bitzlato management has tasked the technical team to generate payment codes allowing users to withdraw their Bitcoin assets.

The reopening of the Bitzlato user interface prompted the firms to conduct a study to examine the user’s challenges while making the withdrawals. The online survey involved 3300 participants, where only 30% of the respondent made their withdrawal more effortlessly, while 58% encountered technical challenges. The remaining 12% plan to withdraw their assets after the crypto exchange has assumed its operations in April.

The troubled crypto firm plans to reopen the peer-to-peer (P2P) platform next month to enable users to benefit from endless opportunities on the Bitzlato platform. Afterward, Bitzlato developed strategies to refund the customers all of their assets.

 

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