Bitzlato, a Confiscated Exchange, Allows Users To Withdraw 50% Of Their Bitcoins

Bitzlato is a cryptocurrency exchange that has recently been seized by authorities. The exchange allowed its users to withdraw up to 50% of their Bitcoin holdings. This provides an opportunity for investors to access some of their funds while they wait for the situation to be resolved. 

It is unclear when or how quickly the remaining 50% of Bitcoin will be released. Users will have to wait until a resolution is reached between the exchange and the appropriate authorities.

Bitzlato exchange makes its announcement on its Telegram channel

On March 20, Bitzlato announced on its Telegram channel that it had enabled its users to withdraw up to 50% of their assets. Funds that were previously stuck on the platform. The cause of the delay was due to enforcement from law enforcement agencies in the United States and Europol. This came as a relief to many customers who had seen their funds frozen. Also not allowing access or withdrawing them. 

The announcement received positive feedback from many investors. Users expressed their gratitude for the company’s ability to work around legal issues. Nevertheless, provide them with some access to their funds.

All withdrawals from Bitzlato, a digital asset trading platform, were processed in Bitcoin on Jan. 18 when the service was unexpectedly halted due to technical difficulties associated with servicing multiple altcoins.

As a result, the platform converted all of its users’ altcoin holdings into BTC, which caused BTC tickers to fall to $28,275. The firm has since communicated that this measure was necessary for it to successfully navigate the disruption and for users to be able to retrieve their funds.