2023-05-27 05:27:00
Bit4you has been in turmoil in recent weeks, and the case even goes back to the political level. This Friday, the founders of the Belgian cryptoasset platform spoke at a press conference to take stock of the situation. First of all, with a contextualization. “On April 26, shortly after learning that CoinLoan (one of bit4you’s service providers) had lost its registration as a regulated crypto-asset service provider in Europe, bit4you was informed that a temporary administrator had been appointed by court decision in Tallin (Estonia) to decide on their fate. Consequently, the funds entrusted by bit4you to this platform on behalf of their clients are no longer accessible for the time being. In order to preserve the equal treatment of its customers, bit4you quickly made a difficult decision: to suspend its activities and to initiate a recovery and resolution plan which will allow each of the custodians to recover all or part of the cryptoassets they had entrusted to bit4you. At the express request of the fintech, a college of administrators was therefore quickly appointed by the company court and now has all the powers necessary to implement this plan.”, explain together José Zurstrassen, Marc Toledo and Sacha Vandamme, the three founders and shareholders of Bit4you.
But then what about the money that customers have deposited on the platform. For now, the three men want to be reassuring, at least for some of the assets. “First of all, you should know that all the assets placed with CoinLoan represented 40% of the assets of our customers, for a total sum of 6.4 million euros. This means that the rest is for the moment frozen, but saved. For these 6.4 million euros, we hope to be able to recover everything, but the decisions are made in Estonia. We are working with a specialized law firm on site which is awaiting news from the legal administrator in charge of the file. Compared to the funds that are frozen there for the moment, there is nothing to indicate that they may no longer be available in the future. The situation will probably only change when the temporary administrator of CoinLoan presents his first report in June. In any case, there is currently little fear of losing the entire sum.”
The founders of Bit4you therefore call for calm and are now looking for new investors to try to secure these 6.4 million euros in the event that this money goes up in smoke. For customers, it will therefore be necessary to be patient, but all is not lost.
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