Tuesday, 15 March 2016

Bitcoin exchange Bter Withdrawal Issues

Bter Struggles With Certain Withdrawals

A new report has surfaced about potential trouble brewing over at the Bter exchange. While it is not the first time exchanges dealing with altcoins, face some sort of withdrawal delay, going a week without a payout is rather long. It’s not easy to keep up with all of these different altcoins and their wallets, but that is not an excuse not to pay out users. Considering how this exchange has very little trading volume in general, it looks like there are either a lot of issues or just no interest in using Bter at all. 

Bter Withdrawal Issues For Altcoins

Based on the information found in this Reddit post, it looks like the Bter exchange is going through a rough patch with certain altcoin wallets. The user mentions how a withdrawal was requested a week ago and has still not appeared on the blockchain. What is even more worrying is how the transactions looks to be processed by Bter, but neither the withdrawal address nor transaction ID show a matching record on the blockchain.

Granted, the XCR market on Bter is seeing absolutely no volume in the past 24 hours, and it looks like the exchange has given up on this trading pair altogether. With only two minor trades taking place over the past 48 hours, it looks like altcoin trading on Bter is on the verge of drying up completely, with the exception of Ether.

Any exchange platform taking its sweet time to process user withdrawals, and then providing information that cannot be verified on the blockchain, is dealing with some serious issues. Listing a wide variety of coins is one thing, but if the markets dry up, delisting should be enforced a lot quicker than just letting things be and running into issues like these.

Creating fake transaction ID’s is not a healthy sign for the Bter exchange, albeit there could be a legitimate reason as to why this happened. Perhaps the Crypti wallet failed or wasn’t properly synchronized to the network, creating a transaction that was never even picked up by the nodes and miners.

We can only hope the Bter exchange will address this issue – and any other potential issues they might be facing – shortly and ensure user funds ends up where it belongs. All of the popular trading pairs – Bitcoin, Litecoin, Ethereum, and DASH – seem to be working just fine. However, exchange operators have the responsibility for ensuring all of their support coins and wallets work properly.

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