• Bitzlato, a cryptocurrency exchange, has enabled customers to withdraw up to 50% of their bitcoin holdings previously frozen by authorities.
• Users should use the Telegram bot “bz_phoenix_bot” to move funds to another exchange or an external wallet. All withdrawals are processed in bitcoin.
• Some users have already withdrawn their holdings while others maintain they are able to move their stash to other exchanges and some prefer to keep their ownings at Bitzlato until they provide a service for P2P trading in April 2023.
Bitzlato Restores Access To BTC Holdings
Bitzlato, a cryptocurrency exchange, has allowed customers to reclaim up to 50% of their Bitcoin funds that were previously blocked by the US Department of Justice (DOJ). Those interested can use the Telegram bot ‘bz_phoenix_bot’ which will allow them to move these assets from Bitzlato into another exchange or an external wallet. All transactions on this platform will be processed with Bitcoin as all altcoin holdings have been converted into BTC since the DOJ shut down Bitzlato two months ago.
Retrieving Assets From Telegram Bot
The company urged clients who wish to reclaim assets from Bitzlato via the ‘bz_phoenix_bot’ feature on Telegram and press the “Support Bitzlato” button during each withdrawal process which could help restore justice and grant access back to the remaining 50% of assets blocked by authorities. Some users have already been successful at withdrawing their possessions while others have moved them onto other exchanges such as Bybit.
Storing Assets At Bitzlato
There are also those who would like to keep their assets at Biztalo until they offer Peer-to-Peer (P2P) crypto trading services expected in April 2023. The company revealed that users could withdraw a maximum of 50% of their assets previously frozen by authorities using this feature on Telegram.
Background Information On Bitzalto Closure
The DOJ had closed down Biztalo in January due its involvement in processing more than $700 million worth of illegal funds and arrested its founder – Anatoly Legkodymov connected with this case.
Allowing customers partial access is one way for the company gain some trust back and possibly have more control over user’s funds once again when PTP trading goes live in April 2023.