EgoPay Reportedly Freezes Funds of Several Bitcoin Exchanges, Support Unresponsive

EgoPay, a processor supporting fiat Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to several cryptocurrency exchanges, has reportedly frozen the funds for several of its clients.

Among them are BTC-e, which claims to have $80,000 of its $89,458.29 with EgoPay locked inside a frozen wallet. Slovakian Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term GOLDUX.com reports $7,183.

Peyeer, another payment solutions company, reports $185,503.32 stuck in EgoPay.

Other clients are reporting problems with its API, with Poland-based Bitmarket.pl saying it received transaction notifications but not the funds themselves. There have also been observations of transactions reverting from "completed" to "pending" status.

Users logged into EgoPay's website now get the following message:

“EgoPay Members will be experiencing higher than normal review times for all withdrawals and deposits as EgoPay is currently conducting a system migration. EgoPay will now be able to provide a more secure network for all members through which to complete their online transfers. EgoPays standard review time frames and service level agreements will return to normal and EgoPay appreciates your cooperation and understanding.”

Several clients have reported not receiving responses to inquiries for over two weeks. The live support continues to remain offline.

Previously, EgoPay had frozen as much as $150,000 of BTC-e funds. The companies traded blame over the incident, with BTC-e alleging insolvency and alleging the processor stole client funds, while EgoPay accused BTC-e of using them for personal uses.

The company is reportedly based in Lithuania and registered in Malta. It does not state any certification with a financial authority on its website.