Brief Look at Bit4you
Bit4you ceased operations following issues with its key partner, the Estonian company CoinLoan. On April 24, 2023, an Estonian court declared CoinLoan insolvent and appointed an interim administrator. This led to the freezing of Bit4you clients’ assets held by the provider.
In response, Bit4you suspended all operations and filed a court petition to appoint interim administration in order to settle obligations and protect client interests. The company also withdrew its application for registration as a virtual asset service provider (VASP), signaling its intention to shut down.
At the time of suspension, more than 80% of clients’ Bitcoins and a large share of other cryptocurrencies were stored with CoinLoan. Bit4you has stated that it is taking all possible steps to recover these funds, but the timeline and outcome remain uncertain.
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