New details emerge regarding Justcoin Exchange Closure

Final Update (Nov. 3, 2014): We have posted a follow up interview with Justcoin CTO and CoFounder, Andreas Brekken. The majority of customer funds have been returned.

Justcoin Exchange is a digital currency exchange, founded in 2013 with its office in Oslo, Norway. Justcoin was founded by Klaus Bugge Lund and Andreas Brekken. At the time of their closure, Bitcoin, Litecoin, Ripple, and Stellar were being traded on their platform. They were the #1 exchange by volume traded for both Ripple and Stellar, #11 for Litecoin, and #14 for Bitcoin. Stats provided by CryptoCoinCharts.info

Earlier today, Justcoin sent the following email out to their customers:

Dear Justcoin user,

Deposits are closed. Trading will close tomorrow, October 29th. We urge all users to withdraw their funds as soon as possible. Final deadline for withdrawals is November 11th. You may find useful information on wallets at https://bitcoin.org/en/choose-your-wallet[1] .

Please allow up to 24 hours for your withdrawals to process. We will manually batch withdrawals of all currencies. Cancelling a requested withdrawal will put you in the back of the line.

Justcoin is shutting down all operations. Our bank has notified us that it will no longer accept businesses dealing with digital currencies. The same goes for other Norwegian banks. Without a bank account we have no business and need to shut down. This event demonstrates the need for decentralized payment networks.

If you need help or have problems with the withdrawal process please contact support@justcoin.com. We want to thank all our loyal customers for their support and wish you all the best.

Thank you, Klaus Andreas, founders.

At first, there were no reasons to expect anything but good intentions from the Justcoin team, but over the last couple of hours there have been some troubling developments.

First, customers have reported on social media that their withdrawals have yet to be processed. By itself, this isn't alarming, the Justcoin team is probably extremely busy and overwhelmed, and are making sure to take their time to process everything correctly.

Second, it has come to our attention that 32M Ripple and 54M Stellar were stolen from the exchange two weeks ago, leading some to believe that insovency could be the true cause for the closure. The combined value of the theft was roughly $300,000 USD at the time, about $240,000 USD at today's prices.

Third, the about us page has been changed to this from this. That seems kind of sketchy to say the least, why are the founders trying to distance themselves from the exchange?

Update 3:07PM EST, 19:07 UTC: Justcoin has reached out to us on Twitter about editing their about us page. This is what they said:

blockquote class=twitter-tweet data-conversation=none data-cards=hidden data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a We were getting too many phone calls and edited out the names. Please email supporta href=https://twitter.com/justcoin@justcoin/a.com with questions instead/pmdash; Justcoin Exchange (@jstcoin) a href=https://twitter.com/jstcoin/status/527173531160027136October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

Update 3:23PM EST, 19:23 UTC:

blockquote class=twitter-tweet data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a We are processing -thousands- of withdrawals. The focus now is for people to withdraw their funds/pmdash; Justcoin Exchange (@jstcoin) a href=https://twitter.com/jstcoin/status/527178242667847680October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

Update 5:37PM EST, 21:37 UTC: We have still yet to receive any reports of customers successfully withdrawing their funds. We are monitoring social media. If you are a customer of Justcoin, please contact us with your withdrawal status, it would be much appreciated.

blockquote class=twitter-tweet data-partner=tweetdeckp.a href=https://twitter.com/jstcoin@jstcoin/a Looking to confirm if Justcoin withdrawals are actually going through. Their CEO says they are: a href=https://t.co/xdokGJ3yKChttps://t.co/xdokGJ3yKC/a a href=https://twitter.com/hashtag/bitcoin?src=hash#bitcoin/a/pmdash; CoinPrices.io (@CoinpricesIO) a href=https://twitter.com/CoinpricesIO/status/527212160481771520October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

Update October 29, 2014 - 9:13AM EST, 13:14 UTC: One of our followers on Twitter has reported to us that both his Stellar and Ripple withdrawals have gone through successfully.

blockquote class=twitter-tweet data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a a href=https://twitter.com/jstcoin@jstcoin/a my stellar withdrawal still says waiting after 4 hours/pmdash; John Peak (@ewingdocument) a href=https://twitter.com/ewingdocument/status/527255134238433280October 29, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a a href=https://twitter.com/jstcoin@jstcoin/a my ripple withdrawal was processed with no issue immediately/pmdash; John Peak (@ewingdocument) a href=https://twitter.com/ewingdocument/status/527278725457801217October 29, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a a href=https://twitter.com/jstcoin@jstcoin/a my stellar withdrawal went through this morning/pmdash; John Peak (@ewingdocument) a href=https://twitter.com/ewingdocument/status/527411843166650368October 29, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

Update October 29, 2014 - 10:39AM EST, 14:39 UTC: Two users on our reddit thread are reporting that their BTC withdrawals went through successfully.

Reddit

Update October 29, 2014 - 11:05AM EST, 15:05 UTC: Another Twitter user is reporting that their Stellar withdrawal went through successfully this morning.

blockquote class=twitter-tweet data-partner=tweetdeckpmy stellar withdrawal went through this morning too a href=https://twitter.com/jstcoin@jstcoin/a a href=https://twitter.com/CoinpricesIO@coinpricesIO/a/pmdash; Kuba Kucharski (@83TB) a href=https://twitter.com/83TB/status/527474863301464064October 29, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

This is a developing story and we will keep you updated as we learn more

Please contact us on Twitter or at matt@coinprices.io if you are a Justcoin Exchange customer currently waiting on a withdrawal to process, or who has had a withdrawal successfully process over the last 48 hours.

blockquote class=twitter-tweet data-partner=tweetdeckp1) This a href=https://twitter.com/jstcoin@jstcoin/a a href=https://twitter.com/hashtag/Bitcoin?src=hash#Bitcoin/a Exchange closure is sketchy. Two weeks ago 32M a href=https://twitter.com/search?q=%24XRPamp;src=ctag$XRP/a and 54M a href=https://twitter.com/search?q=%24STRamp;src=ctag$STR/a were stolen. a href=http://t.co/DhkDadeRT3http://t.co/DhkDadeRT3/a a href=https://twitter.com/hashtag/btc?src=hash#btc/a/pmdash; CoinPrices.io (@CoinpricesIO) a href=https://twitter.com/CoinpricesIO/status/527154740279668736October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-conversation=none lang=enp2) Now, a href=https://twitter.com/jstcoin@jstcoin/a a href=https://twitter.com/hashtag/Bitcoin?src=hash#Bitcoin/a exchange edited about us page, before and after: Doesn#39;t look good. Developing Story. a href=https://twitter.com/hashtag/btc?src=hash#btc/a a href=http://t.co/0uA0N9HKBvpic.twitter.com/0uA0N9HKBv/a/pmdash; CoinPrices.io (@CoinpricesIO) a href=https://twitter.com/CoinpricesIO/status/527157712673861632October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-conversation=none data-cards=hidden data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a We were getting too many phone calls and edited out the names. Please email supporta href=https://twitter.com/justcoin@justcoin/a.com with questions instead/pmdash; Justcoin Exchange (@jstcoin) a href=https://twitter.com/jstcoin/status/527173531160027136October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-conversation=none data-cards=hidden data-partner=tweetdeckp.a href=https://twitter.com/jstcoin@jstcoin/a Appreciate the response. We will update our post: a href=https://t.co/xdokGJ3yKChttps://t.co/xdokGJ3yKC/a Hoping you guys are acting in good faith. a href=https://twitter.com/hashtag/btc?src=hash#btc/a a href=https://twitter.com/hashtag/bitcoin?src=hash#bitcoin/a/pmdash; CoinPrices.io (@CoinpricesIO) a href=https://twitter.com/CoinpricesIO/status/527174271169462274October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-conversation=none data-cards=hidden data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a It#39;s tough to respond in every medium so please just ask me on Skype or email :)/pmdash; Justcoin Exchange (@jstcoin) a href=https://twitter.com/jstcoin/status/527175426763149313October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-conversation=none data-cards=hidden data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a We are processing -thousands- of withdrawals. The focus now is for people to withdraw their funds/pmdash; Justcoin Exchange (@jstcoin) a href=https://twitter.com/jstcoin/status/527178242667847680October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-partner=tweetdeckpIf you are a Justcoin customer, please let us know your withdrawal status. a href=https://t.co/xdokGJ3yKChttps://t.co/xdokGJ3yKC/a a href=https://twitter.com/hashtag/bitcoin?src=hash#bitcoin/a a href=https://twitter.com/hashtag/btc?src=hash#btc/a a href=https://twitter.com/hashtag/ripple?src=hash#ripple/a a href=https://twitter.com/hashtag/stellar?src=hash#stellar/a a href=https://twitter.com/jstcoin@jstcoin/a/pmdash; CoinPrices.io (@CoinpricesIO) a href=https://twitter.com/CoinpricesIO/status/527211404659785731October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-cards=hidden data-partner=tweetdeckp.a href=https://twitter.com/jstcoin@jstcoin/a Looking to confirm if Justcoin withdrawals are actually going through. Their CEO says they are: a href=https://t.co/xdokGJ3yKChttps://t.co/xdokGJ3yKC/a a href=https://twitter.com/hashtag/bitcoin?src=hash#bitcoin/a/pmdash; CoinPrices.io (@CoinpricesIO) a href=https://twitter.com/CoinpricesIO/status/527212160481771520October 28, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a a href=https://twitter.com/jstcoin@jstcoin/a my stellar withdrawal still says waiting after 4 hours/pmdash; John Peak (@ewingdocument) a href=https://twitter.com/ewingdocument/status/527255134238433280October 29, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a a href=https://twitter.com/jstcoin@jstcoin/a my ripple withdrawal was processed with no issue immediately/pmdash; John Peak (@ewingdocument) a href=https://twitter.com/ewingdocument/status/527278725457801217October 29, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script

blockquote class=twitter-tweet data-partner=tweetdeckpa href=https://twitter.com/CoinpricesIO@CoinpricesIO/a a href=https://twitter.com/jstcoin@jstcoin/a my stellar withdrawal went through this morning/pmdash; John Peak (@ewingdocument) a href=https://twitter.com/ewingdocument/status/527411843166650368October 29, 2014/a/blockquote script async src=//platform.twitter.com/widgets.js charset=utf-8/script


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