The closing of community bot On the platform for arbitration with cryptocurrencies, Arbistar, has generated a whirlwind of reactions in Spain where at least 32,000 users have been affected.
The CEO of the company, Santi Fuentes, offered details to CriptoNoticias about how the payment plan to operators is going and what solutions are being proposed to recover the money. The service, which has a total of around 120,000 users, has not closed, the executive told this newspaper.
Fuentes admitted that he is in hiding to protect his personal safety since “there are people who do not understand what is happening.” When asked about the missing bitcoins, the manager preferred not to reveal the amount, but claimed to have paid investors.
The Arbistar case caught media attention last week after parent company Arbicorp announce the definitive closure of community bot. The measure was taken after detecting an error in its configuration, which generated a deficit of 28% in the funds of the company, since supposedly profits were granted above the corresponding ones.
It should be mentioned that CriptoNoticias received Fuentes’s responses through an email sent this Saturday night. However, the CEO released a video today, Sunday, September 20, in which the deadlines for payments are contradicted.
In his YouTube message, the executive classifies as an “outrage” that some users are paid in 2022. However, in the email sent to CriptoNoticias there is talk of payments within 18 months.
Meeting 2,000 monthly payments would take 5 years, why take so long to settle accounts?
We are talking between 12 and 18 months which is what the law establishes so that a criminal case is not committed. In addition, our payments, which we started 3 days ago, are about 100 per day. That is, 3,000 a month, a figure that will increase over time.
If other bots and the exchange are generating profitability and thousands of bitcoins, why not use those funds to liquidate the affected accounts?
They are not thousands of bitcoins, but they do generate profits. We must not mix returns and profits as they are ArbiCorp companies that have different operating and tax accounts.
What we are developing is a plan to offset part of the accounts of the affected clients. We do it with products of the corporation such as crypto and forex bots, our token Arbicoin, Club Arbistar and others. The idea is that people obtain additional returns to the payments that we are making.
Why not leave the bot on until the missing one is generated?
The bot is stopped and should continue like this as long as we are not sure that this connection error, between the market and the platform where the client has their data, is well synchronized. In addition, it is a product that produces very little profit for the company. The volume, work and responsibility that we must assume is enormous and that stops us from starting it up again.
What is the deficit detected in bitcoins?
It is a figure that for the moment and for security reasons we are not going to reveal, but part of it can be replaced by quality products from our corporation. Furthermore, that figure has been paid to investors for almost a year. Recall that the deficit has been generated by a lag, but the bitcoins have been wrongly delivered to thousands of customers.
Will users in Spain be given priority in payment or how will the distribution be?
There is no priority for zones or countries. First we want those who are older and never took out anything to charge. Therefore, those who have not recovered their contribution are the first to receive, from the oldest to the newest. There is currently an additional liquidation plan about to be approved so that clients not only recover, but also obtain part of the pending benefits from their account.
Will the payment be made in bitcoin, dollars or euros?
In bitcoins because it is the currency that has always been used on the platform and with which clients made contributions.
The company will only level the affected accounts that are negative, will not all the BTC necessarily be returned?
As I mentioned in the previous question, we are about to approve an additional measure so that the liquidation has part of the benefits and not only the recovery of the contributions. We are based on the fact that the corporation’s products could be used as consideration, for a part of the debt, by our affected clients.
The company claimed that those who take legal action will have their payments paralyzed. Don’t you think this sends a bad signal?
Yes, we recognize that newsletter it was drawn up under a lot of pressure. And we regret it. In fact, that issue has not occurred.
Why, if the problem was detected on August 1, did it wait until now to shut down the bot?
Because on August 1 it was detected that there was no correct connection between the markets and the front-end from the platform. It took us weeks to detect why and especially the amount of the lag, which in the end is the most important thing.
On Twitter it is stated that Arbistar payment addresses would be related to addresses from Hydra Market, the most famous Russian market on the Darknet, what is the source of the bitcoins received to pay users?
You know that when something like this happens everyone gives their opinion and hoaxes are created to create more chaos. Whoever has the proof of that to prove it.
What are the aspects that it says in the Instagram video that border on the illegality of the bot?
We handle cryptos and they are not regulated by the National Securities Market Commission and any official body, since we are not talking about fiat “money”. Even so, we were always in the crosshairs of some institutions due to that fact. We could say that we were not breaking the law, but we were uncomfortable with the situation.
What do you say to those who say that bots don’t exist and that it’s all a ponzi scheme?
Tell them that it would be absurd to mount a ponzi in Spain and that if we were we would not be registered in the ZEC zone (Canary Islands special zone). If you ride a ponzi it’s to keep people’s money and run away.
We are here standing up and looking for the best way to give back to our clients part of what we have. We must tell them that our bots are real, that they work, many times better or worse, depending on the user’s configuration and the level of risk chosen.
He community bot is a variant of the current Persona Bot Pro, which more than 5,000 people have in their exchanges installed doing arbitration with 100% of the winning operations. Just ask any of those 5,000 customers who have the software in your power and in control of your investment whether or not the product is real.
You stated that you are in the Canary Islands, but there are those who say that you left or are about to leave Spain. Where are you? It will go?
I’m not giving my location for security. I have not fled, but I am in hiding to protect myself from people who do not understand that what happened is something that has no bad intention. I hope everything returns to normal as soon as possible.
I have a corporation to attend to and I will not go anywhere other than my home and my office because we have not committed any crime. He community bot It is one of our eight products, the other seven work normally, I owe myself to that and to my 36 employees who I hope can return to the offices as soon as possible.