Bitcoin Forum

  Wondering how many people got notice from KCC ( Poloniex Fair Fund administrator) this morning. From what I know, US Poloniex clients got their notice few months ago ( if someone can confirm  this...)
  How do you think it'll end up?

US based, got mine 6 months ago on March 1st.
Filled out the form got a confirmation the next day.
Have heard nothing since then, but I really do not expect much, so did not check on it till now still no updates.

Where are you based out of?

-Dave

I'm from Romania.

That's the final notice ( deadline Oct 1st ). KCC is legit from what I see. I'm expecting some notice from Kraken and also from Bittrex  ( only for Bittrex US users).
I wouldn't be surprised at all to get something from Binance also..( but there are two separate entities, US and Global).

Salutare!

What do you mean deadline 1 Oct?

Different countries have different dates. The www.poloniexfairfund.com site is for US people. Users in other parts of the world that are still entitled to getting something got different notices from KCC.
If you did not get a notice from them or someone else you were not entitled to get something in the settlement. It's a large convoluted legal mess.

I know someone in the EU who in theory *was not* entitled to anything, but since when he setup his Polinex account he was living here he did get a notice.

-Dave

I'm from European Union too (France) but I didn't get anything from them sadly. I don't know how many people are eligible to the compensation, but the amount shared and distributed seems to be rather large. I don't think you will get this kind of reward from Bittrex since they are already closed and will only share the remaining money they have between customers who had still funds onto their account when they've closed their doors.

 Guys don't forget to submit W-9 form ( or W-8 BEN  for non-residents of US). The deadline is Nov. 10th 2023!

What is that and where can I find that?

You should have probably received a notice or some sort of link with instructions on how to start your claim process on your email address registered with Poloniex. If you didn't, then that's it. There's nothing you can do.

Yeahh, only eligible traders who traded certain cryptocurrencies on Poloniex between 2017 and 2019, will receive compensations ... ( in fact, the transaction fees charged by Poloniex will be returned back to the traders).

I'm from Germany, received my first mail in the Mar-Apr time, had to deliver proof of identity (which was a bit complicated due to name change + address change, but with all related documents, it was no problem) and send them screenshots of my trades (not all, only a few, so I can verify I did trade those assets) which I assume they match against their database to see if my records line up with theirs. I sent a follow-up mail a couple weeks ago, but only got back their standard reply, "we'll notify you in case of any updates". They didn't even mention how much money was claimed in relation to the overall fund, so fk knows how much we'll get, if anything.

But since the fees paid in the relevant time frame amount to an okay middle class car, I thought why not. It's not everyday that US govt knocks on my virtual door with a virtual envelope full of money (or half-full or maybe even empty), so I gave it a try.

In your first notification email which you got from them, you have all the info ( including "Recognized Loss" amount in USD).
This year is no way to get these funds ... maybe next year ... most probably. 

Yes, the initial mail had all the information. But the amount stated there is most likely not the amount we'll receive. With the fund being, what was it again, 1.4m? If the claims amount to, say 14 million, then everybody will only receive 10% of the amount stated in the mail.
And now that the time frame to register a claim is over, they should have that information and at least be able to give a rough idea for what we can expect.

So far I didn't get news since many months.

The only ''news'' I noticed is that after a few claim date change, we can't do claims anymore.

Anyone else has some news or wtv ?

I sent them an e-mail today about a possible address-bank change, without sharing my claim ID, will wait for whatever answers I could get, but I don't expect one until the second week of january. Will let you know once I got my answer, I'll reply by asking them how things goes and stuff and share it here.

The payment date is set for next year...let's hope it'll not take too long.

I reckon the people who received fair fund notices should also contact the exchange and confirm if this is a scam or not. I would not trust any email claiming to be from a law office and asking us to give our personal and payment information to them.

Also, @DaveF shared a website. Has anyone done a background check already?

Relax, everything is ok... confirmed from SEC and KCC LLC.

I forgot to ask them what is the ETA, but when I asked them a question about address change, or bank change, I received an answer in less than 24h.

Confirmed at the SEC website, everything is legit.

Does anyone have news? When will we receive these funds?

still no news yet.

So far, it seems it should be around mid-year, this year.

I received an email that they couldn't send me money because my country under the restrictions of OFAC. I live in Bulgaria, I have not heard of such restrictions.They give me a link to submit documents on a site. I open the link - it couldn't be online, only by phone. Now I'm going to get up to turn intercontinental conversations ... How not. Excuses.

https://home.treasury.gov/news/press-releases/jy0208

https://cepa.org/article/u-s-bulgaria-sanctions-a-warning-shot-across-the-eus-backyard/

Yeahhh, the funds should be distribute this year ( June ,July ) according to "Plan of Distribution "...

Finally some good news, heh.

I just received an email about 2 days ago stating that the "Final Status Notice" of my submission to be "Valid", so what now?

Just wait and relax..now your request as a claimant is valid....

They said it would be paid in the middle of the year, we have passed the middle of the year and still no payment has been made, the lawyers cannot do their job properly, it took almost 1.5 years for the files to be examined. I think this is a small company that cannot do justice to the legal fees they charge. I can't understand how SEC assigns duties to these lawyers. If it was a company that did its job properly, the plaintiffs would have already been paid.

its not about the company it self, it s about the country.... just ask a US resident how things works in their country....

Anyone have any updates?  Correct me if I am wrong, but apparently the Admin has been waiting for some goofballs to cure their deficiencies for almost a year now?

The payment distribution will take place at the end of the year. Currently they are preparing for the upcoming distribution.

(From official source)

Thats great news that we finally have some info. Any precise date? And any info if the amount will be the same as the one in the email we received or smaller/greater?

Any precise date? End of the year...
The amount may face changes ( and don't forget about IRS tax)

I was happy to think that we will get the exact same amount stated as "recognized loss".

Why do you think it will be 10% of the recognized loss? Due to the fund amount? Because 1.5m is not the whole fund. It is civil money penalty.

The Fair Fund includes the $10,388,309.10 paid by the Respondent. The assets of the
Fair Fund are subject to the continuing jurisdiction and control of the Commission. The Fair
Fund and has been deposited in a Commission-designated account at the U.S. Department of the
Treasury, and any interest accrued will be added to, and become part of, the Fair Fund.


As stated above, the fund is not 1.5m, it is 10.4m.

I asked about this and got this e-mail from them:

"Communication will be sent prior to distribution with the exact amount you are to receive.  If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund."

We can expect to get between 40 and 100 percent ... anyway, there are many variables including the final number  of claimants, ( eligible claimants), most probably, only kyc accounts got these notices and many of them, not responded back or missed the deadline which was 31/10/2023.

So we may get %150 as well. We don't know what will be the final amount.

Not really.... but:

"Allocation of Funds:  If the Net Available Fair Fund, as defined in the Plan, is equal to or exceeds the sum of Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its Recognized Loss, plus “Reasonable Interest” if applicable.  If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund (and no Reasonable Interest).  In either case, the distribution amount will be subject to the “Minimum Distribution Amount.” Reasonable Interest:  If the Net Available Fair Fund exceeds that necessary to pay all Eligible Claimants his, her, or its Recognized Losses, the Fund Administrator, in consultation with the Commission staff, may include reasonable interest in the distribution amount to compensate Eligible Claimants for the time value of his, her, or its respective Recognized Losses.  Reasonable Interest will be calculated using the Short-term Applicable Federal Rate plus three percent (3%), compounded quarterly from the end of the Relevant Period through the approximate date of the disbursement of the funds.  If there are insufficient funds to pay Reasonable Interest in full to all Eligible Claimants, each Eligible Claimant’s Reasonable Interest amount will be his, her or its Pro Rata Percent of the excess funds. "

So it's about Short-term Applicable Federal Rate plus three percent (3%)

I'm assuming that this is from official sources, too? If that is the case, then this is absolutely wonderful news, actually the best news I've had in some time. This exceeds my expectations by far, because with all the craze going on in the timeframe in question and how popular shitcoins were, these days, my guess was more in the ballpark of 1-5% of our actual claims. So even 40% would be a very welcome pay.

And if payments are planned for the coming months, then this is like Christmas, birthday and Altcoin Season all at once ;D

Edit, there probably isn't an option to receive the payment in Bitcoin at 2017 - 2019 prices...? 😂😂😂

1-5% ? come on!!! There was an investigation, they( SEC) made some math! and after that they concluded what amount must be paid by Poloniex.... 

So, anyone has some news ?

I don't know much about these kinds of things, so my naive idea was that Polo screwed something up and was told to pay an arbitrary amount of money which was then decided to use as payment for the issue at hand. And after lawyers took their cut of, and I may be exaggerating a bit here, 50-90%, we receive whatever's left if transaction cost isn't higher than the returns. But yeah, probably makes sense that there is a connection between the fine and our pay.

Yes and no. I wrote them and they told me there was no update (so the news is, there is no news lol), but they are planning to send payments around the end of this year and we will get notified if there is any update.

50-90%? don't forget about rate interest....

I have good news for you, the commission approved the payment, the total payment is $4,584,409.75, since the total amount does not exceed the budget, everyone will receive 100% + 5% = 105% total payment,

Good luck to everyone,

Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf

I think the payment will be made within 10 days.

Nice! Thanks kind stranger who likely only registered to deliver this great piece of news.

Gotta admit, I'm not used to so much good news in such a short period of time... After well over a decade of field training in "if it sounds too good to be true...", it almost feels wrong that something just works out in crypto, and it doesn't just work out, no, it works out very well, exceptionally well even, considering Xmas 🎄🎁 is right around the corner and all that.

Anyway. Praise the Fund Admin. Praise! \o/

Edit: re:105% - where did you get the info that the fund's size exceeds the total $ amount of claims? I think I've read the PDF (lol), but couldn't find any details in it regarding that. Just wanna make sure I didn't overlook anything because lawyer speak isn't my native language and English is neither, so these kinda of documents are sometimes a pain to read.

But it really seems to only mention that the transfer of the 4.58kk was authorized...

Assuming this transfer of $4,584,409.75 out of the allocated ~$10m is to cover ALL claimants... then the total amount does not exceed the budget.

Let's do the math: The Commission ordered the Respondent to pay $8,484,313.99 in disgorgement, $403,995.12 in prejudgment interest, and a $1,500,000.00 civil money penalty to the Commission.

Total: 10.388.000 $

Adding compound interest to this money according to years

2021 - 2022 interest rate 3% 10,388,000 *103/100=10,699,000
2022 - 2023 interest rate 5% 10,699,000 *105/100=11,234,000
2023 - 2024 interest rate 5% 11,234,000 *105/100=11,796,000

Total amount to be in the bank with interest: $11,796,000
Let's subtract the expenses Lawyer's fee: 11,796,000 - 215,459.05 = $11,580,000

Lawyers fee document: https://www.sec.gov/files/litigation/admin/2024/34-99517.pdf

The amount of $11,580,000 is much more than the amount to be paid to individuals and since it exceeds it, everyone will receive 100% payment + reasonable interest.

I initially wrote 105% but it is actually around 114%. The interest rate for 3 years is around 14% with compound interest.

I think I explained it in an understandable way, I did the calculations as it is written in the payment plan.

It says that the payments will be made within 10 business days after they are transferred to the escrow account.

The question is what is happen with the remaining funds...hope I m not wrong but I read somewhere that those funds will be  distributed among eligible claimants ...again, hope Im not wrong...

Thank you very much, I appreciate it a lot.

I think I've read somewhere that aside from interest (thanks for the explanations FairFundEnjoyer and Qutays... turns out the math is much simpler than I expected; it was just late last night and I forgot about the total fund size, but with that in mind, it's pretty obvious), we can not expect more than our personal claim's amount if there is any residual money. I fed my local Quivr installation with the court documents and when I asked it this very question, it more or less confirmed that and it said that getting paid more is generally unlikely because the purpose is to make harmed users whole again, not to turn in a profit. Leftover money normally goes back to the treasury.

But keep in mind that this information comes from an AI, and while it sounds like it makes sense, it can just as well be wrong, generally or in this particular case.

Yeahh I thing that reasonable interest it could be a little bit more than we expect ....  anyway, they have 10 days to distribute the funds... still no email from them...

"No payments have been made yet and we do not have a set date of distribution; our goal is to pay in early January.  Communication will be sent with the amount of your distribution payment prior to the funds being released."

So we may expect our distribution in early January.

Everyone, please write an e-mail to the fund admin and state that they do not comply with the rules,

They have turned the process into child's play, they can make payments in one day if they want, they are dragging the business downhill.

Normally, the payment plan says that the money should be deposited at the beginning of December, but they are again making things worse.

I agree!! we should send them emails ....  End of the year is now early January....  Lets ask them what's happening there...

PLAN OF DISTRIBUTION

Article

66. Upon The Fund Administrator will then use its best efforts to commence mailing
Distribution Payment checks and/or effect payments within ten (10) business days of the release
of the funds into the Escrow Account. All efforts will be coordinated to limit the time between
the Escrow Account’s receipt of the funds and the issuance of Distribution Payments.

How do we know if they are making their "best efforts"?

The problem is not with these 10 days....(probably they can handle that deadline ) the problem is time when they  will release the funds into escrow account... anyway i sent them an email already... holidays are coming and they're delaying for no reason...

So, from what I understand, the release of the funds has just happened with the update from a couple days ago (edit: seems not, just the instruction to release, right?). And the documents state that they will make payments within ten days, which, according to the quoted reply above, has now become "within ~30-40 days"?
Yes, it sucks and I'd prefer earlier rather than later, too. But imagine sending 5 million dollars in transactions between 9 and (I'm guessing here) 50.000 dollars. Since the lower end usually has the most users, it's very likely a fuckload of payments to make. I would not wanna be responsible for that, let alone plan this around the other everyday business stuff or actually sending the funds to each and every user.
My impression (from former communication, their oldish website, their mails sometimes gotten flagged as spam etc), I doubt that they have an automated implementation of the process where they press the "send funds to all users" button and all is done in an instant. So for now, I suggest to not mass spam their mailboxes. Maybe someone ask "wen lazy dev giebs money for muh femeleh" (maybe better phrasing than mine here) and then we might get a reply without further delaying the process with mails which have little chance of success to finish this earlier. :)

The payments are made via bank transfer ( wire, online digital etc and check  ...) the process is automated  .. all the payments are done in few seconds once the bank have the list of all claimants ... so are the fund administrator incompetent ? probably they can t handle the situation ..but wait ..there was more than one year to prepare for this... I dont think the funds are released yet... because if the funds are released into escrow account they have 10 days to make these payments...

They first said they would pay in the middle of the year, then they brought it forward to the end of the year, now they say early January, they are extending the process and extending it, when the commission gives an order, the escrow account is transferred by the commission staff within 1 day, this is the SEC rule,

The fund admin is an incompetent and slow-moving lawyer, unfortunately he is very unlucky in this regard, as I said, if you send an e-mail, they will realize their own mistakes and act faster.

I know people who calculate the payroll of 20,000 personnel in 3 days, they could not complete the same number of applications for years, despite being so slow, they receive 250 thousand dollars.


Re: or the problem is that they put the money on interest for 3-month periods, they cannot withdraw the money put on interest, this process will be completed at the end of December, so the escrow account will be accessible from January 1,

But in this case, it is very amateur, you are the unit that manages the big banks, if they are making this delay because of interest, I say kudos to you.

Yeahhh but few months ago they said "end of the year",  how to say end of the year when you know that funds are locked until end of December?

I don't know what to say.

I want money as soon as I can because of the market sentiment.

There are a lot of opportunities around. The market is going crazy nowadays.

We can assume all kinds of things... that said, I'm not really familiar with the SEC and its inner workings. But if what you describe is considered normal, then I really wonder why they are somehow unable to do their work as they're expected to. I think I will compile yet another email, asking for the reasons for yet another delay. Tbh that is something I got really annoyed by: yes, you get replies to your emails written by an actual human, and yes, they "answer" your questions. But they always do it in a way which leaves this feeling that I know nothing new after reading. It's always the most general replies you can give, nothing concrete, no dates, no reasons, only "we have no updates, you will get notified if anything changes and we can't tell you when <thing I asked them> or <another thing I asked> is due." And no official updates whatsoever over very long periods. When I remember that their first email went straight to everybody's spam folder, I can only wonder...

I learn the update explanations from the SEC website,
They actually need to share these updates with us, for example, it is written on the SEC website that the payment approval was given on November 26.
But the fund manager is running the process very ridiculously, so I recommend that you constantly write complaint letters from the SEC website and e-mail.
The normal process will be completed in 10 business days next week, we should receive money next week, this order is written in the payment plan, I am waiting with curiosity to see what the fund manager will do.
The lawyer fee they charge is approximately 300,000 dollars, if they gave me half of it, I would complete these payments in 1 month, not 2 years.

https://www.sec.gov/enforcement-litigation/distributions-for-harmed-investors/matter-poloniex-llc-admin-proc-file-no-3-20455

Hmm... sure I'm not happy with that decision from the fund administrator, but if it can gives the 2024 year interest, maybe it's a good thing.

Hello,

 

No payments have been made yet and we do not have a set date of distribution; our goal now is to pay in January.  Communication will be sent with the amount of your distribution payment prior to the funds being released.

 

Kind regards,

 

KCC Class Action Services LLC

Fund Administrator


They were going to make the payment at the beginning of January, now it's January. This is a really annoying situation, everyone, please write an e-mail, claim your rights, the fund manager does not comply with the payment plan, complain to the SEC if necessary
 

"end of the year, early January, January...."  strange uhh?  they think we are idiots..

Unfortunately, we became stupid, first in the middle of the year, then at the end of the year, then at the beginning of January, then in January, let's see where this chain will extend, we came across so many amateur fund admins that are very unlucky in this regard, a fund manager who does not deserve the money he gets. It is our fault too, we did not complain to the SEC at the time. .

                                                                                 
Oh well... almost feels like "home", business as usual in Cryptoland. Seems the Normies™ start taking a leaf out of our book ;D

No news yet I guess

I have asked whether there is everything ok with my claim, got this response yesterday:

"Dear claimant,

Yes, please note we are currently preparing for the distribution to go out. Payment should got out soon."

If this is genuine, then this is good news.

I can confirm that!

The payment was officially approved on November 26th, it was 10 days, if I take the upcoming holidays out, it was 25 days late. We are happy too, anyway, it will probably be paid within a week, thank God.

Cool. Can't wait for PayPal to freeze my account for "uncommon / suspicious activity" (because who would not expect criminal or deceptive practices when you receive payment from the US Govt ;D), so I can dig through whatever loads of bullshit they throw in my way and if everything works out, I may eventually access those funds before inflation reduced them to a slice of bread. ^^
Cynicism aside, I'm glad we're making progress.

Finally today I received a payment. Sender is "POLONIEX FAIR FUND" I received it via bank transfer. Surprisingly amount is %27 more than specified "Recognised loss"

US?

my friend from europe received it via bank transfer too, im still waiting

in which currency? I mean if you have an EUR account , the bank should make the conversion in your local currency.. I think...

Received the funds in UK few hours ago, more than what was promissed

I think he has account that supports receiving USD directly, but yea, I don't so i expect it to be auto converted to euro at some slightly trashy rate

It hasn't arrived yet, I live in Turkey, I hope it arrives tomorrow, God willing, I congratulate those who purchased it. It neither arrived in the mail nor did I receive any money. Did you receive an email regarding payment?

My friend didn't receive any email

Yeahh, as I know from what I spoke with them , there will be no emails... but who knows..

Germany here, no incoming transfer as of yet. Can anybody else confirm the 27% surplus?

Canada here, received, and gosh its way more than I thought :o :o :o

If he is not deceiving us, the money has been deposited, now all we have to do is wait, but if everyone writes that it is 27 percent more, we will understand how much they will deposit. If it does not come tomorrow, I will have to wait on Monday, hopefully it will come tomorrow.

official statement

We are depositing the funds on a rolling basis between today and 13 January 2025.   We will send official communication with more detail about this to all investors receiving a wire tomorrow.

 

We do not currently have access to the payment tranche schedule to identify which day your payment will be made.   Please keep checking your account.  Please also note that sometimes it takes the receiving bank several days to credit the account. 

 

I am from Turkey. Me and my brother and another friend we all received payment and like I specified previous post, amount is about %27 more than specified. Our local bank name is GARANTI and payment is directly in US dollars. Because we specified US dollar accounts. I have friends did not received payment yet but their local BANK is different. So I think it may be a local bank related delay.

Yeahh I can confirm.... it's around + 27%

It came to me too. It was worth the 27% more wait. Good luck to everyone. Thank you to everyone who informed us. Good days.

Congrats man. Also thanks for informing us that they were preparing payments a few weeks ago. Gotta admit, the +27% completely exceeds my expectations. Now all I have to do is wait until January 13th, because luck has this thing where it completely avoids me. A perfectly short line in the supermarket suddenly becomes a nightmare just because I chose to stand there; in the restaurant, I tend to receive my food when everybody else has finished and sure enough, they will finish the payments with my claim last. And then, PayPal will freeze my account, just for shits n giggles.

Just kidding, life is great and we're getting paid 😎🚀

i too am still waiting, a bit worried if i entered correct bank account information :D

relax...if something goes wrong, they ll contact you ...

---

if Paypal itll freeze your account, just told them that money comes from SEC...:)))

[moderator's note: consecutive posts merged]

yeah I've really just been joking. I've been in good contact with the fund administrator, we exchanged a number of mails and they did a good job helping me fulfill all the requirements, documents etc... plus, after the 2017-19 period, we moved AND my lastname changed due to marriage + kids... so generally in crypto, if someone tells you "yeah you need to send to a totally different address, oh, and the name also isn't the same, but trust me bro, we're the same person (and we look different because I had plastic surgery oknp", all alarm bells would ring like there's no tomorrow, but they helped me get all relevant documentation to provide proof and have everything ready for when the funds are sent. So yes, I'm convinced that everything will be fine. :)

Edit:
That said, the initial primary transaction method via PayPal was also one of the peculiarities around this. PayPal needs connection to a bank account anyway, so it was completely beyond me how anyone can genuinely request/require something like PayPal when distributing funds on behalf of the SEC. I mean c'mon, that's literally asking for trouble.
I know I had "chosen" PayPal initially, though I don't know if there was an actual choice or if nothing else was available. Now it's entirely possible that somewhere along the way, I switched to Bank Wire. Which I really hope I did... I'm not sure if I have the patience to deal with phone operators or support agents in general, these days. ^^

Or maybe at least they whitelisted this kind of transfer for the next couple days... man that would be awesome, a company actually making use of their brains to spare their customers completely unnecessary friction in the process. But I might be expecting too much here.

    Yeahh right but they said that transfer will be made via wire, digital or paper... that s why they asked for Paypal... anyway firstly they asked me about Papal and then they changed their mind and asked me for a bank account details... everything went smooth excepting the conversion rate (usd-eur) which costed me around $1100 eur lol... plus 10% IRS tax... but its more than ok ...

Yes! This roughly aligns with my memory... that they offered PayPal initially, but later on, I had to provide an actual bank account, which came with a sigh of relief, because using PayPal for distribution of such a thing sounds like a terrible idea and is very likely to end up in a huge clusterfuck, landing the KCC / Fund Admin right in a support hell he will still tell his grand-grandchildren about. Just imagine dealing with a few thousand annoyed crypto users, with a considerable amount of users who think that their 15 Dollar claim which put their PayPal account on hold (because a transaction contained an evil crypto term) entitles them to treat that poor guy behind the screen (who likely never dealt with crypto users before and now gets to experiences the full force of their wrath compressed in a timeframe of three days) like literal shit... This is how I imagine hell, if it really existed. ^^

So I hope my memory also serves me right (since I find no communication in my mails where I gave them bank account details)... either way, it's gonna work out, eventually.
Edit: misread your reply a bit, nvm... got it right, now
Lmao holy shit! Is the conversion loss a "visible" chunk of the total amount? That amount sounds kinda worrisome, almost in any case. But then again, my claim is around 0.1% of the overall fund, and considering I expected almost nothing (because I never felt like I contributed that much to the overall Polo volume on any market)... and expecting at best some change, a minor percentage of the theoretical size of the claim and how hearing we will receive a whooping 127% instead, I think whatever conversion rate to Euro they get, it should not be possible to reach amounts as low as my initial expectations. ;D

Edit: just got a "Notice of Distribution" (of course in the spam folder 😂), and this shows an amount which should roughly match the 27% surplus described by others here... They now changed from Jan 8-13 to Jan 8-14... I'm already curious what the final end date will be ^^

In that period of time, Poloniex and Bittrex was  the main trading platform for me...Firstly I used MTgox and then Cryptsy and BTC-E ( all of them went wrong lol)
I had a good percent from overall fund amount....

PS: I forgot about Vircurex and LocalBitcoins ..what time!

Never used Vircurex and LocalBitcoins because they were not popular here. But I started on bitcoin.de in 2012 and after the birth of shitcoins and, later on, the ever growing Altcoin Seasons, I also used Cryptsy, Bittrex and Polo. Never forget Tristan's boss move of dumping Polo on Justin Sun's sorry ass, right at the top. The best trade of all, even though it was obvious that this would mark the beginn of Polo's downfall, quickly followed by Bittrex who imo became a casualty of an ever growing arrogance towards their users.
Still remember the fontas pumps on BTC-e. Man, this guy taught me my first lesson. 20 BTC taken, poof, gone.Then chat moderator bumface created his own shitcoin which wasn't even traded on BTC-e. What a time. I feel I was quite a bit younger, back then, lol

But "a good percent", that's a good chunk, well worth waiting for. 👍

  Fontas lol madness days.... do you remember the troll box on Poloniex?  it was so funny ...
I forgot about Bluetrade and Crptopia..
2012 was my starting year in crypto also.

At that time, on Poloniex there was  only  few trading pairs vs btc.. like ltc and novacoin

Finally received it too, EUR account so got a lil scammed there by my bank, but no biggie.

Was an honor riding with you guys

I haven't received the payment yet. Considering that my bank has changed the correspondent bank, I don’t know if I will receive the payment. I hope they will contact me if there are problems sending the payment. Just in case, I wrote to their email that my bank had changed the correspondent bank

Is there anyone else from Turkey waiting for payment? Was it directly transferred to the bank account of the friends who bought it? I received an e-mail regarding the payment amount on 11.01.25 but it has not been directly reflected in the account yet.

Me and a friend received payment. We use GARANTI Bank. Another 2 friends did not get the payment yet. Their bank accounts are ISBANK. I think it may be bank related.

I understand, yes, I think there is a problem with the bank. If you receive the payment, please write to me.

Yea I do remember. Was mostly in the BTC-e trollbox though, casually on Polo, too. It sure was funny, but at some point, I disabled it because it interfered in a not so beneficial way with my onsite gambling ;D

Still didn't receive funds. Might be because I'm at the end of the list, or because DKB bank somehow forgot how to do fast transfers. Even Euro withdrawals from Kraken (which used to be near instant in 90% of times) now take up to 3 days if you initiate a withdrawal on, say, Friday evening... and I was hoping that the days where banks hold our nonsense fiat money ransom just to create friction in the process were over, what a naive thing to think ^^

Are they still with January 14th or did they extend the sending period, does anyone know?

Got a paper check from this today. USA based if anyone is really keeping track of it.
Shrug, not enough to buy dinner for still better then nothing.

Makes you wonder what the final totals will be for who lost what.

-Dave

Here is official email receiived among the payment:

Wire Amount: $xxxx.xx
Percent of this amount that is interest: 25.14%
Claim Number: xxxxx
Website: poloniexfairfund.com

Dear xxx xxx

KCC Class Action Services (“KCC”) was appointed by the U.S. Securities and Exchange Commission (the “Commission”) to serve as Fund Administrator of the Fair Fund established in the Administrative Proceeding File no. 3-20454 (the “Poloniex Fair Fund”). In the Order issued in the Administrative Proceeding (the “Order”), the Commission found that Poloniex operated a digital asset trading platform that meets the definition of an “exchange” under the federal securities laws but did not register as a national securities exchange nor operate pursuant to an exemption from registration at any time, in violation of Section 5 of the Securities Exchange Act of 1934. The Poloniex Fair Fund consists of disgorgement, pre-judgment interest, and civil money penalty paid by Poloniex, LLC pursuant to the Order aggregating to $10,388,309.10, plus earnings thereon. On January 31, 2023, the Commission approved a plan for the distribution of the Poloniex Fair Fund (the “Plan”); you can learn more about, and download copies of, the Order and the Plan at poloniexfairfund.com.

This email serves as your Notice of Distribution regarding your submission to the Poloniex Fair Fund. Distribution Payments will be released via wire transfer on a rolling basis between January 8 – 14, 2025, to the bank account we have on file. However, it may take time for your bank to process and credit the payment to your account. If you have not received the Distribution Payment by January 28, 2025, please contact us to inquire about the status of your payment.

This distribution has been calculated pursuant to the Plan. The Fund Administrator is distributing the Poloniex Fair Fund to Payees who paid fees to transact in certain Crypto Assets on the Poloniex trading platform between August 1, 2017 through November 30, 2019, inclusive. Since the Net Available Fair Fund exceeds the amount necessary to compensate all Eligible Claimants for their Recognized Losses, reasonable interest has been added to the Distribution Payment to compensate for the time value of each Eligible Claimant’s respective Recognized Losses. This interest was calculated according to Exhibit A (Plan of Allocation) of the Plan.

The Tax Statement at Appendix A below is for informational purposes only. The tax treatment of the distribution is the responsibility of the Payee; please consult your tax advisor to determine the tax implications of this Distribution Payment.

Please note, any rejected or returned wires must be reissued within 120 days of the original payment date. If your payment instructions have changed and you did not receive the wire sent to you, you must inform us on or before May 7, 2025 by emailing us at info@poloniexfairfund.com.

The Distribution Payment is solely for the benefit of the Payee (as defined in the Plan), and the Commission retains jurisdiction over these funds and their distribution. Only the Payee is authorized to receive the wire payment; payment instructions cannot be provided for another person’s account.

If you have any questions, please direct these to Fund Administrator, KCC, at info@PoloniexFairFund.com.

Very truly yours,

KCC – Fund Administrator
Website: poloniexfairfund.com

Appendix A: Tax Statement

The wire payment represents a Distribution Payment from Poloniex Fair Fund established by the U.S. Securities and Exchange Commission (the “Commission”) in Poloniex, LLC, (“Poloniex”) Administrative Proceeding File no. 3-20454 (Aug. 9, 2021). The Distribution Payment was calculated pursuant to the Plan of Distribution approved by the Commission. Please promptly verify receipt of the wire payment. If your wire was rejected, you will forfeit your Distribution Payment if updated payment instructions are not received by May 7, 2025.

The Fair Fund is a “Qualified Settlement Fund” (“QSF”) as defined in Section 468B(g) of the Internal Revenue Code, 26 U.S.C. Section 468B(g), as amended, and U.S. Treas. Reg. Sec. 1.468B-1 et seq. The distribution is intended to compensate you for losses incurred with respect to your investment with the Respondent, as a result of the conduct described in the Commission’s Administrative Proceedings. The Commission approved a distribution plan that contains an allocable share of interest. Each of these components (hereinafter, “Losses” and “Interest”) has different tax consequences, discussed below.

Losses. Generally, the Losses component of the distribution is not income to you to the extent of your basis in your investment. However, you must reduce your basis by the amount of the Losses component. If the Losses component of the distribution exceeds your tax basis in your investment, then the excess is includable in your income as capital gain. Any such capital gain is long-term capital gain unless you disposed of your investment before holding it for longer than one year. If you do not have reasonable access to records indicating the tax basis of your investment, then you may assume that your tax basis is zero and that the entire Losses component of the distribution is includable in your income as capital gain. The QSF is not required to – and will not – issue a Form 1099 to you with respect to the Losses component of the distribution.

Interest Component. The interest component – which comprises 25.14% of the distribution to you– constitutes taxable interest income to you; however, you will only receive a Form 1099-INT if the distribution contains $600 or more of such interest. Under certain circumstances, the interest component may have been subject to 24% backup withholding (as well as state withholding, as applicable). To the extent that the interest component is subject to such withholding, it will be reflected on the Form 1099-INT that will be issued to you (as well as any related state forms, as applicable). If you are, or are presumed to be, a nonresident alien of the U.S. (“NRA”), or a payee subject to withholding under the Foreign Account Tax Compliance Act (“FATCA”), you may receive Form 1042-S with respect to the interest component of the distribution. The interest component may also have been subject to 30% NRA withholding or 30% FATCA withholding under certain circumstances, which has been remitted to the IRS on your behalf (if applicable). To the extent the interest component is subject to such withholding, it will be reflected on the Form 1042-S that will be issued to you in the first quarter of the year subsequent to the year you receive a distribution payment.

IRA, QRP, or Other Tax Deferred Vehicle. If you held your investment(s) in an individual retirement account (“IRA”), qualified retirement plan (“QRP”), or other tax deferred vehicle, the wire has, or should have, been directed to the trustee or custodian of your IRA or QRP. If you have mistakenly directed this payment to an account that is not an IRA or QRP, please contact the IRA/QRP custodian. Caution: If the wire is sent to any account other than an account eligible to receive it, it may be subject to income tax and a 10% penalty.

Please note that the Commission, the Fund Administrator, and the Tax Administrator cannot provide tax advice to Payees. The information contained herein is being provided for informational purposes only to assist you in determining the United States (“U.S.”) federal income tax consequences of the Distribution Payment if you are a citizen or resident of the U.S. The tax consequences of the Distribution Payment may vary depending on your individual circumstances. Except as provided above, the information provided herein may not be applicable if you are a nonresident alien of the U.S. or a FATCA-subject payee and it does not address the alternative minimum tax provisions of federal tax law, state, local and non-U.S. tax rules, or the effect of possible changes in laws. THE INFORMATION CONTAINED HEREIN IS NOT AND SHOULD NOT BE RELIED UPON AS TAX ADVICE. CONSULT YOUR TAX ADVISOR WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF THE DISTRIBUTION PAYMENT TO YOU.

When exactly did you receive that email? Because I received mine before the weekend already, and I'm wondering if that email is actually sent when the payment is initiated or if we all received it at the same time.
Btw, mine was in spam folder, again.

I received it at 11.01 on Saturday and the money was deposited into my bank account at 13.01 but it is still pending at the bank.

this is the answer I received
"Hello,

 

If you have not received the payment by January 28, 2025, as explained in the Distribution Notice, please respond to this email with your claim number & current payment instructions and we will re-attempt payment if necessary.

 

Kind regards,

 

KCC Class Action Services LLC

Fund Administrator"   

Email(yes arrived on spam) and funds came on same day 10.01.2025

Some two hours ago, I had the idea to write to my bank and tell them about the incoming transfer from across the lake, adding the link to sec.gov articles + the KCC website, so they see it's "something official". And just now, I checked my bank account and boom, it's there. Paid ~1.0285 USD → EUR conversion rate, which I guess is okay. So that's it, waiting is over and the fund did its thing, proving that sometimes, you can find real treasures in the junk (folder of your email account). Cool.

Lol, which bank?

DKB, Deutsche Kreditbank. Back in the days, there were stories about them randomly closing accounts interfering with bank accounts tied to cryptocurrencies, and since I have my main bank account with them where my salary et al goes, I sometimes tend to be proactive in such matters, even though I really hate that since it's none of their business really, and it feels a bit like anticiipatory obedience on my end. But what I hate even more is having a randomly closed bank account and dealing with the inevitable aftermath when the payments to those who managed to secured a slice of my monthly pie don't go through, anymore. As we say here in .de, "Einen Tod muss man sterben" ("pick your poison"). ;D

tl;dr: DKB.

Hey guys, thanks for making this thread -- it kept me sane while awaiting the funds. I got a check for $21.5k + about $5k in interest, took about 10 days to process at JP Morgan's establishment. I was heavily addicted to Poloniex back in the day, and turned 1 BTC into 40 BTC in about 1 years time trading big movers like XRP and BCH. After Poloniex shut down and the bear market of 2018, I have been in a debt spiral that this blessing has finally helped me see my way out of. Cheers to the good times and memories Polo.

My two friends still did not get payment. Both accounts are from Turkey and both uses ISBANK (local Turkish bank).
Anyone from Turkey especially using ISBANK please, can you give information about your status?

SWIFT transactions are a bit tricky and may get stuck.  It happened to me too.  KCC claimed that my bank refused to accept USD - I contacted the bank and it said they would accept it but it never came to them.

Later, KCC asked for updated instructions, with a remark it may take weeks till they resend it.  I asked about it again today and the answer was still: "We do not yet have a specific date to reattempt payments. We will let you know."

I imagine it could be similar for others that did not receive it.

When do they plan to  reattempt payment ? any news?

Unfortunately, they are quite slow.  This is what they replied to me a few days ago: 
"We are doing a wire reissue as a batch group payment and need to wait for others to cure their instructions.  We anticipate doing another reissue in the next 6-8 weeks."

They should be resending the payments right now.  Lets hope it will get through for all those that got stuck previously.

Payment received for me,
Any way to know exactly how much of it due to loss and how much is interest?

That should have been specified in the "Notice of Distribution" email, which I received in January.  Interest comprised around 25% in my case. 

If you are still in doubt about the exact numbers and you need it eg. for tax purposes, then you should contact KCC directly.  They always replied quickly to me over email.

Actually, just by quickly searching the "interest" term in this thread, I believe it was 25.14% for everyone, not just for me.

That was really helpful, thank you very much :)