Just to confirm that this is not an unusual event I used Litetree for a couple of months, trading and in time amassing $575 and 0.3BTC. During this time they happily serviced my account and responded promptly to my enquiries. When it came time to withdraw my funds I spent a week waiting for emails that never came specifying what a non-US citizen should do for account verification. In the end I negotiated this process only to receive the following email:
Dear Sir or Madam:
Due to the fact that banks have frozen some of our customers funds we are unable to payout everyone in full.
Rest assured Litetree will continue to offer a trading platform to our customers and we are even working on adding more coins to the site.
At this time there are 2 options:
1. Wait till the business support for withdrawals is fully restored, we expect this to take several weeks.
2. Take an immediate partial settlement in Litecoins. Currently we are paying 80% of your coin balance and one Litecoin for every $25 of your USD balance.
Please reply to
settlement@litetree.com if you select the immediate payout option so we can send you the legal settlement document.
So 80% of my original deposit in LTC values at almost double market price. I will be lucky to get half my original deposit. Not a word of this on thier site anywhere and in fact onb Twitter and other media they boast of their expansion. It seems they would rather being in new money (to be repaid at Settlement rates) rather than provide the services they advertise for their existing customer.
You can decide for yourselves of course but my advise is that if you want a service that works, do NOT use Litetree. Spread the word, I don't know if Litetree is a scam or not but what seems extremely likely is that if you deposit their your funds will not be returned in their original amount (less fees) or possibly at all.
