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Author Topic: BTC-e hacked ??  (Read 198563 times)
BTC_Roe
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August 09, 2017, 02:56:00 PM
 #1601

Can someone explain to me the whole BTE thing like I am 5 years old? So when I receive my 45% worth of BTE tokens can I trade them for BTC or ETH or fiat? Now I assume when people get their tokens the BTE price will crash to like .20c so essentially we will only get like 60-70% back if we sold our BTE tokens right away? By holding BTE tokens will you almost guarantee you will reclaim your 45% losses? But at the same time if you sell BTE for BTC for 20cents on the dollar right away, and btc matures considerably wouldn't you be better off in the long run?

I'm trying to make sense of everything as I had 22btc on btc-e and am really nervous about the BTE and how to handle the situation to get 100% back, but also100% back into BTC.

I am a newbie when it comes to this stuff and need some guidance how the whole token scheme works.

I think you understand it correctly. But;

  • It is uncertain what pairs there will be to trade on and i doubt FIAT will come back.
  • There is no guarantee that you will get 100% off your money back with the tokens.
  • There is third option, say it is indeed 20 cents/dollar than you could buy those tokens and sell them if they are higher in price.


to give you an idea, the Bitfinex token price (same kind of deal)
https://coinmarketcap.com/assets/bfx/#charts
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Admired
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August 09, 2017, 03:04:52 PM
 #1602

Can someone explain to me the whole BTE thing like I am 5 years old? So when I receive my 45% worth of BTE tokens can I trade them for BTC or ETH or fiat? Now I assume when people get their tokens the BTE price will crash to like .20c so essentially we will only get like 60-70% back if we sold our BTE tokens right away? By holding BTE tokens will you almost guarantee you will reclaim your 45% losses? But at the same time if you sell BTE for BTC for 20cents on the dollar right away, and btc matures considerably wouldn't you be better off in the long run?

I'm trying to make sense of everything as I had 22btc on btc-e and am really nervous about the BTE and how to handle the situation to get 100% back, but also100% back into BTC.

I am a newbie when it comes to this stuff and need some guidance how the whole token scheme works.

I think you understand it correctly. But;

  • It is uncertain what pairs there will be to trade on and i doubt FIAT will come back.
  • There is no guarantee that you will get 100% off your money back with the tokens.
  • There is third option, say it is indeed 20 cents/dollar than you could buy those tokens and sell them if they are higher in price.


to give you an idea, the Bitfinex token price (same kind of deal)
https://coinmarketcap.com/assets/bfx/#charts


So the BTE token will be issued at 45% of the total value of said coin at the end of August and the BTE will be equivalent to 1USD? How was it that the Bitfinex BFX coin almost reached $1? After the initial selling off of the tokens how and why does the price begin to stabilize on the tokens?

So the way I read this statement

"If you have a balance in BTE, then you will be credited with 45% in koin (the amount will be divided into 7 different coins equally BTC, LTC, NMC, NVC, PPC, ETH, DSH) and write off the amount of 45% in BTE"

does this mean that given x amount of BTE issued at the start of the new exchange, if I were to "sell" say all my BTE tokens (Which would be a lot considering 45% of my original 22 btc) , I would be awarded 7 different coins? It seems like you are bound to lose a substantial amount regardless what route you take.
BTC_Roe
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August 09, 2017, 03:23:27 PM
 #1603


So the BTE token will be issued at 45% of the total value of said coin at the end of August and the BTE will be equivalent to 1USD? How was it that the Bitfinex BFX coin almost reached $1? After the initial selling off of the tokens how and why does the price begin to stabilize on the tokens?

BitFinex bought back the tokens, but primarily it was about trust that people started paying higher amounts of money for the tokens.



"If you have a balance in BTE, then you will be credited with 45% in koin (the amount will be divided into 7 different coins equally BTC, LTC, NMC, NVC, PPC, ETH, DSH) and write off the amount of 45% in BTE"

does this mean that given x amount of BTE issued at the start of the new exchange, if I were to "sell" say all my BTE tokens (Which would be a lot considering 45% of my original 22 btc) , I would be awarded 7 different coins? It seems like you are bound to lose a substantial amount regardless what route you take.
This is kind of vague indeed, my interpretation is that this is for all people in Fiat and not for the the people that had coins, that would give Fiat people he opportunity to withdraw, they couldn't if they were 100% in BTE.
(but i could be wrong about that.)
TheKoziTwo
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August 09, 2017, 03:27:13 PM
 #1604

You will be getting 55% of the coins, it states they take 45% OFF not that you get 45%. That is also in line with the comment that they recouped 55%

Open questions for the 55% are for me still:

What day did they take for the rate calculation? e.g. today you can see in the ETH wallet 50 million USD more than 2 weeks ago.
Is Bitcoin Cash indeed incorporated in this calculation.

What seems odd to me is the following. we know there was a fine of roughly 110 Million, say that is frozen/payed for completely. That should then be the total loss and equal the 45%. if the losses are 45% that means they 110/45%*100%= 244Million USD should be the total amount that BTC-e had before the seize.
No. That's not how this works. That's not how any of this works. USSA don't just seize "the fine", they seize everything they can get their filthy hands on.

So...
a) they are counting with old rates (that would be positive for the end % because the 55% would go up)
b) Someone took/froze/stole a lot more than the 110 Million Fine.

Your thoughts?
Nobody has paid any fine. It's likely far more fiat was seized though. Which technically is paying, through I'm sure they will still be demanded for $100m despite already having had their funds seized. As in: first steal all their money, then demand another $100m.

TheKoziTwo
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August 09, 2017, 03:35:43 PM
 #1605

Also let's show some appreciation to the fact that USSA failed in their mission to seize all funds. The only reason we get 55% back is because USA agents failed.

If there has been any doubt let me remind you all that USA is the world's biggest treat to freedom and liberty.

E_1337
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August 09, 2017, 03:36:49 PM
 #1606

So if we lose money I assume we can still make a case against USR (R = for robbery)
E_1337
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August 09, 2017, 03:38:04 PM
 #1607

Also let's show some appreciation to the fact that USSA failed in their mission to seize all funds. The only reason we get 55% back is because USA agents failed.

If there has been any doubt let me remind you all that USA is the world's biggest treat to freedom and liberty.

They are for years now they are to afraid that the USD position which is weak will get overtaken by any foreign power
TheKoziTwo
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August 09, 2017, 03:49:56 PM
 #1608

So if we lose money I assume we can still make a case against USR (R = for robbery)
I would say so. However the thugs in USSA has what is called "civil asset forfeiture" where the burden of proof lies on the victim. What this means in practice is that you need to prove source of funds, that it is legal and accounted for. It's going to be tricky for many, given the nature of cryptocurrencies. Unless you have tracked every single transaction from A -> Z your "proofs" may not be enough.

It's likely you'll need to engage an expensive US lawyer as well, I kind of doubt they will open any sort of "claim" process. This is a very practical way to steal funds from low resource individuals or just unfortunate souls who's been enjoying the freedom of cryptocurrencies to not account for every step they make.

LLLTTTCCC
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August 09, 2017, 04:35:22 PM
 #1609

Hmmmm KYC, AML....

I didnt register my BTC-e acc under my real name. Nor the email address my BTC-e acc is based on. This means im now f***ed?
TheKoziTwo
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August 09, 2017, 05:08:27 PM
 #1610

Hmmmm KYC, AML....

I didnt register my BTC-e acc under my real name. Nor the email address my BTC-e acc is based on. This means im now f***ed?
Nobody had to enter name.

cryptomole
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August 09, 2017, 05:10:56 PM
 #1611

So if we lose money I assume we can still make a case against USR (R = for robbery)
I would say so. However the thugs in USSA has what is called "civil asset forfeiture" where the burden of proof lies on the victim. What this means in practice is that you need to prove source of funds, that it is legal and accounted for. It's going to be tricky for many, given the nature of cryptocurrencies. Unless you have tracked every single transaction from A -> Z your "proofs" may not be enough.

It's likely you'll need to engage an expensive US lawyer as well, I kind of doubt they will open any sort of "claim" process. This is a very practical way to steal funds from low resource individuals or just unfortunate souls who's been enjoying the freedom of cryptocurrencies to not account for every step they make.

I actually did register with btc-e under my real name & verified both btc-e & xbtce with kyc docs.
I can show a clear audit trail of funds to exchange.
What I cant show is my profits as I dont have access to my trade histories.
LLLTTTCCC
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August 09, 2017, 05:14:58 PM
 #1612

Hmmmm KYC, AML....

I didnt register my BTC-e acc under my real name. Nor the email address my BTC-e acc is based on. This means im now f***ed?
Nobody had to enter name.

Well for registration there was surname and name
cryptomole
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August 09, 2017, 05:24:57 PM
 #1613

I got verified and provided kyc as mostly coins were cheaper to buy on btc-e than elsewhere - so made sense from a funding perspective.
TheKoziTwo
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August 09, 2017, 05:31:39 PM
 #1614

Hmmmm KYC, AML....

I didnt register my BTC-e acc under my real name. Nor the email address my BTC-e acc is based on. This means im now f***ed?
Nobody had to enter name.

Well for registration there was surname and name
Well, I didn't have to enter name when I registered, but perhaps they changed it in the later years.

From 2012:


Here is a screenshot from June 2017:

donalddump
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August 09, 2017, 05:37:17 PM
 #1615

No fiat processor will work with them, they will not work under BTC-E brand meaning they do not intend to pay the 110 mil fine, their company is registered on a 20 yo person with a capital of 100 pounds.

Why do they need our documents? To open bank accounts on our names or another fictive companies for their scams?
cryptomole
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August 09, 2017, 05:46:47 PM
 #1616

No fiat processor will work with them, they will not work under BTC-E brand meaning they do not intend to pay the 110 mil fine, their company is registered on a 20 yo person with a capital of 100 pounds.

Why do they need our documents? To open bank accounts on our names or another fictive companies for their scams?


They need our documents to comply with kyc & aml legislation
bananax
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August 09, 2017, 05:50:16 PM
 #1617

No fiat processor will work with them, they will not work under BTC-E brand meaning they do not intend to pay the 110 mil fine, their company is registered on a 20 yo person with a capital of 100 pounds.

Why do they need our documents? To open bank accounts on our names or another fictive companies for their scams?

The solution for you is simple, don't participate and you don't have to worry.
donalddump
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August 09, 2017, 05:51:51 PM
 #1618

No fiat processor will work with them, they will not work under BTC-E brand meaning they do not intend to pay the 110 mil fine, their company is registered on a 20 yo person with a capital of 100 pounds.

Why do they need our documents? To open bank accounts on our names or another fictive companies for their scams?


They need our documents to comply with kyc & aml legislation

What legislation?

They will not work with fiat meaning they do not need kyc & aml.

They do not intend to pay the fine meaning they are doing another trick to escape the law.

They do not share any information about the real owners.

And after all this they want to comply kyc legislation?

It's very strange to say at least.
donalddump
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August 09, 2017, 06:06:55 PM
 #1619

No fiat processor will work with them, they will not work under BTC-E brand meaning they do not intend to pay the 110 mil fine, their company is registered on a 20 yo person with a capital of 100 pounds.

Why do they need our documents? To open bank accounts on our names or another fictive companies for their scams?

The solution for you is simple, don't participate and you don't have to worry.

No I don't have to participate.

I was naive once to put my coins on a shady exchange, I won't be naive twice to send my documents to some unknown company registered in panama or something like this with a capital of 100 pounds.

What I can do is contact a lawyer and I will only send them my documents if the court of law will decide I have to.
gnurta
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August 09, 2017, 06:27:11 PM
 #1620


No I don't have to participate.

I was naive once to put my coins on a shady exchange, I won't be naive twice to send my documents to some unknown company registered in panama or something like this with a capital of 100 pounds.

What I can do is contact a lawyer and I will only send them my documents if the court of law will decide I have to.

You can simply contact the US government. They have like 45% of btc-e's funds now. Just provide them with necessary documents and I'm sure you can receive back what is rightfully yours.
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