BTC-e hacked ??

[illinest]

Update from 01.09.2017

01.09.17 21:17 from admin
According to the announced plan, old personal accounts were opened to check the balance and make modifications to the security settings.

The launch date of the new site , which will operate in the legal field of AML, KYC , the necessary licenses with biddings (web, api) and the possibility of input and output (Fiat, Coins, Codes), is planned by September 15, 2017.

Tomorrow, on September 2, 2017, it will be possible to withdraw 55% of the funds from the account in koins on the condition that our debt obligations are abandoned to the remaining 45% of funds in the form of tokens.

More details about the conditions, the principle of calculation and the form of output will be available tomorrow.

What will happen to the funds ramaining in the accounts of those users, who decide to stay and wait for the the new site launch?

1. Your profile will be automatically transfered with all the security settings (password, 2fa, IP white list)
2. All your funds will be transferred to a new site.
3. On the day the site is launched, the balance will be recalculated at the market rate and will be credited to accounts with a higher ratio than 55/45.
4. Tokens will be credited to your account balance, which you can use for bidding and releasing codes.

Is this the new update that BTC-e just posted here on their Twitter a few minutes ago?
https://twitter.com/btcecom/status/903714691465150464
https://btc-e.nz/news/3

Can't read the update while I'm at work, no VPN installed. Can anyone confirm if this is new and if so, what it says?

[1714161377]

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[1714161377]

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[1714161377]

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[fsb4000]

Update from 01.09.2017

01.09.17 21:17 from admin
According to the announced plan, old personal accounts were opened to check the balance and make modifications to the security settings.

The launch date of the new site , which will operate in the legal field of AML, KYC , the necessary licenses with biddings (web, api) and the possibility of input and output (Fiat, Coins, Codes), is planned by September 15, 2017.

Tomorrow, on September 2, 2017, it will be possible to withdraw 55% of the funds from the account in koins on the condition that our debt obligations are abandoned to the remaining 45% of funds in the form of tokens.

More details about the conditions, the principle of calculation and the form of output will be available tomorrow.

What will happen to the funds ramaining in the accounts of those users, who decide to stay and wait for the the new site launch?

1. Your profile will be automatically transfered with all the security settings (password, 2fa, IP white list)
2. All your funds will be transferred to a new site.
3. On the day the site is launched, the balance will be recalculated at the market rate and will be credited to accounts with a higher ratio than 55/45.
4. Tokens will be credited to your account balance, which you can use for bidding and releasing codes.

Is this the new update that BTC-e just posted here on their Twitter a few minutes ago?
https://twitter.com/btcecom/status/903714691465150464
https://btc-e.nz/news/3

Can't read the update while I'm at work, no VPN installed. Can anyone confirm if this is new and if so, what is says?

Yes.

[OMlite]

I also think that it is a little more complex than that.

Meaning, if you withdraw tomorrow... all your balances, fiat included, will be converted to coins and you will be able to get 55%.
Losing the 45%.
Everything will be converted at tomorrow rates. Meaning if you are all in fiat...
it will be a mess, considering the uptrend you will have sold low and bought high. Really really high.
if you wait 15 September... who knows.
They will tell us tomorrow.



Also unconfirmed pastebin:
https://pastebin.com/raw/WsEEYK60

Dear folks,
 
You get to choose between two options.
Option 1:
 
September 2
 
Your entire portfolio at btc-e represents 100%. If you want to withdraw tommorow, 55% of your portfolio will be converted into 'koins'. I do not know what the value is per koin, maybe 1 USD. Just like BTE. The other 45% is lost and will never come back. The 55% converted koins can be traded for other coins on the market at market value as of tommorow.
 
Option 2:
 
September 15
 
Your entire portfolio at btc-e represents 100%. If you want to withdraw at this day, you will get 55% of your FIAT converted into BTC, LTC and ETH different top-market coins. Or if you had coins, you will keep 55% of the coins you had (example, you have 1 btc, you get 0.55 btc)
 
The other 45% will be converted into ?koins? or most likely BTE tokens, which are 1 USD each when the exchange starts. Keep in mind that probably, every unexperienced cryptotrader will sell all of his BTE tokens so that the price of the average BTE token will crash drastically. Good for the more experienced cryptotraders.
 
Hope this helps.
floppyh4x

[larkinvain]

I like that there are options to get out while the getting is good. 15 days is a long time and for those in the US this might be the only chance to get at least some part of their holdings.

I like there's an option but I'm not sure what option I would take right now.

1. Get it all tomorrow and lose 45%
2. Wait till the 15th and possibly not be able to verify and loose everything. Or something happens between now and then which gets them shut down again.

I think the safest choice for those in the US is to take it out 55% tomorrow and be done with it. The hard part is loosing almost half of your coins.... decisions... decisions...

[OMlite]

I like that there are options to get out while the getting is good. 15 days is a long time and for those in the US this might be the only chance to get at least some part of their holdings.

I like there's an option but I'm not sure what option I would take right now.

1. Get it all tomorrow and lose 45%
2. Wait till the 15th and possibly not be able to verify and loose everything. Or something happens between now and then which gets them shut down again.

I think the safest choice for those in the US is to take it out 55% tomorrow and be done with it. The hard part is loosing almost half of your coins.... decisions... decisions...

Yep, US users should (must!) take the tomorrow deal.
99.9% chance that the new site will block US residents... and even if you can use a vpn, you cannot pass the verification.

[erk]

I also think that it is a little more complex than that.

Meaning, if you withdraw tomorrow... all your balances, fiat included, will be converted to coins and you will be able to get 55%.
Losing the 45%.
Everything will be converted at tomorrow rates. Meaning if you are all in fiat...
it will be a mess, considering the uptrend you will have sold low and bought high. Really really high.
if you wait 15 September... who knows.
They will tell us tomorrow.

A lot of people will probably take a 45% hit if they were mainly in BTC on the exchange July 25th., the reasoning being that BTC has risen by that much since then so they will not be out of pocket in fiat terms. eg. if someone borrowed $10,000 back in early July and bought  4 x BTC at $2,500 it's now at $4,800 so they can sell the 4 BTC now taking a 45% hit for a total of 4 * $4,800 * 0 .55 = $10,560 and pay off what they borrowed.  For other coins it may not be as attractive to take the 45% hit by cashing out early, especially if there is no pressure from borrowing, you have to work it out case by case.

[aaron25177]

Losing 45% sucks, but so does waiting for new exchange and possibly losing 100% if there is not an unverified withdrawal option of any sort for US customers.    What a dilemma

[aaron25177]

The update also said trading would be possible without verification. Unless I read it wrong?  So you could trade but not withdrawal unless you are verified on the new platform?

[illinest]

The update also said trading would be possible without verification. Unless I read it wrong?  So you could trade but not withdrawal unless you are verified on the new platform?

Yes, this is still very confusing. I really hope this is all clarified by tomorrow. They said you can trade without verification. They also said originally that there are 2 verification tiers (one totally unverified, and one verified with ID/passport). The latter point made me believe that US residents (at least those with small accounts) could withdraw unverified.

But their wording of the last update around AML/KYC makes me scared that we (US residents) shouldn't wait around to find out.

[erk]

The update also said trading would be possible without verification. Unless I read it wrong?  So you could trade but not withdrawal unless you are verified on the new platform?

Yes, this is still very confusing. I really hope this is all clarified by tomorrow. They said you can trade without verification. They also said originally that there are 2 verification tiers (one totally unverified, and one verified with ID/passport). The latter point made me believe that US residents (at least those with small accounts) could withdraw unverified.

But their wording of the last update around AML/KYC makes me scared that we (US residents) shouldn't wait around to find out.

These are the hoops you have to go through when trade in countries where the governments are full of ex banksters.

[omarabid]

I read it if you withdraw the 55%, you accept the 45% as tokens (not you lose it).

[erk]

I read it if you withdraw the 55%, you accept the 45% as tokens (not you lose it).

Depends on when you withdraw.

Tomorrow, on September 2, 2017, it will be possible to withdraw 55% of the funds from the account in koins on the condition that our debt obligations are abandoned to the remaining 45% of funds in the form of tokens.

So if you cash out 55% tomorrow, BTC-e are not obliged to give you tokens for the remaining 45%, so you take a 45% hit.
Look at it as the "withdrawal fee from hell" for those that are impatient.

[manchester93]

I read it if you withdraw the 55%, you accept the 45% as tokens (not you lose it).

Depends on when you withdraw.

Tomorrow, on September 2, 2017, it will be possible to withdraw 55% of the funds from the account in koins on the condition that our debt obligations are abandoned to the remaining 45% of funds in the form of tokens.

So if you cash out 55% tomorrow, BTC-e are not obliged to give you tokens for the remaining 45%, so you take a 45% hit.
Look at it as the "withdrawal fee from hell" for those that are impatient.

BTC-e is probably smart to do it this way. It is expected that there will be an exodus. The users that would immediately leave upon relaunch would crash all the markets trying to get BTC out otherwise. Now they can separate exiting users (including most US users), and give them less back. And they will give their "loyal" customers more back, showing goodwill and encouraging them to stay on the new platform. This should bring some stability to their markets upon relaunch.

[aaron25177]

I'd continue to be a loyal customer, as i have been since 2012, but they aren't really giving US residents the option.

[btcboi]

I'm an Australian, currently living in Japan. I've had no issues connecting to btc-e.nz, receiving emails and checking my balance. All is going smoothly seeing as I'm outside the US obviously.

I have 7000USD in fiat and 550LTC.

Could I get some opinions on the choice between cashing out tomorrow and waiting til Sept 15th? I'm guessing the latter is mostly a risky move for US citizens but could anyone else weigh in given my holdings situation, and the risk of anything else going wrong between now and that date?

This is obviously not a small sum of money so I need to calculate the risk very carefully.

Thanks.

[Electrolytez]

FeelsBadMan for those who are US Citizen and other countries that are IP banned. Either we take the %55 and lose %45 tomorrow (no verification required I think) or take the chance on the fully relaunch to get the %45 tokens but chances are that maybe the requirement for verification can affect the withdrawal and end up losing everything.

Hopefully BTC-E can give more detail about it later.

Yes I heard there will be different tiers for accountants. Unverified can trade and take out certain amount daily. Only issue will be if they decided to step up there game on banning Geo location IPs 

[aaron25177]

If geolocation bans we're worst case, I'd be fine with that and try to continue to use the service.  But I'm afraid there will be more than that with the new exchange.  The fact it says you can trade without being verified gives a little hope though.

[romani245]

If geolocation bans we're worst case, I'd be fine with that and try to continue to use the service.  But I'm afraid there will be more than that with the new exchange.  The fact it says you can trade without being verified gives a little hope though.

That's the problem, though. We would have to operate on hope. Personally, I'd prefer to continue using the service (after withdrawing most assets) and waiting on token redemption while trading the tokens.

I was happy to see that bit about no verification to trade also, but they are dangling this vague threat of KYC while already banning US residents. I think if they give us the option, we need to cut and run. It almost feels like this is the *wink wink nod nod* to US peoples to GTFO without verification while you can.

[aaron25177]

Hopefully tomorrow update will have some better info that might sway the decision.  I was in ltc,  losing 45% is definitely going to hurt, especially with ltc prices going up the way they have the past few days.  I guess one way to look at it is the monetary value is about the same as when exchange was taken down.

[aaron25177]

What if you only withdrew 25-40% tomorrow and left the remainder, would it be converted to the new exchange?  Or is an all or nothing 55%?  Anyone seen more details in the Russian threads?