BTC-e account speculation thread

[figmentofmyass]

the latest update (see bottom of post) suggests that btc-e will attempt to make partial repayments, including a bitfinex-style token scheme, transferring assets to a new company that will launch a new brand.

the details are not completely clear to me. i'm waiting for my russian friend to confirm that this is the case: 55% repayment across all coins for user fiat balances. 45% repayment in BTE tokens for user fiat balances. 55% repayment of original coin balances. 45% repayment in BTE tokens for socialized/lost user coin balances.

you can see the terms in the update. i am also waiting for my confirmation that this translation is correct: "The investment company works in compliance with KYC, AML and the licenses required for this activity, so all users will need to undergo verification."

if this is the case, i believe there will be a market for btc-e accounts, which prices in the prospects for repayment via the BTE token (or the market pumping it) and the demand to sell accounts rather than comply with identity verification.

i have an interest in this: my account is unverified and held a low 5-figure USD balance. i created the account in august 2016 after recovering my bitfinex trading funds. it was just used for long term swing trading and generally holding USD. i would like to see the market demand for btc-e accounts, to gauge whether it is appropriate to send my documents and recover what i can, or to sell the account and take a larger loss, giving me the ability to move on quickly and without sending my documents. many people were willing to verify ID with btc-e, but i don't love the idea, especially now, even though my money is chump change that is clearly just from trading BTCUSD.

update below:

Update5! Important! 08/09/2017

Exit from the current situation with the arrested Fiat:

1. Last 14 days we were engaged in struggle for your means, it was possible to gain control over 55% of funds (depends on the course), the remaining 45% are arrested funds, the most part in fiat. As the arrest is withdrawn from the accounts, the amount will decrease.

2. What is the way out of the current situation we see:
2.1. Work under the current BTC-e brand is not possible due to unresolved issues from the Office of Financial Crimes of the US Treasury.
2.2. At the moment, we are negotiating with a group of investors (an investment company), about buying and prompt launch of the service and repaying debts to customers. Further, the process of repayment of debt obligations will be described in more detail.
2.3. After we transfer all balance sheets of the investment company, we will recalculate the balance sheets.
2.4. The conversion procedure, taking into account the available 55% of funds:
2.4.1. All liabilities for fiat (USD, EUR, RUR) will be transferred to BTE tokens (1 BTE is 1 USD) at the exchange rate on the date of conversion. Probably, for more operative closing of promissory notes, ICO will be held on BTE tokens.
2.4.2. If you have on the balance the amount in koin, then you will be written off 45% of the balance of coins and credited with 45% of BTE (1 BTE is 1 USD). At the exchange rate on the day of conversion.
2.4.3. 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.
2.4.4. Upon all recalculations, all users will have the opportunity to withdraw 55% of their funds from the system.
2.5. The investment company works in compliance with KYC, AML and the licenses required for this activity, so all users will need to undergo verification.
2.6. Tentative start dates end of August.

3. All debt obligations will be closed primarily from operating income from the investment company's commission, as well as from the funds we plan to sue from those who illegally arrested them.

The closing of the debt will be based on the principle of buying BTE tokens from the market.

The next update will provide more details on the procedure for accessing information on your balance sheet and when these funds can be withdrawn.

From the BTC-e team we officially inform that all the funds that were in the reserve fund (including all our income) were transferred to pay off the debts.

P.S. A warning! The cases of posting fake links on allegedly our new domain have become more frequent. All official information about our service is placed only in our twitter and from our official account on the forum.

Sincerely, BTC-e team

so, what is a btc-e account worth? more precisely, what is a btc-e account in full USD worth? what is a btc-e account in full BTC worth?

speculate!

[Lionel]

Value is 0

How can you prove you have 5 figures there?

The same applies to everybody

[illinest]

Value is 0

How can you prove you have 5 figures there?

The same applies to everybody

Well, if the site relaunches (or balances are transferred to a "new" re-branded exchange), accounts can be logged into and thus escrowed. The balances can be verified by the escrow, who can transmit login credentials to the buyer.

[Kabul]

well, I just hope that all investors will get back their money. I trust BTC-e. They will soon give the announcement about paying back the money to traders and investors. BTC-e is one of the biggest exchange on the internet. Although there are many accusation about illegal activities from the FBI, Many people still love BTC-e

[senyorito123]

well, I just hope that all investors will get back their money. I trust BTC-e. They will soon give the announcement about paying back the money to traders and investors. BTC-e is one of the biggest exchange on the internet. Although there are many accusation about illegal activities from the FBI, Many people still love BTC-e

How can they pay back their investor if the people behind the btc-e is been seized by the authority and it is very clear on some documents that they are frauds, So just think that btc-e investors will got the same faith of mtgox investors. But hopefully their would had little hole of hope that btc-e management would release some funds to give to their clients.

[shrodix]

Luckily only 1300 €

[Lionel]

Value is 0

How can you prove you have 5 figures there?

The same applies to everybody

Well, if the site relaunches (or balances are transferred to a "new" re-branded exchange), accounts can be logged into and thus escrowed. The balances can be verified by the escrow, who can transmit login credentials to the buyer.

Oh... could work if the escrow is not going to rob you.

People who just have crypto and no FIAT may better send just a fake ID and withdraw themselves

[HeRetiK]

Interesting thread. I completely forgot about the possibility of a BTC-e account market emerging, but it looks like that's going to happen one way or another.

Once the first withdrawals have been confirmed my guess would 70-80% of the 55% that can be withdrawn instantly + maybe 20% for the BTE tokens. Which would put BTC-e accounts at 47.5% - 53.0% of their original paper value. Of course the main assessments a prospect buyer would need to make is a) What are the legal risks of taking funds from a possibly illegal source and b) What are the chances of BTC-e being able to fullfill the remaining 45% within the foreseeable future.

Either way, good luck everyone. I was lucky enough to withdraw what little I had kept on BTC-e a couple of months ago.

[Lionel]

Interesting thread. I completely forgot about the possibility of a BTC-e account market emerging, but it looks like that's going to happen one way or another.

Once the first withdrawals have been confirmed my guess would 70-80% of the 55% that can be withdrawn instantly + maybe 20% for the BTE tokens. Which would put BTC-e accounts at 47.5% - 53.0% of their original paper value. Of course the main assessments a prospect buyer would need to make is a) What are the legal risks of taking funds from a possibly illegal source and b) What are the chances of BTC-e being able to fullfill the remaining 45% within the foreseeable future.

Either way, good luck everyone. I was lucky enough to withdraw what little I had kept on BTC-e a couple of months ago.

You forgot ...

c) What are the chances that the actual balances in the account you bought are what you expect?
I sell you my account loaded with 3BTC , for just 0.5 BTC, a great deal uh? ... but when you login you realize that balance is 0

[HeRetiK]

Interesting thread. I completely forgot about the possibility of a BTC-e account market emerging, but it looks like that's going to happen one way or another.

Once the first withdrawals have been confirmed my guess would 70-80% of the 55% that can be withdrawn instantly + maybe 20% for the BTE tokens. Which would put BTC-e accounts at 47.5% - 53.0% of their original paper value. Of course the main assessments a prospect buyer would need to make is a) What are the legal risks of taking funds from a possibly illegal source and b) What are the chances of BTC-e being able to fullfill the remaining 45% within the foreseeable future.

Either way, good luck everyone. I was lucky enough to withdraw what little I had kept on BTC-e a couple of months ago.

You forgot ...

c) What are the chances that the actual balances in the account you bought are what you expect?
I sell you my account loaded with 3BTC , for just 0.5 BTC, a great deal uh? ... but when you login you realize that balance is 0

I didn't forget, it would just never occur to be me to blindly trust anyone to tell the truth about their BTC-e balance. Especially someone anonymous that's trying their best to keep it that way.

The above is under the assumption that there is a trustworthy escrow / arbiter in place to make sure that everything is in order. Of course this brings a risk of its own, however I assume that a reputable escrow can be trusted as long as the amount in question doesn't make it worth losing your reputation over. What maximum amount you'd trust an escrow with is of course another matter. It follows that the higher the worth of the BTC-e account, the higher the risk of your escrow running away, the lower the percentage of the paper value you should be willing to pay.

So yeah, in the end your following conclusion is probably correct:

People who just have crypto and no FIAT may better send just a fake ID and withdraw themselves

[squatter]

Value is 0

How can you prove you have 5 figures there?

The same applies to everybody

Well, if the site relaunches (or balances are transferred to a "new" re-branded exchange), accounts can be logged into and thus escrowed. The balances can be verified by the escrow, who can transmit login credentials to the buyer.

Oh... could work if the escrow is not going to rob you.

People who just have crypto and no FIAT may better send just a fake ID and withdraw themselves

Escrows from this forum handle 5-10 BTC in the normal course of business, and often much more. I suppose people could look into fake IDs, but no one knows yet what the verification requirements are. Personally, I wouldn't know where to begin trying to get fake docs.

Also, losses are being socialized, so both crypto and fiat holders should have crypto in their accounts upon relaunch, based on their announcement.

[pinkflower]

First prove how Bitfinex has repaid every last one of its debts in their token scheme. The repayment finished so fast that its doubtful they did it without taking a loan from an outside source.

It might not be the token system that helped them repay their clients but that loan may have.

Anyhow, we dont know the whole story. If someone would be nice to tell us. That would be welcome. Ty.

[figmentofmyass]

First prove how Bitfinex has repaid every last one of its debts in their token scheme. The repayment finished so fast that its doubtful they did it without taking a loan from an outside source.

well, they had that whole investment scheme where customers could become minority shareholders in the parent company. so you had some demand (and lack of sell pressure) from people who wanted to buy into the exchange. that is true stockholm syndrome right there.

i've always speculated that the repayment may also have been carried out by inflating the USDT supply. printing money, so to speak. if you look at the outstanding USDT on the blockchain, it grew significantly. now that could have been anyone withdrawing USDT from bitfinex (maybe to poloniex or bittrex). but since tether (bitfinex) can't move any fiat money to customers anymore, no one can tell. they could just as easily be inflating the supply and allowing people to withdraw it.

[jackhdt]

this is a very good news for investors. It is also a joy for me. but only 55% but more is to lose everything. I will withdraw it and go through other exchanges

[romani245]

this is a very good news for investors. It is also a joy for me. but only 55% but more is to lose everything. I will withdraw it and go through other exchanges

I'm confused about how it will work, though. There is mention of KYC; do they mean tiered verification like Poloniex or Bittrex? Or do they mean sending passport and utility bill (or maybe DNA sample)? I wouldn't want to send them anything like that, even just as a regular trader with nothing to hide.

[desert_beagle]

Hey guys.

So I've been inactive on BTC-E for like 2 months or so and I just learned it's been shut down by FBI?  WTF?  I had 0.46BTC there ($2k).  So are they going to refund us our bitcoins?  I earned them fair and square (started from 2013).  I'm considering going to FBI office or call them/email them.  What should I do?
 

[figmentofmyass]

Hey guys.

So I've been inactive on BTC-E for like 2 months or so and I just learned it's been shut down by FBI?  WTF?  I had 0.46BTC there ($2k).  So are they going to refund us our bitcoins?  I earned them fair and square (started from 2013).  I'm considering going to FBI office or call them/email them.  What should I do?
 

at this point, there is nothing to do but wait and hope. since the DOJ basically called its customers criminals and said the exchange itself is a criminal enterprise, it's very unlikely there will be a claims process for customers to try to recover funds from the US government.

there is a small chance that btc-e will relaunch and/or make partial refunds, based on the funds (mostly crypto) they still have access to. you can keep up with their updates by following their bitcointalk or twitter accounts: https://bitcointalk.org/index.php?action=profile;u=33012

[richardsNY]

I too believe that there is still some light at the end of the tunnel. I however don't see any point into them trying to relaunch in whatever form or shape, where they now suddenly force people to verify themselves -- this doesn't make any sense to me. I add more value to them just setting up a temporary site where people can log into, and then can start withdrawing whatever they are being offered to withdraw (obviously hinting at the crypto btc-e still has access to). No one with a functioning set of brains will ever return to such an exchange.

[figmentofmyass]

I too believe that there is still some light at the end of the tunnel. I however don't see any point into them trying to relaunch in whatever form or shape, where they now suddenly force people to verify themselves -- this doesn't make any sense to me.

indeed. while the argument can be made that enforcing verification could help reduce their obligations, big fish and darknet people will just get fake documents. i'm hoping they are talking about tiered KYC, like most altcoin exchanges, where you can still withdraw at least some minimal amounts with very minimal info (name, address).

I add more value to them just setting up a temporary site where people can log into, and then can start withdrawing whatever they are being offered to withdraw (obviously hinting at the crypto btc-e still has access to). No one with a functioning set of brains will ever return to such an exchange.

surprisingly, i've come across a bunch of people (mostly in eastern europe and former CIS countries) that said they would continue trading there.

[Baofeng]

I still view this on a positive note. And I think once BTC-e recovered and repay this customers through tokens, they will come back again and people will still trust them. The question is do they have the capability to pay back their customers? I would say no, but they are making a headway and it should be a welcoming news. I think they should look at how bitfinex turn everything around, from being hack and in a matter of few months, was able to pay back by issuing tokens then buying it back.