[2017-08-25]Bitcoin Exchange BTC-e Promises 'Daily' Updates During Relaunch Atte

[Siren]

Bitcoin Exchange BTC-e Promises 'Daily' Updates During Relaunch Attempt


Bitcoin exchange BTC-e is planning to release more updates about its recovery efforts weeks after a stunning crackdown by US authorities.

As previously reported by CoinDesk, BTC-e was the target of a law enforcement operation in late July, during which one of its alleged operators was arrested in Greece. US authorities later seized BTC-e's Web domain and unsealed a 21-count indictment, accusing Russian national Alexander Vinnik and BTC-e of facilitating the laundering of billions of dollars via bitcoin, along with a $110 million fine.

Yet days after the arrest, a forum account long associated with BTC-e posted a pledge to relaunch the exchange, promising to return funds to those who were held accounts at the time of the shutdown. BTC-e has since announced it plans to issue a debt token as part of that repayment effort.

Now, according to new update posted on Bitcoin Talk, BTC-e is in the process of "transferring digital resources to an investment company" that will support the planned exchange relaunch.

In a translated statement, BTC-e reiterated its promise that users "will be able to withdraw 55% of the funds" when the exchange is brought online. BTC-e indicated that it would move to publish more frequent updates after August 31, with the next update expected on August 30.

The account also answered a number of queries, perhaps most notably to one about the legal effort launched by US prosecutors.

"At the moment, we have not received official documents from the United States. All that is at the moment is an order," it stated.

https://www.coindesk.com/bitcoin-exchange-btc-e-promises-daily-updates-relaunch-attempt/

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[richardsNY]

I am getting more and more excited by their updates. As it is right now, I will be given back 0.55 BTC, and 0.45 BTC worth of tokens that I can sell at any point at the latest market price. Good thing is that we will get credited Bitcoin Cash as well -- it helps reducing our losses even further. Another important factor is that verification isn't mandatory at the first level. I am looking forward to more updates. I would wish they would also release their information in English instead of only in Russian. People have quite often complained about this, but so far they didn't listen at all.

[Kemarit]

Good to see that BTC-e has really putting a lot of effort of keeping tabs with the customers on what is going on specially with the funds. It gonna be a uphill battle against the Feds, but of course we are hoping that the funds could be return to those legit individual.

I also think that they should really emulate how Bitfinex was able to recover and return the funds by issuing a token and buying it back all, reimbursing all of their customers. Only difference is that it was hacked, and BTC-e was seized by an agency.

Customers now will not speculate but at least receive this as a welcoming news for every information they can get from BTC-E regarding their funds.

[InvoKing]

Bitfinex, btc-e, maybe other services could be shutdown later for stupid reasons or eventually after a hack... The owners should take a serious measures to protect their funds and the investors should keep their money out of the exchanges as much as possible.
For btc-e, i think it could fully recover after a little dump.

[1Referee]

It suddenly starts to look a whole lot brighter now I am going to *potentially* see at least some of my funds return back to my wallets. I am still conservative as I am a person that needs to see it become reality, before I start to believe any of this. I am actually a bit more happy when it comes to their verification process - it isn't required to verify yourself, but you'll obviously face some limitations, which at this point are still unknown. It was a very bitter pill to swallow at the time they went down with a decent amount of my funds, which I am still somewhat sad about. It isn't peanuts to see $10K in fiat and 5BTC vanish. In that regard, we must be happy that the cold wallet funds of BTC-E have been stored in a different place, because if the authorities had seized everything, we wouldn't be seeing anything back - that's a damn fact.

[SDRebel]

Thanks for the update OP. Not holding my breath, but there's a bit of hope

[CryptoBry]

I am getting more and more excited by their updates. As it is right now, I will be given back 0.55 BTC, and 0.45 BTC worth of tokens that I can sell at any point at the latest market price. Good thing is that we will get credited Bitcoin Cash as well -- it helps reducing our losses even further. Another important factor is that verification isn't mandatory at the first level. I am looking forward to more updates. I would wish they would also release their information in English instead of only in Russian. People have quite often complained about this, but so far they didn't listen at all.

I am happy to hear how resilient BTC-e has become in the face of its biggest challenge ever as a business. We should be supporting BTC-e as a way to put shame to what US authorities did to the site. I think they should be thinking of returning any digital currencies they forfeited to the rightful owners and not just pretend that they are gods not capable of committing any mistake.

[TravelMug]

I am getting more and more excited by their updates. As it is right now, I will be given back 0.55 BTC, and 0.45 BTC worth of tokens that I can sell at any point at the latest market price. Good thing is that we will get credited Bitcoin Cash as well -- it helps reducing our losses even further. Another important factor is that verification isn't mandatory at the first level. I am looking forward to more updates. I would wish they would also release their information in English instead of only in Russian. People have quite often complained about this, but so far they didn't listen at all.

I am happy to hear how resilient BTC-e has become in the face of its biggest challenge ever as a business. We should be supporting BTC-e as a way to put shame to what US authorities did to the site. I think they should be thinking of returning any digital currencies they forfeited to the rightful owners and not just pretend that they are gods not capable of committing any mistake.

I agree with you, they are facing a formidable foe here, its different from a hacked, and it looks like that they are really fight back and really hard to get the funds out of the Feds hand so that they can give it back to their loyal customers. At least a light is possible at the end of the tunnel for those who have 'lost' on this seizure by the US government. And indeed they should give it back to those who didn't do illegal that is there funds anyways. Return it to the rightful owner so that everyone will be happy again and the funds should go back to the ecosystem once more.

[Slow death]

US authorities later seized BTC-e's Web domain and unsealed a 21-count indictment, accusing Russian national Alexander Vinnik and BTC-e of facilitating the laundering of billions of dollars via bitcoin, along with a $110 million fine.

They are promising to return to operate as usual and will return all people's money. OK, but they do not explain how that will be possible, How will they do to get rid of accusation: facilitating the laundering of billions of dollars via bitcoin?


If Alexander Vinnik is not the owner of Btc-e, who is the owner of Btc-e?

[SvenBomvolen]

I am getting more and more excited by their updates. As it is right now, I will be given back 0.55 BTC, and 0.45 BTC worth of tokens that I can sell at any point at the latest market price. Good thing is that we will get credited Bitcoin Cash as well -- it helps reducing our losses even further. Another important factor is that verification isn't mandatory at the first level. I am looking forward to more updates. I would wish they would also release their information in English instead of only in Russian. People have quite often complained about this, but so far they didn't listen at all.

I have never been a participant of BTC-e and I may only guess how many people like you are are waiting for this updates and coming back of their founds. I'm following the news about BTC-e from the most beginning of the incrdent, and I hope soon the situation will be solved, cause of they promised to clear up everything by the 1st of September, as I heard.

[Vishnu.Reang]

I lost about BTC0.05 when BTC-e was seized. It was a significant amount for me, because at that time my total BTC holdings were only around BTC0.20. I lost around 25% of all my coins. Can someone enlighten me how much of my money I'll be getting back. And please tell me how to apply for getting these reimbursements.

[eckmar]

US authorities later seized BTC-e's Web domain and unsealed a 21-count indictment, accusing Russian national Alexander Vinnik and BTC-e of facilitating the laundering of billions of dollars via bitcoin, along with a $110 million fine.

They are promising to return to operate as usual and will return all people's money. OK, but they do not explain how that will be possible, How will they do to get rid of accusation: facilitating the laundering of billions of dollars via bitcoin?


If Alexander Vinnik is not the owner of Btc-e, who is the owner of Btc-e?

They won't rid of accusation. They will probably pay the fee (if they have enough money) or users assets are not seized

[veleten]

good news for all of those who have their funds stuck at BTC-E
I doubt this will be done fast,but at least they are showing willingness to reimburse and compensate and not going full scam mode
wonder where will they get the funds from to do that,unless FBI confiscated only the small part of their funds(hopefully just the hot wallets)
next time be wiser and set your exchanges out of the US jurisdiction and if you are the owner and russian,do not go on holidays to the US vassal states

[1Referee]

They won't rid of accusation. They will probably pay the fee (if they have enough money) or users assets are not seized

At current levels, it would mean that BTC-E has to pay slightly less than 27.5K in BTC to get rid of this fine. I am quite sure that given BTC-E's massive size, their reserves that have been piling up throughout the years, they would have no problems settling this fee. According to BTC-E, they have 55% of the funds in BTC left, which means that 45% of their holdings have been sitting in hot wallets, and thus *potentially* seized by the authorities. I however find it very hard to believe that they would leave that large of a percentage of their holdings sitting in hot wallets, that at any time can get hijacked by whatever entity. That being said, even if the authorities ended up seizing that 45% of their holdings, BTC-E could attempt to double spend everything in order to gain at least something back. Don't forget that they will refund everyone their BCC's on a 1:1 ratio - this either means that the authorities have moved the BTC funds away from the seized addresses, or BTC-E is still in possession of them. BTC-E refunding everyone their BCC's on a 1:1 ratio means that they have access to the private keys.

[Karartma1]

I lost about BTC0.05 when BTC-e was seized. It was a significant amount for me, because at that time my total BTC holdings were only around BTC0.20. I lost around 25% of all my coins. Can someone enlighten me how much of my money I'll be getting back. And please tell me how to apply for getting these reimbursements.

Sorry for your loss man. You should know that whenever you hold your money on a third-part (i.e. exchanges) you do not control the keys. And if you do not control the keys they are not at your disposal.
Since you have that much I would suggest you only use a secure personal wallet (with strong password, backup and such).
I hope you'll get a refund but that's not clear how and when