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Author Topic: Update: BTC-E users will be able to withdraw 55% of their funds  (Read 374 times)
zycrypto
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September 01, 2017, 10:14:18 PM
 #1

The embattled exchange, BTC-e has stated in their new post that users will be able to withdraw 55% of their funds on September 2nd on a condition that debt obligations are cast aside to the remaining 45% of funds in the form of tokens.

Read More => https://zycrypto.com/btc-e-users-will-able-withdraw-55-funds/

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September 01, 2017, 10:22:42 PM
 #2

The embattled exchange, BTC-e has stated in their new post that users will be able to withdraw 55% of their funds on September 2nd on a condition that debt obligations are cast aside to the remaining 45% of funds in the form of tokens.

Read More => https://zycrypto.com/btc-e-users-will-able-withdraw-55-funds/
Christ, what a mess.

What was the other exchange that ended up doing something like this? Was it Bittrex? Or someone else? I'm having a hard time keeping up with the different exchanges that are collapsing every other day.

At least they have some of their operation up and running, so they're going to make an attempt to pay off the 45%. Going to take a while considering there's a pretty high chance some of their market share will be reduced, but no reason to lose hope in their abilities yet. Might be a good idea for them to slightly reduce their fees to entice more users to use their service (again).














 

 

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richardsNY
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September 01, 2017, 10:28:53 PM
 #3

At least they have some of their operation up and running, so they're going to make an attempt to pay off the 45%. Going to take a while considering there's a pretty high chance some of their market share will be reduced, but no reason to lose hope in their abilities yet. Might be a good idea for them to slightly reduce their fees to entice more users to use their service (again).

People are already happy that they are being offered the opportunity to withdraw 55% of their funds. Getting something back is always better than having lost everything completely. Imagine what would happen if whatever agency ended up seizing btc-e's funds entirely -- people wouldn't even see a single penny of their total funds back, ever. Everything would be sold through the auctions they are well familiar with.

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September 06, 2017, 06:15:45 AM
 #4

The way it works right now is if you withdraw 55% then you instantly lose the other 45%, and your account gets deleted permanently. However, if you wait until the 15th the new exchange launches and you can get back potentially 100% or more.



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September 06, 2017, 06:42:40 AM
 #5

The way it works right now is if you withdraw 55% then you instantly lose the other 45%, and your account gets deleted permanently. However, if you wait until the 15th the new exchange launches and you can get back potentially 100% or more.

You better hope that's the way it's going to work.  I'm very happy I haven't used BTC-e in a very long time.  What a mess.  Remember Cryptsy?  Dodged that bullet too, fortunately.

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nocturnalsheet
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September 06, 2017, 06:47:56 AM
 #6

wow great news, thought that all is gone already.
marky89
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September 06, 2017, 06:50:03 AM
 #7

The way it works right now is if you withdraw 55% then you instantly lose the other 45%, and your account gets deleted permanently. However, if you wait until the 15th the new exchange launches and you can get back potentially 100% or more.

Right, because it's reasonable to expect that you might get back more than 100% of your original funds. After all that money in all those bank accounts was supposedly frozen. Roll Eyes

They said that users that stay for the relaunch will get more than 55%, but I wouldn't expect a great difference. The rest will be provided in debt tokens, similar to Bitfinex's scheme last year.

This is a bit of a shakedown on the part of the exchange. They know that a good deal of their clients have no interest in verifying their identity, and would love to have their accounts permanently deleted. By refunding more than half their funds, it's enough to get these clients to leave happily enough. This way, the exchange is attempting to retain the customers that are more likely to provide liquidity upon the relaunch, rather than try to immediately exit in whatever way possible (disrupting the markets, destroying liquidity).

I'd never use their new exchange at this point. Not with an FBI target on their back...
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September 06, 2017, 06:51:50 AM
 #8

This is still a partial great news. It is better to have something than not to have anything at all right? Most of the btc-e users I know are so happy with the development as they had already given up hope that they have lost all they had so having 55% back is not a total loss after all. Hopefully, btc-e makes the process a speedy one rather than making it another draggy process. Bloods are hot right now.
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September 06, 2017, 07:13:26 AM
 #9

This is still a partial great news. It is better to have something than not to have anything at all right? Most of the btc-e users I know are so happy with the development as they had already given up hope that they have lost all they had so having 55% back is not a total loss after all. Hopefully, btc-e makes the process a speedy one rather than making it another draggy process. Bloods are hot right now.

They promised a 72-hour time window for refunds and many users have reported receiving refunds within 24 hours. That is, with the exception of Bitcoin Cash. Although BCH was credited to user accounts, it seems that no one has received BCH refunds. No word yet as to why.

It would have been better if they converted balances to cryptocurrency at the time that they sent refunds, rather than at the time the refunds terms were agreed to. It has obviously been a very volatile few days in crypto-land...

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September 09, 2017, 07:03:03 AM
 #10

I am happy BTC-e is being trustworthy and sticking true to their good reputation. Smiley
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