[2017-09-01] BTC-e's Big Claim: Bitcoin Withdrawals to Begin Tomorrow

[ivanpoldark]

BTC-e, the long-running and controversial bitcoin exchange targeted by US authorities last month, has claimed that users will be able to withdraw their funds beginning tomorrow.

As previously reported, BTC-e – after its original domain had been seized by law enforcement following the arrest of a Russian national and the levying of a $110 million fine for money laundering violations – said it had secured "55 [percent] of the funds" originally held by the exchange, with the rest being confiscated. Yesterday, BTC-e renewed access through a new domain, allowing users to check their balances and communicate through the chat box.

In an update, the exchange said that users would be able to withdraw the portion of their funds still available – provided that they accept a deal which would see BTC-e issue a debt token aimed at making up for the confiscated funds.

The statement reads:
  

"Tomorrow, on September 2, 2017, it will be possible to withdraw 55% of the funds from the account...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."

Users that elect to keep their funds on the site, the statement goes on to explain, will have their funds transferred to an as-yet-unrevealed domain that will serve as the home for the newly-launched BTC-e.

"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....Tokens will be credited to your account balance, which you can use for bidding and releasing codes," the exchange said.

https://www.coindesk.com/btc-es-big-claim-bitcoin-withdrawals-begin-tomorrow/

[joshy23]

I'm pretty excited to see this news. Let see, I have a few remaining funds in there when the authorities has seize BTC-e. I hope it will run smooth and they can really give us the funds, specially those people who have literally their life saving on BTC-e. As for me its nothing, just a few dust amount but I want to really see if they are able to bring back the funds. If they are successful, they will set another precedence on other exchanges on how to recover back after any form of government will just confiscate a trading platform without any notice. Bittrex has already proven how to stand up from a hacking, now BTC-e will show us how to recover from seizure from authorities. Let see how this pans out.

[1Referee]

I am perfectly fine with this solution. If we calculate from how the prices were at the day BTC-E went down ($2546), it will put people in a decent position considering the current exchange rate. Sure, it would be nice if we would see everything back in full, but we should be happy with how things are playing out right now. If all funds were landed in the pockets of the government, we wouldn't see anything back at all, so we are in fact winners here, even though it might not feel like that initially. Extra bonus is the BCC's that have been credited to all people with BTC in their accounts. The only thing left to do for now is to wait the moment they really end up allowing people to withdraw funds today as promised.

[BitHodler]

The only thing left to do for now is to wait the moment they really end up allowing people to withdraw funds today as promised.

Everyone is of course free to do what he/she pleases, but people must understand that if they proceed to withdraw their 55% share today, they will automatically lose the 45% in tokens that they would get 2 weeks later.

I definitely understand that people are looking to get their crypto funds back, but why not just wait 2 more weeks to be awarded these tokens too? 45% in tokens isn't exactly a small amount one can easily discard.

It's done like that by BTC-E to stimulate people to not withdraw everything immediately. It wants to keep people's funds and traders within its exchange as long as possible.

[richardsNY]

It's done like that by BTC-E to stimulate people to not withdraw everything immediately. It wants to keep people's funds and traders within its exchange as long as possible.

Sorry, but such actions are very close to a certain form of extortion. I have 1 BTC sitting in my account, so if I choose to withdraw my 0.55 BTC today (btc-e still doesn't allow withdrawals), I will lose the 45% in debt tokens.... I was quite happy initially, but now with this things have taken a different direction. Another thing -- will we also lose these debt tokens if we just withdraw the BCH that we have sitting in our accounts?

[1Referee]

Everyone is of course free to do what he/she pleases, but people must understand that if they proceed to withdraw their 55% share today, they will automatically lose the 45% in tokens that they would get 2 weeks later.

I definitely understand that people are looking to get their crypto funds back, but why not just wait 2 more weeks to be awarded these tokens too? 45% in tokens isn't exactly a small amount one can easily discard.

I am seriously having some doubts regarding what to do. I initially wanted to get my funds out of there as soon as possible, but now I see what kind of refund process they offer, and mainly their idiotic terms, I don't really know what direction I am heading to. On another note, they offered people the opportunity to withdraw 55%, but the entire value of what they offer in crypto doesn't even reach 50%. Important thing to note is that everything people withdraw right now, will not require any verification - this might be something they will force people to do once they are fully relaunched. I am hinting 50% towards taking what is being offered, and 50% towards waiting a few more weeks to get the 45% tokens.

will we also lose these debt tokens if we just withdraw the BCH that we have sitting in our accounts?

You can't withdraw anything seperately. You have to agree and take the 55% they offer, and thus discard the other 45%, where they will delete your account afterwards. Or you can just leave everything on that exchange, and wait for them to relaunch, which might take a week or two - only then you'll be able to keep your tokens.

[richardsNY]

You can't withdraw anything seperately. You have to agree and take the 55% they offer, and thus discard the other 45%, where they will delete your account afterwards. Or you can just leave everything on that exchange, and wait for them to relaunch, which might take a week or two - only then you'll be able to keep your tokens.

I see now, they brought a new refund page online. I seriously got disappointed in the fact that btc-e only allows me to get 0.55 BCH, while I thought that they would give it to me in full as per their own claim. I am pretty confident that they do this to enlarge their own *currently empty* reserve -- the more people end up going to withdraw 55% in current circumstances, the more btc-e will benefit. So again, this is a form of extortion. I am not going to let them take more of my money, so I will prefer to wait for them to bring their new platform online. If that directly means that I by that time needs to verify myself, then so be it.