BTC-e's Big Claim: Bitcoin Withdrawals to Begin Tomorrow

[magneto]

Still a bit confused though. Say i choose to wait a bit, will i be able to get the 55% in immediately available cash, as well as the 45% in IOUs or will i just receive 100% of my funds in the form of BTC-e IOUs? Is there like a date for when you are able to get the IOUs?

If you wait, you will get 55% in crypto funds, and the other 45% will be tokens - basically the same as what people have received by cashing out now, but you as "bonus" will get the 45% in tokens. Once BTC-E is back online, you'll be able to cash out your 55% at start, and just keep waiting for the other 45% in tokens to increase in value, or to dump them directly and cash out these funds as well. I personally will cash out my 55% directly at the time they relaunch, where I then just keep waiting for how the token market will be performing price wise. Regarding the date, let's say that the chances are high that everything will be up and running before the end of this month.

Thanks again! So basically to recap:

- When BTC-e relaunches, rebrands, and enables trading again, anyone that waited the period out will get 55% of their balance in a liquid coin plus 45% in an IOU token.
- Date that this will happen will be unknown but should happen by the end of the month.
- If you claim now you get the 55% but forfeit the IOU tokens.

Anything that I have missed?

Also, do you know whether there will be a lump sum payment at the end when the IOU token reaches its maturity for the full amount, or will there be partial payments along the way?

[alyssa85]

I can not even login, so how can I withdraw my bitcoin?

The value of my bitcoin rised 5 times since my last login!

When you try to login, it should have sent you an email with your new password, after that, login again with the new password.

[1Referee]

There is one problem with that. We don't know the terms for withdrawals. This much is clear: no verification for 55% now. The most we know is that they have said on Russian forums that "small" withdrawals will be possible without verification. Otherwise, fork your passport, utility bill, etc. over to these people (and maybe the FBI)........

Verification was indeed a major point for me to consider cashing out 55% to get this saga to end, or to wait for them to relaunch and get my tokens as well, but then with the negative aspect of me having to verify myself. I chose to go with the latter and to wait - important factor is that I have found someone that is willing to lend me his personal information, ID, utility bills, etc. I will never send out my own personal information to BTC-E, and especially not with the FBI in mind.

So basically to recap:

- When BTC-e relaunches, rebrands, and enables trading again, anyone that waited the period out will get 55% of their balance in a liquid coin plus 45% in an IOU token.
- Date that this will happen will be unknown but should happen by the end of the month.
- If you claim now you get the 55% but forfeit the IOU tokens.

Anything that I have missed?

Nope.

Also, do you know whether there will be a lump sum payment at the end when the IOU token reaches its maturity for the full amount, or will there be partial payments along the way?

I believe if BTC-E at some point gained enough capital in whatever way, they will very likely end up repaying (i.e buying back tokens at issue price) all people at once. I find it very hard to believe that they will partially pay people, especially when people can cash out whatever percentage of their tokens at market rate at any time. My target is 90% of the issue price - as soon as it hits that level, I'll unload all tokens I have.

[Rahar02]

Looks like the refund site is up:

https://twitter.com/btcecom/status/904064838619373568

https://btc-e.nz/refund

You have to log in with your old password, they will make you reset it (and re-verify your email)

Yeah, the refund system is up, but if one request for refund now they would have to forget about the 45% of their money. better wait till september 15, then request for the refund/withdrawal. then you'd be getting 55% refund/withdrawal and 45% IOU tokens.

Get 55% refund is a good deal since there are many people may lose their money in BTC-E, I mean better than nothing.
I'm wondering about 45% IOU tokens, what kind of token it will be? their own, maybe BTC-E token?
Tokens will be credited to your account balance, which you can use for bidding and releasing codes,"
Skeptical about this token, if this token could be convert into bitcoin or fiat currency, then it will be a pain relief.

[squatter]

Looks like the refund site is up:

https://twitter.com/btcecom/status/904064838619373568

https://btc-e.nz/refund

You have to log in with your old password, they will make you reset it (and re-verify your email)

Yeah, the refund system is up, but if one request for refund now they would have to forget about the 45% of their money. better wait till september 15, then request for the refund/withdrawal. then you'd be getting 55% refund/withdrawal and 45% IOU tokens.

Get 55% refund is a good deal since there are many people may lose their money in BTC-E, I mean better than nothing.
I'm wondering about 45% IOU tokens, what kind of token it will be? their own, maybe BTC-E token?
Tokens will be credited to your account balance, which you can use for bidding and releasing codes,"
Skeptical about this token, if this token could be convert into bitcoin or fiat currency, then it will be a pain relief.

They are issued by the exchange. They are a debt token similar to what Bitfinex did last year after the hack. As with Bitfinex, you will be allowed to trade the tokens. So those that want to dump them immediately below the face value can do so, in order to get BTC or other real money out.

Otherwise, the tokens will supposedly be redeemed for their face value in the future. The timeline they put on repayment? 1-2 years, according to one of their forum posts.

[illinest]

I believe if BTC-E at some point gained enough capital in whatever way, they will very likely end up repaying (i.e buying back tokens at issue price) all people at once. I find it very hard to believe that they will partially pay people, especially when people can cash out whatever percentage of their tokens at market rate at any time. My target is 90% of the issue price - as soon as it hits that level, I'll unload all tokens I have.

Why would that be hard to believe? Bitfinex made monthly payments of 1+ % before paying the tokens back in whole. They also had open markets for the tokens. (As an aside, that whole affair was very shady -- repaying all the tokens at once right as banking capabilities went down, very fishy!)

To redeem the tokens in full, they said timeline is 1-2 years... I am not sure they will survive that long. At least not without getting seized in the meantime. This is why it's better if they don't offer USD on their exchange.

[aTriz]

Can't believe that they actually are giving back people their money, I would have bet that BTC-e would just be running away and just exit scamming everyone after the legal problems with it.

So what i got out of this is 55% full refund and then you get some tokens worth 45% of your seized funds. Sounds pretty good to me.

[romani245]

Can't believe that they actually are giving back people their money, I would have bet that BTC-e would just be running away and just exit scamming everyone after the legal problems with it.

So what i got out of this is 55% full refund and then you get some tokens worth 45% of your seized funds. Sounds pretty good to me.

It's good, with some caveats. Those who can't verify and US residents must take the 55% now and run, and have their accounts permanently deleted. It appears that fiat holders will be forced to verify on the new exchange (their funds won't be converted to coins). If you were holding coins, you are coming out fairly well, assuming BTC-e delivers on the 15th.

[richardsNY]

Can't believe that they actually are giving back people their money, I would have bet that BTC-e would just be running away and just exit scamming everyone after the legal problems with it.

It's indeed a major gesture that they are legitimately interested in giving people back their funds, especially when you consider that they could stay away and keep everything for themselves. If we think about a different scenario, which is the government seizing the entire fund stash that belongs to btc-e, people wouldn't see anything back -- all funds would end up getting auctioned to fill their pockets. If we look at it from that point, it's the government being the real criminal here.

[aTriz]

Can't believe that they actually are giving back people their money, I would have bet that BTC-e would just be running away and just exit scamming everyone after the legal problems with it.

It's indeed a major gesture that they are legitimately interested in giving people back their funds, especially when you consider that they could stay away and keep everything for themselves. If we think about a different scenario, which is the government seizing the entire fund stash that belongs to btc-e, people wouldn't see anything back -- all funds would end up getting auctioned to fill their pockets. If we look at it from that point, it's the government being the real criminal here.

That is pretty true, I don't think if the government seized all of their they would still be giving out money like this. There must have been some legitmate traders on BTC-e and it seems really unfair that they are getting screwed over.

I wonder what the government will do with the rest of the 45 percent of the funds, do you think there is any chance that they will return it to people?

[aTriz]

Can't believe that they actually are giving back people their money, I would have bet that BTC-e would just be running away and just exit scamming everyone after the legal problems with it.

So what i got out of this is 55% full refund and then you get some tokens worth 45% of your seized funds. Sounds pretty good to me.

It's good, with some caveats. Those who can't verify and US residents must take the 55% now and run, and have their accounts permanently deleted. It appears that fiat holders will be forced to verify on the new exchange (their funds won't be converted to coins). If you were holding coins, you are coming out fairly well, assuming BTC-e delivers on the 15th.

Well at least that better than nothing, im assuming that quite a bunch of people will be taking the 55 percent and just running away, making the best out of a shitty situation. Looks like fiat holders still have to verify which is alright but they still get there money back.

Let's hope the BTC-E delivers on the 15th, still got some respect for it.

[romani245]

Can't believe that they actually are giving back people their money, I would have bet that BTC-e would just be running away and just exit scamming everyone after the legal problems with it.

So what i got out of this is 55% full refund and then you get some tokens worth 45% of your seized funds. Sounds pretty good to me.

It's good, with some caveats. Those who can't verify and US residents must take the 55% now and run, and have their accounts permanently deleted. It appears that fiat holders will be forced to verify on the new exchange (their funds won't be converted to coins). If you were holding coins, you are coming out fairly well, assuming BTC-e delivers on the 15th.

Well at least that better than nothing, im assuming that quite a bunch of people will be taking the 55 percent and just running away, making the best out of a shitty situation. Looks like fiat holders still have to verify which is alright but they still get there money back.

Let's hope the BTC-E delivers on the 15th, still got some respect for it.

I think BTC-e will indeed launch on or around the 15th. I think all in all, most people will have come out much better than expected a month ago. Indeed, after I heard the news of Vinnik's arrest and saw the silence from the exchange's official channels, I believed all the money was gone and they would disappear forever. So I am glad that people can recover some of their money.

However, I don't believe the exchange's future prospects are good. I really don't understand how it can be sustainable in the long term.