Is There a Light at the End of the Tunnel?
BTC-e have released a statement concerning user funds!
If you have no idea what I am talking about, you may want to read the initially breaking news and my previous follow-up post on the topic.
Today (or actually yesterday) the story has developed, somewhat positively, I'd like to add.
BTC-e released their latest update via bitcointalk.org, accompanied with the usual tweet:
The post on bitcointalk.org is in Russian, as usual. Here's what google-translate gives us (after a wee bit of manual cleanup):
[Outcome] from the current situation with the [confiscated] Fiat:
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 [confiscated] funds, the most part in fiat. As the [confiscation] is withdrawn from the accounts, the amount will decrease.
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 [to] 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.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
To be honest, it isn't entirely clear to me what this means in detail. But it sounds like we might be able to get about half of our funds (minus commission fees for the investors?!?) back, albeit in form of ICO Tokens for a new trading platform.
I'm really not sure, but hey, this does already sound a lot better than any previous exchange that went bust.
fingers crossed 🤞
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steem-on and prosper
image sources: btc-e logo; handcuffs