If BTC-e restart their business their employees will face US charge for running unlicensed exchange and could be arrested when they step into any country that signed treaty with US for so called aml laws but actually called "you won't take a dime out of US citizens anywhere unless US gov have a deal with your country". In one form it all started several years ago when all non-US online gambling sites were forced to close all accounts of US citizens.
With that treaty US can issue arrest warrant in any of those countries that have signed that treaty with US. In that treaty those countries (but not US!) agreed that they will inform US when any US citizen is doing any business with their, foreign, financial institutions. On the other hand, with that treaty US took no obligations to send information if secondy party treaty citizens do any businesses with with US financial institutions. EU and many other countries were forced to sign that treaty and in all banks of those countries that have signed that treaty you must sign a note that you are not US citizens and not doing any job or having obligations to US tax laws.
BTC-e employees must now decide are they safe enough to resume exchange and will they be safe when leaving their current country of residence.
MT4 servers are still replying but logging is disabled. Response time increased from 150ms to 450ms but it could be my connection issue.
Topic: BTC-e hacked ?? - page 115. (Read 199749 times)
They seized one admin, now probably the team is playing the waiting game until they see what they are really up against.
My guess? They take all the users funds, buy coins, wait for aug 1 and a few days later, reap $100M+ in profits and pay off the fines. But I'm really not sure how they would start up the site again if it's deemed illegal.
110 Million is 44k bitcoin not game-braking sum
However all is speculation until now.
They seized one admin, now probably the team is playing the waiting game until they see what they are really up against.
Don't be fooled the arrest could be followed by a network attack at BTC-E.
Once situation clears I am sure they are going to try to bring the service back online.
I am sure they will impose a limit on withdrawals per day/week/month to keep everybody in.
Also they could Tax us with a percentage if they decide to pay the fine, ask us to verify in order to look legit or even seize the funds of supposed money launderers.
I believe that this is not the last of BTC-E
To anybody who is trapped big, be calm and stop thinking about it, let the game play out. They are not your "average" exchange, they are very old in the game, they know how to play.
However all is speculation until now.
They seized one admin, now probably the team is playing the waiting game until they see what they are really up against.
Don't be fooled the arrest could be followed by a network attack at BTC-E.
Once situation clears I am sure they are going to try to bring the service back online.
I am sure they will impose a limit on withdrawals per day/week/month to keep everybody in.
Also they could Tax us with a percentage if they decide to pay the fine, ask us to verify in order to look legit or even seize the funds of supposed money launderers.
I believe that this is not the last of BTC-E
To anybody who is trapped big, be calm and stop thinking about it, let the game play out. They are not your "average" exchange, they are very old in the game, they know how to play.
https://www.coindesk.com/110-million-btc-e-fined-us-vows-crackdown-unregulated-exchanges/
That's it then. Life savings gone, fun times.
That's it then. Life savings gone, fun times.
So BTC-E is fined $110 million. There is no way BTC-E will be able to pay this amount from their own pockets. Definitely, all site assets( which are in fact btc-e users funds) will be used to pay up this fine. So, at the end of the day innocent users from all around the world where no fucking USA laws apply will suffer and their legitimate funds will be seized by United fucking america.
Does anyone has any idea how much would be the total sum of all users' balances? Can we expect some partial refunds after fines are paid?
Does anyone has any idea how much would be the total sum of all users' balances? Can we expect some partial refunds after fines are paid?
Yes, I am about to lose around $200k btc-e. Yes, this is basically all the money I made the last 15 years. Great. I was standing in front of the window already. And all because I liked to trade from time to time and stayed most of the time in fiat.
So sorry for your loss man
. Not feeling great with 100k+ losses here either. Right now it's just a waiting game, I'm still hoping but it's not looking great.So, the guy arrested was either the CEO or just an admin. An interesting part is, the news reports say that the guy was arrested at Monday morning and at Tuesday, either an automated script kicked off, writing the twitter statements or another CEO or another admin noticed that something happened (more likely) and cut everything.
I noticed the last two twitter statement was issued exactly 24h apart. Smells a bit like an automated script tweeting..
Here on the forum, the admin btc-e also did the post, so it's not a robot, I hope to inform at least once in a day. Do not invent a robot
https://bitcointalk.org/index.php?topic=2045826.160
Yesterday the admin was a few hours here, apparently reading us, but condescending to copying the post from the tweeter
And how is the US supposed to take action against btc-e ? Apart from blocking banks from working with btc-e, I don't think there is much they can do.
Exactly. The US fine can go F itself. They have no reach to a foreign business that is not located on US soil.
The people who have had their investments over there can and should NOT be held liable for illegal actions of others.
This might be not so
I don't know exact laws and regulations regarding such issues, so I can in fact be mistaken here (anyone more knowledgeable is always welcome to chime in on this), but foreign businesses don't necessarily need to have any physical presence in the US to be considered making business in the US (like offices, etc). As I understand it, if the US citizens themselves "make business" with such an entity, that will suffice. It is basically the same story as with Swiss banks when the US authorities made them disclose the details of the bank accounts that belonged to the US citizens
Yes, I am about to lose around $200k btc-e. Yes, this is basically all the money I made the last 15 years. Great. I was standing in front of the window already. And all because I liked to trade from time to time and stayed most of the time in fiat.
So sorry for your loss man
. Not feeling great with 100k+ losses here either. Right now it's just a waiting game, I'm still hoping but it's not looking great.So, the guy arrested was either the CEO or just an admin. An interesting part is, the news reports say that the guy was arrested at Monday morning and at Tuesday, either an automated script kicked off, writing the twitter statements or another CEO or another admin noticed that something happened (more likely) and cut everything.
I noticed the last two twitter statement was issued exactly 24h apart. Smells a bit like an automated script tweeting..
It is beginning of the war between Bitcoin and Dollar.
Federal Reserve System doesn't want to lose power of making money out of the air.
Therefore they are going to defile all crypto as much as it possible
If BTC-e is able to recover it will be big blow for FRS and US Government
Will see
Federal Reserve System doesn't want to lose power of making money out of the air.
Therefore they are going to defile all crypto as much as it possible
If BTC-e is able to recover it will be big blow for FRS and US Government
Will see
Yes, I am about to lose around $200k btc-e. Yes, this is basically all the money I made the last 15 years. Great. I was standing in front of the window already. And all because I liked to trade from time to time and stayed most of the time in fiat.
So, the guy arrested was either the CEO or just an admin. An interesting part is, the news reports say that the guy was arrested at Monday morning and at Tuesday, either an automated script kicked off, writing the twitter statements or another CEO or another admin noticed that something happened (more likely) and cut everything.
Monday night, every thing was working at btc-e.com - so the USA couldn't have had access to the server. No wallets have been touched (the 66k rumor was coinbase wallet). Are bank accounts freezed? They didn't even touch Mayzus Financial Services Ltd (the real launderer with that bank account in Mongolia) - or why didn't we hear anything from them?
Now the twitter statements let me wonder and gave me a bit hope back. But lets face it, the chance that the co-CEO/admin(s) are able to restart that thing is very slim even though they wrote this last statement even after the truth about the arrest was out. Its out in the open that the USA is attacking them, means everybody will get out of it as soon as it reboots.
Could be that they were able to kick Alex out of everything for protection and are already in or on the way to Russia. However, do they want to let us access the site/coins? They look very trustworthy (no stockholm syndrome), also now with that last statement. Why the hell would they write this, if they are not considering it? And no, they wouldn't write on twitter if they hadn't got the coins/funds. But, it could be that they will hold everything until they are in a safe place.
So, the guy arrested was either the CEO or just an admin. An interesting part is, the news reports say that the guy was arrested at Monday morning and at Tuesday, either an automated script kicked off, writing the twitter statements or another CEO or another admin noticed that something happened (more likely) and cut everything.
Monday night, every thing was working at btc-e.com - so the USA couldn't have had access to the server. No wallets have been touched (the 66k rumor was coinbase wallet). Are bank accounts freezed? They didn't even touch Mayzus Financial Services Ltd (the real launderer with that bank account in Mongolia) - or why didn't we hear anything from them?
Now the twitter statements let me wonder and gave me a bit hope back. But lets face it, the chance that the co-CEO/admin(s) are able to restart that thing is very slim even though they wrote this last statement even after the truth about the arrest was out. Its out in the open that the USA is attacking them, means everybody will get out of it as soon as it reboots.
Could be that they were able to kick Alex out of everything for protection and are already in or on the way to Russia. However, do they want to let us access the site/coins? They look very trustworthy (no stockholm syndrome), also now with that last statement. Why the hell would they write this, if they are not considering it? And no, they wouldn't write on twitter if they hadn't got the coins/funds. But, it could be that they will hold everything until they are in a safe place.
"Notably absent from the statements were indications as to whether the US government would move to permanently shutter the exchange, which just hours ago said that it would return to service."
https://www.coindesk.com/110-million-btc-e-fined-us-vows-crackdown-unregulated-exchanges/?utm_content=buffer30b47&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
https://www.coindesk.com/110-million-btc-e-fined-us-vows-crackdown-unregulated-exchanges/?utm_content=buffer30b47&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
And how is the US supposed to take action against btc-e ? Apart from blocking banks from working with btc-e, I don't think there is much they can do.
Exactly. The US fine can go F itself. They have no reach to a foreign business that is not located on US soil.
The people who have had their investments over there can and should NOT be held liable for illegal actions of others.
The US Justice Dept can go F off on this one.
Quote
Acting FinCEN director Jamal El-Hindi said in a statement:
"We will hold accountable foreign-located money transmitters, including virtual currency exchangers, that do business in the United States when they willfully violate U.S. AML laws."
"We will hold accountable foreign-located money transmitters, including virtual currency exchangers, that do business in the United States when they willfully violate U.S. AML laws."
https://www.coindesk.com/110-million-btc-e-fined-us-vows-crackdown-unregulated-exchanges/
The obvious question is how did BTC-e "do business in the United States" when they don't have an office there?
Well they want to fine them for not doing AML/KYC with american users, if they had any...... will they make some deal with them or go to court with virtual exchange we gona see
big question is the man they got, who is he, and is he big part of BTC-e or not
big question is the man they got, who is he, and is he big part of BTC-e or not
And how is the US supposed to take action against btc-e ? Apart from blocking banks from working with btc-e, I don't think there is much they can do.
We don`t know if its over, and who is the arrested guy, is he BTC-e or not and what part of it is he....
So far btc-e is offline and we don`t know what way they will take, they sad they will be online again, and we are in dark as always and can only wait
So far btc-e is offline and we don`t know what way they will take, they sad they will be online again, and we are in dark as always and can only wait
It doesn't say anything about actually taking over the website or confiscating the servers or anything. Maybe they will be back... They probably have any friends in many places. We'll see. Still waiting for the FBI take down page to show up.
Pls dude, this story is over.
It doesn't say anything about actually taking over the website or confiscating the servers or anything. Maybe they will be back... They probably have any friends in many places. We'll see. Still waiting for the FBI take down page to show up.
Some choice bits:
Quote from: The Man
A grand jury in the Northern District of California has indicted a Russian national and an organization he allegedly operated, BTC-e, for operating an unlicensed money service business, money laundering, and related crimes.
“Exchanges like this are not only illegal, but they are a breeding ground for stolen identity refund fraud schemes and other types of tax fraud. When there is no regulation and criminals are left unchecked, this scenario is all too common. The takedown of this large virtual currency exchange should send a strong message to cyber-criminals and other unregulated exchanges across the globe.”
As for defendant BTC-e, the indictment alleges that, despite doing substantial business in the United States, BTC-e was not registered as a money services business with the U.S. Department of the Treasury, had no anti-money laundering process, no system for appropriate “know your customer” or “KYC” verification, and no anti-money laundering program as required by federal law.
The indictment charges BTC-e and Vinnik with one count of operation of an unlicensed money service business, in violation of 18 U.S.C. § 1960, and one count of conspiracy to commit money laundering, in violation of 18 U.S.C. § 1956(h). In addition, the indictment charges Vinnik with seventeen counts of money laundering, in violation of 18 U.S.C. § 1956(a)(1), and two counts of engaging in unlawful monetary transactions, in violation of 18 U.S.C. § 1957. An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt.
FinCEN today assessed a $110 million civil money penalty against BTC-e for willfully violating U.S. anti-money laundering (AML) laws. Alexander Vinnik was assessed $12 million for his role in the violations.
“Exchanges like this are not only illegal, but they are a breeding ground for stolen identity refund fraud schemes and other types of tax fraud. When there is no regulation and criminals are left unchecked, this scenario is all too common. The takedown of this large virtual currency exchange should send a strong message to cyber-criminals and other unregulated exchanges across the globe.”
As for defendant BTC-e, the indictment alleges that, despite doing substantial business in the United States, BTC-e was not registered as a money services business with the U.S. Department of the Treasury, had no anti-money laundering process, no system for appropriate “know your customer” or “KYC” verification, and no anti-money laundering program as required by federal law.
The indictment charges BTC-e and Vinnik with one count of operation of an unlicensed money service business, in violation of 18 U.S.C. § 1960, and one count of conspiracy to commit money laundering, in violation of 18 U.S.C. § 1956(h). In addition, the indictment charges Vinnik with seventeen counts of money laundering, in violation of 18 U.S.C. § 1956(a)(1), and two counts of engaging in unlawful monetary transactions, in violation of 18 U.S.C. § 1957. An indictment merely alleges that crimes have been committed, and the defendants are presumed innocent until proven guilty beyond a reasonable doubt.
FinCEN today assessed a $110 million civil money penalty against BTC-e for willfully violating U.S. anti-money laundering (AML) laws. Alexander Vinnik was assessed $12 million for his role in the violations.
So looks like BTC-e is down for the count. So in order to get one guy they decided it was ok to rip off thousands. Sounds about like the government.
Also looks like it validated my fear from this earlier, they basically can go and shut down most of the exchanges if they want and fuck all of the customers.
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