I see what you mean. It's a hefty price to pay though.
I've come to realize that anything held in an exchange account can evaporate overnight. 55% back (especially from a fiat holder's perspective) is a godsend.
Topic: BTC-e hacked ?? - page 12. (Read 199749 times)
I've come to realize that anything held in an exchange account can evaporate overnight. 55% back (especially from a fiat holder's perspective) is a godsend.
I see what you mean. It's a hefty price to pay though.
I've come to realize that anything held in an exchange account can evaporate overnight. 55% back (especially from a fiat holder's perspective) is a godsend.
This is very good news!
I decided to wait claiming the 55% until it was more clear what would be the status regarding verification.
As I only plan to withdraw coins, I think I should be fine waiting.
I decided to wait claiming the 55% until it was more clear what would be the status regarding verification.
As I only plan to withdraw coins, I think I should be fine waiting.
They previously said no verification was required to trade. I am concerned about this answer, though:
Quote
"Do I need to undergo verification in order to start trading on a new site?" If the balance of the account on the new site is replenished in koin, then no. If in fiat, then yes.
Does that mean that if you don't take the refund now, and you have your fiat balance transferred to the new site, that you must verify?
Stop freaking out. You're all good! If you have funds on BTC-e (or will have funds on the new site), just be very careful about not sending those coins directly back to a licensed exchange like Coinbase. Those coins could be subject to civil asset forfeiture. Get some clean coins through another exchange/service first.
I think you would find there would quickly be a class actions against the seizure if people started reporting they were getting raided.Most BTC-e customers are not from the US.
i doubt it, since such class actions would fail. forfeiture law is such that the standards for seizure are very low, no criminal conviction or even charges are required, and the burden of proof is on the defendant. since the coins would have been sent by btc-e, the customer has no way to prove their origin.
this is just about coinbase customers; it doesn't matter where btc-e customers are based. coinbase is licensed in the US, and they are subject to US laws, including judicial orders regarding civil asset forfeiture.
if anything is clear from the past 15-20 years watching law enforcement in the USA, it's that there is no way to stop civil asset forfeiture. you can only prevent it by properly hiding your assets. (in other words, i agree----do not send any coins linked to btc-e to places like bitstamp or coinbase)
Before the raid, I sent some money from coinbase to BTC-e. They asked if the money was going to another exchange and which one. I did not lie and told them the money was going to BTC-e. This information is obviously now in the hands of the Feds or soon will be.
No, it won't be. Sending funds to BTC-e wasn't illegal. Coinbase has no legal requirement to inform the feds. And they have shown that they care about customer privacy.
My question is this: How fucked am I for using an unlicensed exchange? I didn't even know it was illegal to US customers to use BTC-e.
Not fucked at all. It's not illegal. It was illegal for them to serve you as a customer with inadequate AML/KYC and without money transmitting licenses.
I have significant holdings of cryptocurrency that I will be cashing out at some point in the future. Is all of my money now guilty of a crime and therefore subject to civil asset forfeiture laws? I have no desire to launder the money or break any additional laws, I intend to pay my taxes at the end of the year. If I even have to pay a fine for using BTC-e I'd have no problem with that. But my real fear is that one day I wake up and my bank account is frozen and I am facing federal indictment for my ignorant mistake... What can I do to get right with the law and keep my hard earned fortune?
edit/follow-up question: Was it even illegal for me to use BTC-e? Or was it only illegal for BTC-e to serve me?
edit/follow-up question: Was it even illegal for me to use BTC-e? Or was it only illegal for BTC-e to serve me?
Stop freaking out. You're all good! If you have funds on BTC-e (or will have funds on the new site), just be very careful about not sending those coins directly back to a licensed exchange like Coinbase. Those coins could be subject to civil asset forfeiture. Get some clean coins through another exchange/service first.
I don't think you will have problems if you transfer coins to Coinbase. Why would you? Coinbase has not had any problems with the gov't.
Stop freaking out. You're all good! If you have funds on BTC-e (or will have funds on the new site), just be very careful about not sending those coins directly back to a licensed exchange like Coinbase. Those coins could be subject to civil asset forfeiture. Get some clean coins through another exchange/service first.
I think you would find there would quickly be a class actions against the seizure if people started reporting they were getting raided.Most BTC-e customers are not from the US.
Before the raid, I sent some money from coinbase to BTC-e. They asked if the money was going to another exchange and which one. I did not lie and told them the money was going to BTC-e. This information is obviously now in the hands of the Feds or soon will be.
No, it won't be. Sending funds to BTC-e wasn't illegal. Coinbase has no legal requirement to inform the feds. And they have shown that they care about customer privacy.
My question is this: How fucked am I for using an unlicensed exchange? I didn't even know it was illegal to US customers to use BTC-e.
Not fucked at all. It's not illegal. It was illegal for them to serve you as a customer with inadequate AML/KYC and without money transmitting licenses.
I have significant holdings of cryptocurrency that I will be cashing out at some point in the future. Is all of my money now guilty of a crime and therefore subject to civil asset forfeiture laws? I have no desire to launder the money or break any additional laws, I intend to pay my taxes at the end of the year. If I even have to pay a fine for using BTC-e I'd have no problem with that. But my real fear is that one day I wake up and my bank account is frozen and I am facing federal indictment for my ignorant mistake... What can I do to get right with the law and keep my hard earned fortune?
edit/follow-up question: Was it even illegal for me to use BTC-e? Or was it only illegal for BTC-e to serve me?
edit/follow-up question: Was it even illegal for me to use BTC-e? Or was it only illegal for BTC-e to serve me?
Stop freaking out. You're all good! If you have funds on BTC-e (or will have funds on the new site), just be very careful about not sending those coins directly back to a licensed exchange like Coinbase. Those coins could be subject to civil asset forfeiture. Get some clean coins through another exchange/service first.
Do you guys think the US government would charge so many people?
Honest question.
Honest question.
Before the raid, I sent some money from coinbase to BTC-e. They asked if the money was going to another exchange and which one. I did not lie and told them the money was going to BTC-e. This information is obviously now in the hands of the Feds or soon will be.
My question is this: How fucked am I for using an unlicensed exchange? I didn't even know it was illegal to US customers to use BTC-e. I have significant holdings of cryptocurrency that I will be cashing out at some point in the future. Is all of my money now guilty of a crime and therefore subject to civil asset forfeiture laws? I have no desire to launder the money or break any additional laws, I intend to pay my taxes at the end of the year. If I even have to pay a fine for using BTC-e I'd have no problem with that. But my real fear is that one day I wake up and my bank account is frozen and I am facing federal indictment for my ignorant mistake... What can I do to get right with the law and keep my hard earned fortune?
edit/follow-up question: Was it even illegal for me to use BTC-e? Or was it only illegal for BTC-e to serve me?
My question is this: How fucked am I for using an unlicensed exchange? I didn't even know it was illegal to US customers to use BTC-e. I have significant holdings of cryptocurrency that I will be cashing out at some point in the future. Is all of my money now guilty of a crime and therefore subject to civil asset forfeiture laws? I have no desire to launder the money or break any additional laws, I intend to pay my taxes at the end of the year. If I even have to pay a fine for using BTC-e I'd have no problem with that. But my real fear is that one day I wake up and my bank account is frozen and I am facing federal indictment for my ignorant mistake... What can I do to get right with the law and keep my hard earned fortune?
edit/follow-up question: Was it even illegal for me to use BTC-e? Or was it only illegal for BTC-e to serve me?
I'm still a bit unsure about fiat, someone enlighten me.. If you wait for the 15:th, what happens with your fiat balance? Will you get 55% in coin (and the rest in "BTCE tokens")?
I believe that is what will happen. I think the question everyone has now is whether the fiat token will be considered fiat and require you to be verified to do anything with it.
I'm still a bit unsure about fiat, someone enlighten me.. If you wait for the 15:th, what happens with your fiat balance? Will you get 55% in coin (and the rest in "BTCE tokens")?
I believe that is what will happen. I think the question everyone has now is whether the fiat token will be considered fiat and require you to be verified to do anything with it.
I'm still a bit unsure about fiat, someone enlighten me.. If you wait for the 15:th, what happens with your fiat balance? Will you get 55% in coin (and the rest in "BTCE tokens")?
This is very good news!
I decided to wait claiming the 55% until it was more clear what would be the status regarding verification.
As I only plan to withdraw coins, I think I should be fine waiting.
I decided to wait claiming the 55% until it was more clear what would be the status regarding verification.
As I only plan to withdraw coins, I think I should be fine waiting.
I see what you mean. It's a hefty price to pay though.
At that time, almost every BTC-E user had almost written off their balance as losses. So the possibility of recovering 55% was better than zero.
If you were holding fiat currency, and especially if you are a US customer, it was still the best decision. Especially if you "bought back" (converted) closer to $4000. From a fiat holder's perspective, this was by far the best option. Forced verification if you have fiat in your account? No thanks!
I took the 55% deal. I have no regrets. It was the best decision I could make with the information given at the time (especially if you are from the US). I hope everything goes well for the rest on the 15th. It will be a great comeback indeed.
If you are in the US you made the right call.
If I were in the US I'd have done the same.
BTC-e will deny access to US residents. Obviously, someone can use a vpn... but If the new management will be forced to do more controls...
(i.e. checking all the vpn)... an US resident could still find his account blocked, pending verification.
A verification that he will not able to provide.
Therefore, right choice bro
Since I'm not in EU, I am basically gambling... hoping that BTCe will deliver
But I know it's a gamble.
I decided to wait for the 15. but so far I'm disappointed with how they handled the PR and first offer. So I'm probably going to withdraw and wait for full redemption. I'm not going to buy their tokens. 
At that time, almost every BTC-E user had almost written off their balance as losses. So the possibility of recovering 55% was better than zero.
If true, it's nice!
And if they will deliver, I pity the one that took the 55% deal O_O
I took the 55% deal. I have no regrets. It was the best decision I could make with the information given at the time (especially if you are from the US). I hope everything goes well for the rest on the 15th. It will be a great comeback indeed.
And hope for the best.
Nonetheless, the official update on the site is quite understandable.
it solves many doubts!
As long we do not deposit or withdraw fiat... no verification required.
Meaning that. If you have a FIAT balance, you can convert it in coins on the trading platform... and withdraw coins.
If true, it's nice!
And if they will deliver, I pity the one that took the 55% deal O_O
Quote
What do I need a verification for?
If you plan to deposit and withdraw fiat, the verification in required.
Will I have to pass the verification on the new platform to withdraw coins?
No.
Will I have to pass the verification to start trading on the platfrom?
If you deposit coins to the account on the new platform, then you should not. If you deposit Fiat, you should.
If you plan to deposit and withdraw fiat, the verification in required.
Will I have to pass the verification on the new platform to withdraw coins?
No.
Will I have to pass the verification to start trading on the platfrom?
If you deposit coins to the account on the new platform, then you should not. If you deposit Fiat, you should.
At least they will credit the Bitcoin Cash. Other exchanges didn't.
Not that that will offset the losses though...
Not that that will offset the losses though...
Jump to: