Poloniex Fair Fund notice | Bitcointalksearch.org

Dadas666

newbie

Activity: 1

Merit: 0

I have asked whether there is everything ok with my claim, got this response yesterday:

Quote

Hello,

No payments have been made yet and we do not have a set date of distribution; our goal is to pay in January. Communication will be sent with the amount of your distribution payment prior to the funds being released.

Kind regards,

KCC Class Action Services LLC

Fund Administrator

P4ndoraBox

sr. member

Activity: 711

Merit: 250

No news yet I guess

allyouracid

legendary

Activity: 2328

Merit: 1292

Encrypted Money, Baby!

Quote from: ltcrstrbrt on December 12, 2024, 04:52:05 PM

"end of the year, early January, January...." strange uhh? they think we are idiots..

Oh well... almost feels like "home", business as usual in Cryptoland. Seems the Normies™ start taking a leaf out of our book Grin

Qutays

newbie

Activity: 6

Merit: 2

Quote from: ltcrstrbrt on December 12, 2024, 04:52:05 PM

Quote from: Qutays on December 12, 2024, 09:48:56 AM

Hello,

No payments have been made yet and we do not have a set date of distribution; our goal now is to pay in January. Communication will be sent with the amount of your distribution payment prior to the funds being released.

Kind regards,

KCC Class Action Services LLC

Fund Administrator

They were going to make the payment at the beginning of January, now it's January. This is a really annoying situation, everyone, please write an e-mail, claim your rights, the fund manager does not comply with the payment plan, complain to the SEC if necessary

"end of the year, early January, January...." strange uhh? they think we are idiots..

Unfortunately, we became stupid, first in the middle of the year, then at the end of the year, then at the beginning of January, then in January, let's see where this chain will extend, we came across so many amateur fund admins that are very unlucky in this regard, a fund manager who does not deserve the money he gets. It is our fault too, we did not complain to the SEC at the time. .

ltcrstrbrt

legendary

Activity: 1582

Merit: 1057

Quote from: Qutays on December 12, 2024, 09:48:56 AM

Hello,

No payments have been made yet and we do not have a set date of distribution; our goal now is to pay in January. Communication will be sent with the amount of your distribution payment prior to the funds being released.

Kind regards,

KCC Class Action Services LLC

Fund Administrator

They were going to make the payment at the beginning of January, now it's January. This is a really annoying situation, everyone, please write an e-mail, claim your rights, the fund manager does not comply with the payment plan, complain to the SEC if necessary

"end of the year, early January, January...." strange uhh? they think we are idiots..

Qutays

newbie

Activity: 6

Merit: 2

Hello,

No payments have been made yet and we do not have a set date of distribution; our goal now is to pay in January. Communication will be sent with the amount of your distribution payment prior to the funds being released.

Kind regards,

KCC Class Action Services LLC

Fund Administrator

They were going to make the payment at the beginning of January, now it's January. This is a really annoying situation, everyone, please write an e-mail, claim your rights, the fund manager does not comply with the payment plan, complain to the SEC if necessary

P4ndoraBox

sr. member

Activity: 711

Merit: 250

Hmm... sure I'm not happy with that decision from the fund administrator, but if it can gives the 2024 year interest, maybe it's a good thing.

Qutays

newbie

Activity: 6

Merit: 2

Quote from: allyouracid on December 07, 2024, 10:58:32 AM

Quote from: Qutays on November 30, 2024, 03:25:53 PM

They first said they would pay in the middle of the year, then they brought it forward to the end of the year, now they say early January, they are extending the process and extending it, when the commission gives an order, the escrow account is transferred by the commission staff within 1 day, this is the SEC rule,

The fund admin is an incompetent and slow-moving lawyer, unfortunately he is very unlucky in this regard, as I said, if you send an e-mail, they will realize their own mistakes and act faster.

I know people who calculate the payroll of 20,000 personnel in 3 days, they could not complete the same number of applications for years, despite being so slow, they receive 250 thousand dollars.

Re: or the problem is that they put the money on interest for 3-month periods, they cannot withdraw the money put on interest, this process will be completed at the end of December, so the escrow account will be accessible from January 1,

But in this case, it is very amateur, you are the unit that manages the big banks, if they are making this delay because of interest, I say kudos to you.

We can assume all kinds of things... that said, I'm not really familiar with the SEC and its inner workings. But if what you describe is considered normal, then I really wonder why they are somehow unable to do their work as they're expected to. I think I will compile yet another email, asking for the reasons for yet another delay. Tbh that is something I got really annoyed by: yes, you get replies to your emails written by an actual human, and yes, they "answer" your questions. But they always do it in a way which leaves this feeling that I know nothing new after reading. It's always the most general replies you can give, nothing concrete, no dates, no reasons, only "we have no updates, you will get notified if anything changes and we can't tell you when or is due." And no official updates whatsoever over very long periods. When I remember that their first email went straight to everybody's spam folder, I can only wonder...

I learn the update explanations from the SEC website,
They actually need to share these updates with us, for example, it is written on the SEC website that the payment approval was given on November 26.
But the fund manager is running the process very ridiculously, so I recommend that you constantly write complaint letters from the SEC website and e-mail.
The normal process will be completed in 10 business days next week, we should receive money next week, this order is written in the payment plan, I am waiting with curiosity to see what the fund manager will do.
The lawyer fee they charge is approximately 300,000 dollars, if they gave me half of it, I would complete these payments in 1 month, not 2 years.

https://www.sec.gov/enforcement-litigation/distributions-for-harmed-investors/matter-poloniex-llc-admin-proc-file-no-3-20455

allyouracid

legendary

Activity: 2328

Merit: 1292

Encrypted Money, Baby!

Quote from: Qutays on November 30, 2024, 03:25:53 PM

They first said they would pay in the middle of the year, then they brought it forward to the end of the year, now they say early January, they are extending the process and extending it, when the commission gives an order, the escrow account is transferred by the commission staff within 1 day, this is the SEC rule,

The fund admin is an incompetent and slow-moving lawyer, unfortunately he is very unlucky in this regard, as I said, if you send an e-mail, they will realize their own mistakes and act faster.

I know people who calculate the payroll of 20,000 personnel in 3 days, they could not complete the same number of applications for years, despite being so slow, they receive 250 thousand dollars.

Re: or the problem is that they put the money on interest for 3-month periods, they cannot withdraw the money put on interest, this process will be completed at the end of December, so the escrow account will be accessible from January 1,

But in this case, it is very amateur, you are the unit that manages the big banks, if they are making this delay because of interest, I say kudos to you.

We can assume all kinds of things... that said, I'm not really familiar with the SEC and its inner workings. But if what you describe is considered normal, then I really wonder why they are somehow unable to do their work as they're expected to. I think I will compile yet another email, asking for the reasons for yet another delay. Tbh that is something I got really annoyed by: yes, you get replies to your emails written by an actual human, and yes, they "answer" your questions. But they always do it in a way which leaves this feeling that I know nothing new after reading. It's always the most general replies you can give, nothing concrete, no dates, no reasons, only "we have no updates, you will get notified if anything changes and we can't tell you when or is due." And no official updates whatsoever over very long periods. When I remember that their first email went straight to everybody's spam folder, I can only wonder...

calligrapher

sr. member

Activity: 546

Merit: 256

I don't know what to say.

I want money as soon as I can because of the market sentiment.

There are a lot of opportunities around. The market is going crazy nowadays.

ltcrstrbrt

legendary

Activity: 1582

Merit: 1057

Quote from: Qutays on November 30, 2024, 03:25:53 PM

Re: or the problem is that they put the money on interest for 3-month periods, they cannot withdraw the money put on interest, this process will be completed at the end of December, so the escrow account will be accessible from January 1,

But in this case, it is very amateur, you are the unit that manages the big banks, if they are making this delay because of interest, I say kudos to you.

Yeahhh but few months ago they said "end of the year", how to say end of the year when you know that funds are locked until end of December?

Qutays

newbie

Activity: 6

Merit: 2

They first said they would pay in the middle of the year, then they brought it forward to the end of the year, now they say early January, they are extending the process and extending it, when the commission gives an order, the escrow account is transferred by the commission staff within 1 day, this is the SEC rule,

The fund admin is an incompetent and slow-moving lawyer, unfortunately he is very unlucky in this regard, as I said, if you send an e-mail, they will realize their own mistakes and act faster.

I know people who calculate the payroll of 20,000 personnel in 3 days, they could not complete the same number of applications for years, despite being so slow, they receive 250 thousand dollars.

Re: or the problem is that they put the money on interest for 3-month periods, they cannot withdraw the money put on interest, this process will be completed at the end of December, so the escrow account will be accessible from January 1,

But in this case, it is very amateur, you are the unit that manages the big banks, if they are making this delay because of interest, I say kudos to you.

ltcrstrbrt

legendary

Activity: 1582

Merit: 1057

Quote from: allyouracid on November 30, 2024, 12:24:14 PM

So, from what I understand, the release of the funds has just happened with the update from a couple days ago (edit: seems not, just the instruction to release, right?). And the documents state that they will make payments within ten days, which, according to the quoted reply above, has now become "within ~30-40 days"?
Yes, it sucks and I'd prefer earlier rather than later, too. But imagine sending 5 million dollars in transactions between 9 and (I'm guessing here) 50.000 dollars. Since the lower end usually has the most users, it's very likely a fuckload of payments to make. I would not wanna be responsible for that, let alone plan this around the other everyday business stuff or actually sending the funds to each and every user.
My impression (from former communication, their oldish website, their mails sometimes gotten flagged as spam etc), I doubt that they have an automated implementation of the process where they press the "send funds to all users" button and all is done in an instant. So for now, I suggest to not mass spam their mailboxes. Maybe someone ask "wen lazy dev giebs money for muh femeleh" (maybe better phrasing than mine here) and then we might get a reply without further delaying the process with mails which have little chance of success to finish this earlier.

The payments are made via bank transfer ( wire, online digital etc and check ...) the process is automated .. all the payments are done in few seconds once the bank have the list of all claimants ... so are the fund administrator incompetent ? probably they can t handle the situation ..but wait ..there was more than one year to prepare for this... I dont think the funds are released yet... because if the funds are released into escrow account they have 10 days to make these payments...

allyouracid

legendary

Activity: 2328

Merit: 1292

Encrypted Money, Baby!

So, from what I understand, the release of the funds has just happened with the update from a couple days ago (edit: seems not, just the instruction to release, right?). And the documents state that they will make payments within ten days, which, according to the quoted reply above, has now become "within ~30-40 days"?
Yes, it sucks and I'd prefer earlier rather than later, too. But imagine sending 5 million dollars in transactions between 9 and (I'm guessing here) 50.000 dollars. Since the lower end usually has the most users, it's very likely a fuckload of payments to make. I would not wanna be responsible for that, let alone plan this around the other everyday business stuff or actually sending the funds to each and every user.
My impression (from former communication, their oldish website, their mails sometimes gotten flagged as spam etc), I doubt that they have an automated implementation of the process where they press the "send funds to all users" button and all is done in an instant. So for now, I suggest to not mass spam their mailboxes. Maybe someone ask "wen lazy dev giebs money for muh femeleh" (maybe better phrasing than mine here) and then we might get a reply without further delaying the process with mails which have little chance of success to finish this earlier.

ltcrstrbrt

legendary

Activity: 1582

Merit: 1057

Quote from: Diacorus on November 30, 2024, 11:49:00 AM

PLAN OF DISTRIBUTION

Article

66. Upon The Fund Administrator will then use its best efforts to commence mailing
Distribution Payment checks and/or effect payments within ten (10) business days of the release
of the funds into the Escrow Account. All efforts will be coordinated to limit the time between
the Escrow Account’s receipt of the funds and the issuance of Distribution Payments.

How do we know if they are making their "best efforts"?

The problem is not with these 10 days....(probably they can handle that deadline ) the problem is time when they will release the funds into escrow account... anyway i sent them an email already... holidays are coming and they're delaying for no reason...

Diacorus

newbie

Activity: 6

Merit: 0

PLAN OF DISTRIBUTION

Article

66. Upon The Fund Administrator will then use its best efforts to commence mailing
Distribution Payment checks and/or effect payments within ten (10) business days of the release
of the funds into the Escrow Account. All efforts will be coordinated to limit the time between
the Escrow Account’s receipt of the funds and the issuance of Distribution Payments.

How do we know if they are making their "best efforts"?

ltcrstrbrt

legendary

Activity: 1582

Merit: 1057

Quote from: Qutays on November 30, 2024, 10:07:08 AM

Everyone, please write an e-mail to the fund admin and state that they do not comply with the rules,

They have turned the process into child's play, they can make payments in one day if they want, they are dragging the business downhill.

Normally, the payment plan says that the money should be deposited at the beginning of December, but they are again making things worse.

I agree!! we should send them emails .... End of the year is now early January.... Lets ask them what's happening there...

Qutays

newbie

Activity: 6

Merit: 2

Everyone, please write an e-mail to the fund admin and state that they do not comply with the rules,

They have turned the process into child's play, they can make payments in one day if they want, they are dragging the business downhill.

Normally, the payment plan says that the money should be deposited at the beginning of December, but they are again making things worse.

calligrapher

sr. member

Activity: 546

Merit: 256

"No payments have been made yet and we do not have a set date of distribution; our goal is to pay in early January. Communication will be sent with the amount of your distribution payment prior to the funds being released."

So we may expect our distribution in early January.

ltcrstrbrt

legendary

Activity: 1582

Merit: 1057

Quote from: allyouracid on November 28, 2024, 06:06:48 PM

Quote from: ltcrstrbrt on November 28, 2024, 11:49:48 AM

The question is what is happen with the remaining funds...hope I m not wrong but I read somewhere that those funds will be distributed among eligible claimants ...again, hope Im not wrong...

I think I've read somewhere that aside from interest (thanks for the explanations FairFundEnjoyer and Qutays... turns out the math is much simpler than I expected; it was just late last night and I forgot about the total fund size, but with that in mind, it's pretty obvious), we can not expect more than our personal claim's amount if there is any residual money. I fed my local Quivr installation with the court documents and when I asked it this very question, it more or less confirmed that and it said that getting paid more is generally unlikely because the purpose is to make harmed users whole again, not to turn in a profit. Leftover money normally goes back to the treasury.

But keep in mind that this information comes from an AI, and while it sounds like it makes sense, it can just as well be wrong, generally or in this particular case.

Yeahh I thing that reasonable interest it could be a little bit more than we expect .... anyway, they have 10 days to distribute the funds... still no email from them...

Topic: Poloniex Fair Fund notice (Read 1900 times)