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.
Topic: Poloniex Fair Fund notice (Read 1470 times)
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.
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.
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.
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... 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.
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.
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.
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"?
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"?
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... 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.
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.
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.
"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.
So we may expect our distribution in early January.
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.
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.
I have good news for you, the commission approved the payment, the total payment is $4,584,409.75, since the total amount does not exceed the budget, everyone will receive 100% + 5% = 105% total payment,
Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Thank you very much, I appreciate it a lot.
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 have good news for you, the commission approved the payment, the total payment is $4,584,409.75, since the total amount does not exceed the budget, everyone will receive 100% + 5% = 105% total payment,
Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Nice! Thanks kind stranger who likely only registered to deliver this great piece of news. Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Gotta admit, I'm not used to so much good news in such a short period of time... After well over a decade of field training in "if it sounds too good to be true...", it almost feels wrong that something just works out in crypto, and it doesn't just work out, no, it works out very well, exceptionally well even, considering Xmas 🎄🎁 is right around the corner and all that.
Anyway. Praise the Fund Admin. Praise! \o/
Edit: re:105% - where did you get the info that the fund's size exceeds the total $ amount of claims? I think I've read the PDF (lol), but couldn't find any details in it regarding that. Just wanna make sure I didn't overlook anything because lawyer speak isn't my native language and English is neither, so these kinda of documents are sometimes a pain to read.
But it really seems to only mention that the transfer of the 4.58kk was authorized...
Let's do the math: The Commission ordered the Respondent to pay $8,484,313.99 in disgorgement, $403,995.12 in prejudgment interest, and a $1,500,000.00 civil money penalty to the Commission.
Total: 10.388.000 $
Adding compound interest to this money according to years
2021 - 2022 interest rate 3% 10,388,000 *103/100=10,699,000
2022 - 2023 interest rate 5% 10,699,000 *105/100=11,234,000
2023 - 2024 interest rate 5% 11,234,000 *105/100=11,796,000
Total amount to be in the bank with interest: $11,796,000
Let's subtract the expenses Lawyer's fee: 11,796,000 - 215,459.05 = $11,580,000
Lawyers fee document: https://www.sec.gov/files/litigation/admin/2024/34-99517.pdf
The amount of $11,580,000 is much more than the amount to be paid to individuals and since it exceeds it, everyone will receive 100% payment + reasonable interest.
I initially wrote 105% but it is actually around 114%. The interest rate for 3 years is around 14% with compound interest.
I think I explained it in an understandable way, I did the calculations as it is written in the payment plan.
It says that the payments will be made within 10 business days after they are transferred to the escrow account.
I have good news for you, the commission approved the payment, the total payment is $4,584,409.75, since the total amount does not exceed the budget, everyone will receive 100% + 5% = 105% total payment,
Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Nice! Thanks kind stranger who likely only registered to deliver this great piece of news. Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Gotta admit, I'm not used to so much good news in such a short period of time... After well over a decade of field training in "if it sounds too good to be true...", it almost feels wrong that something just works out in crypto, and it doesn't just work out, no, it works out very well, exceptionally well even, considering Xmas 🎄🎁 is right around the corner and all that.
Anyway. Praise the Fund Admin. Praise! \o/
Edit: re:105% - where did you get the info that the fund's size exceeds the total $ amount of claims? I think I've read the PDF (lol), but couldn't find any details in it regarding that. Just wanna make sure I didn't overlook anything because lawyer speak isn't my native language and English is neither, so these kinda of documents are sometimes a pain to read.
But it really seems to only mention that the transfer of the 4.58kk was authorized...
Assuming this transfer of $4,584,409.75 out of the allocated ~$10m is to cover ALL claimants... then the total amount does not exceed the budget.
I have good news for you, the commission approved the payment, the total payment is $4,584,409.75, since the total amount does not exceed the budget, everyone will receive 100% + 5% = 105% total payment,
Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Nice! Thanks kind stranger who likely only registered to deliver this great piece of news. Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Gotta admit, I'm not used to so much good news in such a short period of time... After well over a decade of field training in "if it sounds too good to be true...", it almost feels wrong that something just works out in crypto, and it doesn't just work out, no, it works out very well, exceptionally well even, considering Xmas 🎄🎁 is right around the corner and all that.
Anyway. Praise the Fund Admin. Praise! \o/
Edit: re:105% - where did you get the info that the fund's size exceeds the total $ amount of claims? I think I've read the PDF (lol), but couldn't find any details in it regarding that. Just wanna make sure I didn't overlook anything because lawyer speak isn't my native language and English is neither, so these kinda of documents are sometimes a pain to read.
But it really seems to only mention that the transfer of the 4.58kk was authorized...
I have good news for you, the commission approved the payment, the total payment is $4,584,409.75, since the total amount does not exceed the budget, everyone will receive 100% + 5% = 105% total payment,
Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
Good luck to everyone,
Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf
I think the payment will be made within 10 days.
50-90%? don't forget about rate interest....
Quote
my guess was more in the ballpark of 1-5% of our actual claims. So even 40% would be a very welcome pay.
1-5% ? come on!!! There was an investigation, they( SEC) made some math! and after that they concluded what amount must be paid by Poloniex....
So, anyone has some news ?
Yes and no. I wrote them and they told me there was no update (so the news is, there is no news lol), but they are planning to send payments around the end of this year and we will get notified if there is any update. Jump to: