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Topic: Poloniex Fair Fund notice (Read 2693 times)

newbie
Activity: 1
Merit: 0
January 27, 2025, 06:12:24 PM
My two friends still did not get payment. Both accounts are from Turkey and both uses ISBANK (local Turkish bank).
Anyone from Turkey especially using ISBANK please, can you give information about your status?
?
Activity: -
Merit: -
January 27, 2025, 09:15:32 AM
Hey guys, thanks for making this thread -- it kept me sane while awaiting the funds. I got a check for $21.5k + about $5k in interest, took about 10 days to process at JP Morgan's establishment. I was heavily addicted to Poloniex back in the day, and turned 1 BTC into 40 BTC in about 1 years time trading big movers like XRP and BCH. After Poloniex shut down and the bear market of 2018, I have been in a debt spiral that this blessing has finally helped me see my way out of. Cheers to the good times and memories Polo.
legendary
Activity: 2340
Merit: 1292
Encrypted Money, Baby!
January 16, 2025, 04:02:33 AM
Lol, which bank?
DKB, Deutsche Kreditbank. Back in the days, there were stories about them randomly closing accounts interfering with bank accounts tied to cryptocurrencies, and since I have my main bank account with them where my salary et al goes, I sometimes tend to be proactive in such matters, even though I really hate that since it's none of their business really, and it feels a bit like anticiipatory obedience on my end. But what I hate even more is having a randomly closed bank account and dealing with the inevitable aftermath when the payments to those who managed to secured a slice of my monthly pie don't go through, anymore. As we say here in .de, "Einen Tod muss man sterben" ("pick your poison"). Grin

tl;dr: DKB.
legendary
Activity: 1582
Merit: 1057
January 14, 2025, 11:06:19 AM
Some two hours ago, I had the idea to write to my bank and tell them about the incoming transfer from across the lake, adding the link to sec.gov articles + the KCC website, so they see it's "something official". And just now, I checked my bank account and boom, it's there. Paid ~1.0285 USD → EUR conversion rate, which I guess is okay. So that's it, waiting is over and the fund did its thing, proving that sometimes, you can find real treasures in the junk (folder of your email account). Cool.
Lol, which bank?
legendary
Activity: 2340
Merit: 1292
Encrypted Money, Baby!
January 14, 2025, 09:34:05 AM
Some two hours ago, I had the idea to write to my bank and tell them about the incoming transfer from across the lake, adding the link to sec.gov articles + the KCC website, so they see it's "something official". And just now, I checked my bank account and boom, it's there. Paid ~1.0285 USD → EUR conversion rate, which I guess is okay. So that's it, waiting is over and the fund did its thing, proving that sometimes, you can find real treasures in the junk (folder of your email account). Cool.
newbie
Activity: 4
Merit: 0
January 14, 2025, 06:23:58 AM
When exactly did you receive that email? Because I received mine before the weekend already, and I'm wondering if that email is actually sent when the payment is initiated or if we all received it at the same time.
Btw, mine was in spam folder, again.

Email(yes arrived on spam) and funds came on same day 10.01.2025
newbie
Activity: 66
Merit: 0
January 14, 2025, 04:02:59 AM
Fontas lol madness days.... do you remember the troll box on Poloniex?  it was so funny ...
I forgot about Bluetrade and Crptopia..
2012 was my starting year in crypto also.

At that time, on Poloniex there was  only  few trading pairs vs btc.. like ltc and novacoin
Yea I do remember. Was mostly in the BTC-e trollbox though, casually on Polo, too. It sure was funny, but at some point, I disabled it because it interfered in a not so beneficial way with my onsite gambling Grin

Still didn't receive funds. Might be because I'm at the end of the list, or because DKB bank somehow forgot how to do fast transfers. Even Euro withdrawals from Kraken (which used to be near instant in 90% of times) now take up to 3 days if you initiate a withdrawal on, say, Friday evening... and I was hoping that the days where banks hold our nonsense fiat money ransom just to create friction in the process were over, what a naive thing to think ^^

Are they still with January 14th or did they extend the sending period, does anyone know?

this is the answer I received
"Hello,

 

If you have not received the payment by January 28, 2025, as explained in the Distribution Notice, please respond to this email with your claim number & current payment instructions and we will re-attempt payment if necessary.

 

Kind regards,

 

KCC Class Action Services LLC

Fund Administrator"   
newbie
Activity: 87
Merit: 0
January 13, 2025, 11:58:29 PM
When exactly did you receive that email? Because I received mine before the weekend already, and I'm wondering if that email is actually sent when the payment is initiated or if we all received it at the same time.
Btw, mine was in spam folder, again.
I received it at 11.01 on Saturday and the money was deposited into my bank account at 13.01 but it is still pending at the bank.
legendary
Activity: 2340
Merit: 1292
Encrypted Money, Baby!
January 13, 2025, 07:42:40 PM
When exactly did you receive that email? Because I received mine before the weekend already, and I'm wondering if that email is actually sent when the payment is initiated or if we all received it at the same time.
Btw, mine was in spam folder, again.
newbie
Activity: 4
Merit: 0
January 13, 2025, 06:49:15 PM
Here is official email receiived among the payment:

Wire Amount: $xxxx.xx
Percent of this amount that is interest: 25.14%
Claim Number: xxxxx
Website: poloniexfairfund.com

Dear xxx xxx

KCC Class Action Services (“KCC”) was appointed by the U.S. Securities and Exchange Commission (the “Commission”) to serve as Fund Administrator of the Fair Fund established in the Administrative Proceeding File no. 3-20454 (the “Poloniex Fair Fund”). In the Order issued in the Administrative Proceeding (the “Order”), the Commission found that Poloniex operated a digital asset trading platform that meets the definition of an “exchange” under the federal securities laws but did not register as a national securities exchange nor operate pursuant to an exemption from registration at any time, in violation of Section 5 of the Securities Exchange Act of 1934. The Poloniex Fair Fund consists of disgorgement, pre-judgment interest, and civil money penalty paid by Poloniex, LLC pursuant to the Order aggregating to $10,388,309.10, plus earnings thereon. On January 31, 2023, the Commission approved a plan for the distribution of the Poloniex Fair Fund (the “Plan”); you can learn more about, and download copies of, the Order and the Plan at poloniexfairfund.com.

This email serves as your Notice of Distribution regarding your submission to the Poloniex Fair Fund. Distribution Payments will be released via wire transfer on a rolling basis between January 8 – 14, 2025, to the bank account we have on file. However, it may take time for your bank to process and credit the payment to your account. If you have not received the Distribution Payment by January 28, 2025, please contact us to inquire about the status of your payment.

This distribution has been calculated pursuant to the Plan. The Fund Administrator is distributing the Poloniex Fair Fund to Payees who paid fees to transact in certain Crypto Assets on the Poloniex trading platform between August 1, 2017 through November 30, 2019, inclusive. Since the Net Available Fair Fund exceeds the amount necessary to compensate all Eligible Claimants for their Recognized Losses, reasonable interest has been added to the Distribution Payment to compensate for the time value of each Eligible Claimant’s respective Recognized Losses. This interest was calculated according to Exhibit A (Plan of Allocation) of the Plan.

The Tax Statement at Appendix A below is for informational purposes only. The tax treatment of the distribution is the responsibility of the Payee; please consult your tax advisor to determine the tax implications of this Distribution Payment.

Please note, any rejected or returned wires must be reissued within 120 days of the original payment date. If your payment instructions have changed and you did not receive the wire sent to you, you must inform us on or before May 7, 2025 by emailing us at [email protected].

The Distribution Payment is solely for the benefit of the Payee (as defined in the Plan), and the Commission retains jurisdiction over these funds and their distribution. Only the Payee is authorized to receive the wire payment; payment instructions cannot be provided for another person’s account.

If you have any questions, please direct these to Fund Administrator, KCC, at [email protected].

Very truly yours,

KCC – Fund Administrator
Website: poloniexfairfund.com

Appendix A: Tax Statement

The wire payment represents a Distribution Payment from Poloniex Fair Fund established by the U.S. Securities and Exchange Commission (the “Commission”) in Poloniex, LLC, (“Poloniex”) Administrative Proceeding File no. 3-20454 (Aug. 9, 2021). The Distribution Payment was calculated pursuant to the Plan of Distribution approved by the Commission. Please promptly verify receipt of the wire payment. If your wire was rejected, you will forfeit your Distribution Payment if updated payment instructions are not received by May 7, 2025.

The Fair Fund is a “Qualified Settlement Fund” (“QSF”) as defined in Section 468B(g) of the Internal Revenue Code, 26 U.S.C. Section 468B(g), as amended, and U.S. Treas. Reg. Sec. 1.468B-1 et seq. The distribution is intended to compensate you for losses incurred with respect to your investment with the Respondent, as a result of the conduct described in the Commission’s Administrative Proceedings. The Commission approved a distribution plan that contains an allocable share of interest. Each of these components (hereinafter, “Losses” and “Interest”) has different tax consequences, discussed below.

Losses. Generally, the Losses component of the distribution is not income to you to the extent of your basis in your investment. However, you must reduce your basis by the amount of the Losses component. If the Losses component of the distribution exceeds your tax basis in your investment, then the excess is includable in your income as capital gain. Any such capital gain is long-term capital gain unless you disposed of your investment before holding it for longer than one year. If you do not have reasonable access to records indicating the tax basis of your investment, then you may assume that your tax basis is zero and that the entire Losses component of the distribution is includable in your income as capital gain. The QSF is not required to – and will not – issue a Form 1099 to you with respect to the Losses component of the distribution.

Interest Component. The interest component – which comprises 25.14% of the distribution to you– constitutes taxable interest income to you; however, you will only receive a Form 1099-INT if the distribution contains $600 or more of such interest. Under certain circumstances, the interest component may have been subject to 24% backup withholding (as well as state withholding, as applicable). To the extent that the interest component is subject to such withholding, it will be reflected on the Form 1099-INT that will be issued to you (as well as any related state forms, as applicable). If you are, or are presumed to be, a nonresident alien of the U.S. (“NRA”), or a payee subject to withholding under the Foreign Account Tax Compliance Act (“FATCA”), you may receive Form 1042-S with respect to the interest component of the distribution. The interest component may also have been subject to 30% NRA withholding or 30% FATCA withholding under certain circumstances, which has been remitted to the IRS on your behalf (if applicable). To the extent the interest component is subject to such withholding, it will be reflected on the Form 1042-S that will be issued to you in the first quarter of the year subsequent to the year you receive a distribution payment.

IRA, QRP, or Other Tax Deferred Vehicle. If you held your investment(s) in an individual retirement account (“IRA”), qualified retirement plan (“QRP”), or other tax deferred vehicle, the wire has, or should have, been directed to the trustee or custodian of your IRA or QRP. If you have mistakenly directed this payment to an account that is not an IRA or QRP, please contact the IRA/QRP custodian. Caution: If the wire is sent to any account other than an account eligible to receive it, it may be subject to income tax and a 10% penalty.

Please note that the Commission, the Fund Administrator, and the Tax Administrator cannot provide tax advice to Payees. The information contained herein is being provided for informational purposes only to assist you in determining the United States (“U.S.”) federal income tax consequences of the Distribution Payment if you are a citizen or resident of the U.S. The tax consequences of the Distribution Payment may vary depending on your individual circumstances. Except as provided above, the information provided herein may not be applicable if you are a nonresident alien of the U.S. or a FATCA-subject payee and it does not address the alternative minimum tax provisions of federal tax law, state, local and non-U.S. tax rules, or the effect of possible changes in laws. THE INFORMATION CONTAINED HEREIN IS NOT AND SHOULD NOT BE RELIED UPON AS TAX ADVICE. CONSULT YOUR TAX ADVISOR WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF THE DISTRIBUTION PAYMENT TO YOU.
legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
January 13, 2025, 05:57:47 PM
Got a paper check from this today. USA based if anyone is really keeping track of it.
Shrug, not enough to buy dinner for still better then nothing.

Makes you wonder what the final totals will be for who lost what.

-Dave
legendary
Activity: 2340
Merit: 1292
Encrypted Money, Baby!
January 13, 2025, 05:11:46 PM
Fontas lol madness days.... do you remember the troll box on Poloniex?  it was so funny ...
I forgot about Bluetrade and Crptopia..
2012 was my starting year in crypto also.

At that time, on Poloniex there was  only  few trading pairs vs btc.. like ltc and novacoin
Yea I do remember. Was mostly in the BTC-e trollbox though, casually on Polo, too. It sure was funny, but at some point, I disabled it because it interfered in a not so beneficial way with my onsite gambling Grin

Still didn't receive funds. Might be because I'm at the end of the list, or because DKB bank somehow forgot how to do fast transfers. Even Euro withdrawals from Kraken (which used to be near instant in 90% of times) now take up to 3 days if you initiate a withdrawal on, say, Friday evening... and I was hoping that the days where banks hold our nonsense fiat money ransom just to create friction in the process were over, what a naive thing to think ^^

Are they still with January 14th or did they extend the sending period, does anyone know?
newbie
Activity: 87
Merit: 0
January 13, 2025, 01:17:10 PM
Is there anyone else from Turkey waiting for payment? Was it directly transferred to the bank account of the friends who bought it? I received an e-mail regarding the payment amount on 11.01.25 but it has not been directly reflected in the account yet.

Me and a friend received payment. We use GARANTI Bank. Another 2 friends did not get the payment yet. Their bank accounts are ISBANK. I think it may be bank related.
I understand, yes, I think there is a problem with the bank. If you receive the payment, please write to me.
newbie
Activity: 1
Merit: 0
January 13, 2025, 01:12:35 PM
Is there anyone else from Turkey waiting for payment? Was it directly transferred to the bank account of the friends who bought it? I received an e-mail regarding the payment amount on 11.01.25 but it has not been directly reflected in the account yet.

Me and a friend received payment. We use GARANTI Bank. Another 2 friends did not get the payment yet. Their bank accounts are ISBANK. I think it may be bank related.
newbie
Activity: 87
Merit: 0
January 13, 2025, 12:10:11 PM
Is there anyone else from Turkey waiting for payment? Was it directly transferred to the bank account of the friends who bought it? I received an e-mail regarding the payment amount on 11.01.25 but it has not been directly reflected in the account yet.
newbie
Activity: 66
Merit: 0
January 13, 2025, 12:06:50 PM
I haven't received the payment yet. Considering that my bank has changed the correspondent bank, I don’t know if I will receive the payment. I hope they will contact me if there are problems sending the payment. Just in case, I wrote to their email that my bank had changed the correspondent bank
legendary
Activity: 1582
Merit: 1057
January 13, 2025, 11:34:06 AM
English please!
newbie
Activity: 7
Merit: 0
January 13, 2025, 02:41:11 AM
Finally received it too, EUR account so got a lil scammed there by my bank, but no biggie.

Was an honor riding with you guys
legendary
Activity: 1582
Merit: 1057
January 11, 2025, 10:32:03 AM
Never used Vircurex and LocalBitcoins because they were not popular here. But I started on bitcoin.de in 2012 and after the birth of shitcoins and, later on, the ever growing Altcoin Seasons, I also used Cryptsy, Bittrex and Polo. Never forget Tristan's boss move of dumping Polo on Justin Sun's sorry ass, right at the top. The best trade of all, even though it was obvious that this would mark the beginn of Polo's downfall, quickly followed by Bittrex who imo became a casualty of an ever growing arrogance towards their users.
Still remember the fontas pumps on BTC-e. Man, this guy taught me my first lesson. 20 BTC taken, poof, gone.Then chat moderator bumface created his own shitcoin which wasn't even traded on BTC-e. What a time. I feel I was quite a bit younger, back then, lol

But "a good percent", that's a good chunk, well worth waiting for. 👍


  Fontas lol madness days.... do you remember the troll box on Poloniex?  it was so funny ...
I forgot about Bluetrade and Crptopia..
2012 was my starting year in crypto also.

At that time, on Poloniex there was  only  few trading pairs vs btc.. like ltc and novacoin
legendary
Activity: 2340
Merit: 1292
Encrypted Money, Baby!
January 11, 2025, 05:14:58 AM
In that period of time, Poloniex and Bittrex was  the main trading platform for me...Firstly I used MTgox and then Cryptsy and BTC-E ( all of them went wrong lol)
I had a good percent from overall fund amount....

PS: I forgot about Vircurex and LocalBitcoins ..what time!
Never used Vircurex and LocalBitcoins because they were not popular here. But I started on bitcoin.de in 2012 and after the birth of shitcoins and, later on, the ever growing Altcoin Seasons, I also used Cryptsy, Bittrex and Polo. Never forget Tristan's boss move of dumping Polo on Justin Sun's sorry ass, right at the top. The best trade of all, even though it was obvious that this would mark the beginn of Polo's downfall, quickly followed by Bittrex who imo became a casualty of an ever growing arrogance towards their users.
Still remember the fontas pumps on BTC-e. Man, this guy taught me my first lesson. 20 BTC taken, poof, gone.Then chat moderator bumface created his own shitcoin which wasn't even traded on BTC-e. What a time. I feel I was quite a bit younger, back then, lol

But "a good percent", that's a good chunk, well worth waiting for. 👍
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