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.
Topic: Poloniex Fair Fund notice - page 2. (Read 1607 times)
50-90%? don't forget about rate interest....
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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.
So, anyone has some news ?
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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....
As stated above, the fund is not 1.5m, it is 10.4m.
I asked about this and got this e-mail from them:
"Communication will be sent prior to distribution with the exact amount you are to receive. If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund."
And if payments are planned for the coming months, then this is like Christmas, birthday and Altcoin Season all at once
Edit, there probably isn't an option to receive the payment in Bitcoin at 2017 - 2019 prices...? 😂😂😂
As stated above, the fund is not 1.5m, it is 10.4m.
I asked about this and got this e-mail from them:
"Communication will be sent prior to distribution with the exact amount you are to receive. If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund."
So we may get %150 as well. We don't know what will be the final amount.
"Allocation of Funds: If the Net Available Fair Fund, as defined in the Plan, is equal to or exceeds the sum of Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its Recognized Loss, plus “Reasonable Interest” if applicable. If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund (and no Reasonable Interest). In either case, the distribution amount will be subject to the “Minimum Distribution Amount.” Reasonable Interest: If the Net Available Fair Fund exceeds that necessary to pay all Eligible Claimants his, her, or its Recognized Losses, the Fund Administrator, in consultation with the Commission staff, may include reasonable interest in the distribution amount to compensate Eligible Claimants for the time value of his, her, or its respective Recognized Losses. Reasonable Interest will be calculated using the Short-term Applicable Federal Rate plus three percent (3%), compounded quarterly from the end of the Relevant Period through the approximate date of the disbursement of the funds. If there are insufficient funds to pay Reasonable Interest in full to all Eligible Claimants, each Eligible Claimant’s Reasonable Interest amount will be his, her or its Pro Rata Percent of the excess funds. "
So it's about Short-term Applicable Federal Rate plus three percent (3%)
As stated above, the fund is not 1.5m, it is 10.4m.
I asked about this and got this e-mail from them:
"Communication will be sent prior to distribution with the exact amount you are to receive. If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund."
So we may get %150 as well. We don't know what will be the final amount.
As stated above, the fund is not 1.5m, it is 10.4m.
I asked about this and got this e-mail from them:
"Communication will be sent prior to distribution with the exact amount you are to receive. If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund."
As stated above, the fund is not 1.5m, it is 10.4m.
I asked about this and got this e-mail from them:
"Communication will be sent prior to distribution with the exact amount you are to receive. If the Net Available Fair Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percent” of the Net Available Fair Fund."
The Fair Fund includes the $10,388,309.10 paid by the Respondent. The assets of the
Fair Fund are subject to the continuing jurisdiction and control of the Commission. The Fair
Fund and has been deposited in a Commission-designated account at the U.S. Department of the
Treasury, and any interest accrued will be added to, and become part of, the Fair Fund.
As stated above, the fund is not 1.5m, it is 10.4m.
Fair Fund are subject to the continuing jurisdiction and control of the Commission. The Fair
Fund and has been deposited in a Commission-designated account at the U.S. Department of the
Treasury, and any interest accrued will be added to, and become part of, the Fair Fund.
As stated above, the fund is not 1.5m, it is 10.4m.
In your first notification email which you got from them, you have all the info ( including "Recognized Loss" amount in USD).e
This year is no way to get these funds ... maybe next year ... most probably.
Yes, the initial mail had all the information. But the amount stated there is most likely not the amount we'll receive. With the fund being, what was it again, 1.4m? If the claims amount to, say 14 million, then everybody will only receive 10% of the amount stated in the mail.This year is no way to get these funds ... maybe next year ... most probably.
And now that the time frame to register a claim is over, they should have that information and at least be able to give a rough idea for what we can expect.
I was happy to think that we will get the exact same amount stated as "recognized loss".
Why do you think it will be 10% of the recognized loss? Due to the fund amount? Because 1.5m is not the whole fund. It is civil money penalty.
Any precise date? End of the year...
The amount may face changes ( and don't forget about IRS tax)
The amount may face changes ( and don't forget about IRS tax)
Thats great news that we finally have some info. Any precise date? And any info if the amount will be the same as the one in the email we received or smaller/greater?
The payment distribution will take place at the end of the year. Currently they are preparing for the upcoming distribution.
(From official source)
Anyone have any updates? Correct me if I am wrong, but apparently the Admin has been waiting for some goofballs to cure their deficiencies for almost a year now?
They said it would be paid in the middle of the year, we have passed the middle of the year and still no payment has been made, the lawyers cannot do their job properly, it took almost 1.5 years for the files to be examined. I think this is a small company that cannot do justice to the legal fees they charge. I can't understand how SEC assigns duties to these lawyers. If it was a company that did its job properly, the plaintiffs would have already been paid.
its not about the company it self, it s about the country.... just ask a US resident how things works in their country....
They said it would be paid in the middle of the year, we have passed the middle of the year and still no payment has been made, the lawyers cannot do their job properly, it took almost 1.5 years for the files to be examined. I think this is a small company that cannot do justice to the legal fees they charge. I can't understand how SEC assigns duties to these lawyers. If it was a company that did its job properly, the plaintiffs would have already been paid.
I just received an email about 2 days ago stating that the "Final Status Notice" of my submission to be "Valid", so what now?
Just wait and relax..now your request as a claimant is valid....
I just received an email about 2 days ago stating that the "Final Status Notice" of my submission to be "Valid", so what now?
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