News BTC-e Publishes a Roadmap for Debt Settlement, Plans to...

BTC-e Publishes a Roadmap for Debt Settlement, Plans to Relaunch Under a New Name


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BTC-e Publishes a Roadmap for Debt Settlement, Plans to Relaunch Under a New Name

Representatives for the trouble-plagued cryptocurrency exchange BTC-e have published a roadmap that describes settlement of its debts.

The post on Bitcointalk (as translated from Russian) reads:

“1. Over the past 14 days, we have been struggling for your funds, managed to gain control of 55% of the funds (depending on the exchange rate), the rest 45% are seized, mostly in fiat. As the attachment is lifted from the accounts, the amount will decrease.

2. How we see the settlement of the situation:
2.1. Working under the current BTC-e brand is no longer possible due to the unresolved problems with the US Treasury financial task force.
2.2. Currently we’re negotiating the purchase and launch of a service with the group of investors (an investment company), as well as debt settlement. Please find the detailed description of debt settlement below.
2.3. When we transfer all balances to the investment company they will be reassessed.
2.4. The reassessment procedure for 55% of assets:
2.4.1. All fiat obligations (USD, EUR, RUR) will be converted to BTE (1 BTE = 1 USD) as of the date of exchange. We’ll probably hold an ICO for BTE to settle the debt more promptly.
2.4.2. If you have coins on your balance, 45% of them will be debited, and 45% of BTE will be transacted to you (at the exchange rate on the day of exchange).
2.4.3. If you have BTE on your account, you’ll be credited 45% in coins (in 7 different coins, namely BTC, LTC, NMC, NVC, PPC, ETH, DSH), and 45% will be debited in BTE.
2.4.4. As a result, all users will be able to withdraw 55% of their assets from the system.
2.5. The investment company complies with KYC and AML regulations, as well as all required licenses, therefore all users will have to be verified.
2.6. The procedure will be launched in late August.
3. All debt obligations will be closed with operative income of the investment company as well as with the assets we plan to win by court action from those who illegally seized them.
The obligations will be settled by purchasing BTE tokens from the market.”

The exchange’s representatives say they’ll be informing the community on the procedure of accessing balance data and the date when withdrawal of funds will become possible. They have also assured the customers that all reserve funds will be used to pay out the debt.

“We officially announce that all assets from the reserve fund, including our entire revenue, have been transferred to settle the debt.”

The comments come after BTC-e, one of the longest-running cryptocurrency exchanges, was shuttered by U.S. authorities last month. In its previous statement BTC-e said its data center had been raided by the FBI on July 25, during which time the agency “seized all equipment, the servers contained databases and purses of our service.”

Earlier, the US Securities and Exchange Commission announced it was seeking $110 mln from BTC-e for flouting anti-money laundering rules.

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