BTC-E to Repay 45% of Account Balances as ‘BTE Tokens’

BTC-e has announced that 45% of the exchange’s account balances have been seized by US authorities, and that customers will be repaid in ‘BTE tokens’.

Also Read: After FBI Takedown: BTC-e Exchange Says They Still Possess Databases and Wallets

BTC-e Will Distribute 45% of Account Holdings as BTE Tokens

BTC-e has revealed that it is in possession of 55% percent of its customers’ funds, according to a post on bitcointalk.org (English translation posted here).

BTC-e states that “over the past 14 days, we have been struggling for your funds, [and have] managed to gain control of 55% of the funds… the remaining 45% are arrested funds, most in fiat.”

BTC-e Plans to Distribute BTE Tokens During Late August

The post outlines a tentative plan for its distribution of BTE tokens, with an approximate starting date of late August. ”BTC-e claims to be “negotiating with a group of investors… about buying and prompt launch of the service and repaying debts to customers.”

“All liabilities for fiat (USD, EUR, RUR) will be transferred to BTE tokens (1 BTE is 1 USD) at the exchange rate on the date of conversion. Probably… [an] ICO will be held on BTE tokens… If you have on the balance the amount in [cryptocurrency], then you will be written off 45% of the balance of coins and credited with 45% of BTE (1 BTE is 1 USD). At the exchange rate on the day of conversion.”

BTC-e adds that “the investment company works in compliance with KYC, AML and the licenses required for this activity, so all users will need to undergo verification.”

What do you think of BTC-e’s plan to repay its customers’ seized funds in the form of ‘BTE tokens’? Share your thoughts in the comments section below!


Image courtesy of Shutterstock


Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.

  • That ICO could go freaking huge.

    • Frutiv Academy

      This whole ico thing is getting out of hand, its now becoming a criminal game to rip people off

  • angreeee .

    The governments specialize and are good in one thing only – stealing people’s money.

  • Frutiv Academy

    Let imagine a situation where the criminally government eventually realease the withheld money, lets say 2month after the token distribution, what would then happen to the money ? Is this a case of actually surrendering peoples hard earn money to some government ? Something is just basically wrong with this whole setup, there are too many people toying with others peoples money

  • That’s the most novel ICO I’ve ever heard of!

  • What if some traders/investors are not familiar with how ICOs work? How are they going to get their monies back ?

    If the ICO is successful, this could be a good move, but if the ICO fails, then we loose again !

  • Stabilus

    Well this is really more bad than giod news. Firstly I was hoping to recupe 100% of my funds and not 45%. Then why should I be paid out in a stupid token nobody wants and has to dump to exchange for what I really want – my bitcoins? Then if fiat were caught by the fbi why should my coins be affected for which supposedly the wallets and database are intact? Also, how am i supposed to approach the fbi and claim the remaining funds from what they caught? Then what haooens to the 10% that lie between 100% – 45% supposedly caught -45% they are oayung back? We re missing 10%! And who is going to contril the process? Who confirms that 45% were caught by the fbi. The fbi will claim they caught 10% or so. If there was no scam intended by btce before this is the moment now we the traders get scammed. After this pay out of 45% of sime silly tokens btce are goung ti ckaim they paid out what they could calling the case setled. The fbi will pay nothing certainly not the balance. Btce makes the cut in the middle. Not happy about this development. Anybody have a suggrstion on how to proceed?

  • Like a scene out of the Matrix. Is it the real BTC-e? Come verify and find out. I know the steak isn’t real. I don’t want to know..Just get me back in the Matrix…another thing, I don’t what to remember a thing. Poor translation from educated Russians, think about it…

  • Stabilus

    And one more thing: what happens to the forked off coins bitcoin cash? We are supposed to get equal amount of them. No mention – again scammed out of fork.

  • BTC-e customers should form consortia to confiscate US government assets representing the value of what was stolen plus reasonable costs and damages.

  • Daniel Schneider

    I read the article and it seems that people are missing the idea here. 55% of your funds will be returned. 45% of your funds will be given to you in the form of BTCe. It’s difficult to determine the value of BTCe other than they are saying each one represents 1usd, which means it’s going to be worth less than $1 until the debt is payable (by BTC-e). So you are potentially getting back up to 100% of your funds, but if the market only values the debt initially at 30% and you sell it, you will have 0.55 + 0.45 *0.3 = 0.685 or 68.5% of your previous funds. If the market values BTCe more than $1, than BTC-e would have to advise that this token would accrue interest (or profit-sharing), and I’m not sure they are going to do that.

  • Daniel Kifarkis

    ffs. I had $5k in there.

  • Sang Kang

    The logic here is that BTC-e is stating everyone has lost their funds due to some illegal transaction that took place. My funds are all legit and have never been part of any illegal transaction. BTC-e needs to return the funds as they are and not altered in any way, if US government took the money, BTC-e needs to get it back to from the Government with proof of legality of these funds the government took.