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!

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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.