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RE: BTC-E's Server Wallet just sent 485,000 ETH... It receieved 2 cents of ETH, withdrew 2 cents of ETH, then sent $99,000,000 of ETH(485K ETH). Are we losing our coins?

in #bitcoin5 years ago

I had over 7 ether on BTC-e and I kept it there because it was much easier to switch between fiat (USD) and crypto and they only charged a 0.2% fee.

I recall seeing the buy volume and sell volume being between $80 and 90 million during the day. This means they traded the entire volume of BTC over. What's just as concerning about the loss of the ETH is the amount of people who had USD and real money on the site. Combine the volume of BTC, LTC, and other coins, you could easily say the site hosted upwards of $1 billion. If they only took 0.2% of what was on the site, they could easily pay off the fines they are being charged for in this money laundering charge.


Okay, I realize my math is wrong. For Vinnik to pay his fines ($100M) it would take 1%. Who knows what Vinnik truly gained if he truly was involved in the laundering of MT Gox funds.

So they probably had a daily trade volume of a billion USD you are saying, and likely had tens of billions eh?

No, I'm saying there was a billion worth of cash and crypto sitting on the site in buy orders, sell orders, and idle wallets. I don't recall what their trade volumes were per day, but when the markets were volatile you'd see $100,000 buy and sell walls get knocked down in minutes. Seems reasonable to assume the coins flipped back and forth totaling $500 million a day. You actually take .4% of that since both buyer and seller pay fees. So they were gaining $2M a day minus the upkeep of the site and any security.

Vinnik will easily pay his way out of jail, unless they actually sieze his cash

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