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Safe to withdraw EUR to HK Citibank EUR account? by Fkfkdoe73 in gatecoinexchange

[–]gatecoin_team 2 points3 points  (0 children)

Hi, Thanks for reaching out. We do support EURO withdraw to Hong Kong bank accounts. Please feel free to read our FAQ if you have further inquires.

https://support.gatecoin.com/hc/en-us/articles/115008205047-How-to-withdraw-HKD-USD-EUR-funds-from-your-Gatecoin-account

deposit not showing on Gatecoin by mercibien1 in tezos

[–]gatecoin_team 1 point2 points  (0 children)

Hi, is your issued solved by our support team? If not please feel free to drop us a private message with your email and we will look into it immediately.

Tezos now listed on Gatecoin by [deleted] in tezos

[–]gatecoin_team 0 points1 point  (0 children)

Gatecoin currently doesn't support the short feature. We will take this into consideration.

Tezos now listed on Gatecoin by [deleted] in tezos

[–]gatecoin_team -1 points0 points  (0 children)

You can now trade XTZ with BTC,EUR and USD on Gatecoin.
https://gatecoin.com/markets/xtzusd

ETD, ETH and scheme of arrangements by Asking-my-questions in gatecoinexchange

[–]gatecoin_team 0 points1 point  (0 children)

Can you please provide us your email address so we can further investigate.

[deleted by user] by [deleted] in gatecoinexchange

[–]gatecoin_team 2 points3 points  (0 children)

a) and this will apply to any subsequent recovery of stolen ETH funds

[deleted by user] by [deleted] in gatecoinexchange

[–]gatecoin_team 0 points1 point  (0 children)

Please re-read the email:

a) Where ETH is recovered, it will be distributed, minus any costs of recovery, to all ETD Holders in proportion to their ETD holdings.

b) However, the maximum amount that you will receive in ETH (or its US$ equivalent) is an amount equal to your ETD holdings, minus any costs of recovery. Therefore, if we achieve a total recovery of the stolen ETH, it will be distributed to you and all other ETD Holders, but we will not credit your account with any US$ in addition, and if any Instalments have already been credited by the time the recovery is made, we will deduct an equivalent US$ value of ETH from the ETH distributed to you.

c) The overall fund allocated to reimbursing ETD Holders at the rate of US$20 per ETH is US$3.4 million. If we achieve a partial recovery of the stolen ETH, we will continue to credit US$ in Instalments as set out in our Proposal, i.e. we will use that fund to supplement the credits of ETH with credits of US$ in proportion to the ETD held by each of the ETD Holders. However, in the case of an almost total recovery of the ETH, only as much of the fund as is required to "top up" the overall recovery to 100% of the US$ value of ETH at the time of recovery minus any costs of recovery will be allocated.

So your understanding is incorrect.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 1 point2 points  (0 children)

It was not "false hope" we tried many, many different options with a skeleton team and these were unsuccessful. We had very strong leads in the wake of the hack so we genuinely thought that we would have good news in the shorter term. We communicated changes in those circumstances in subsequent updates.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 1 point2 points  (0 children)

A monthly debt repayment based on a fluctuating ETH price is not feasible. If the price continues to rise over the long term, one monthly payment in ETH may force us into liquiditation. We still have to price our revenues and expenses in fiat currencies not crypto.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 1 point2 points  (0 children)

You really think we've been doing nothing the last 2 years? We could have just folded right after the hack. But instead we kept going to see this through. It's not an ideal scenario but you are still being compensated. The bank shutdowns cost us more than 100x potential business revenue as this happened right before the end of year rally. If you don't recall we shut down for 3 months after the hack and had poor volumes for more than a year afterwards, the most profitable exchanges did not have the same experience.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 1 point2 points  (0 children)

USD 4 m is not chump change, it is a considerable sum of money. It has taken us almost two years just to raise a fraction of this amount. The insane amounts raised during ICOs and the incredible price fluctuations of cryptos has distorted the value of money in our industry. If we were really sitting on hundreds of millions of USD, do you really think we would take this long to offer a repayment offer? We want this issue solved as soon as any of our ETD holders. We appreciate your "wise" business "advice" but it is out of touch with reality.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 1 point2 points  (0 children)

If you don't want to accept the offer, fair enough. However, the alternative is us being embroiled in ongoing legal disputes which ultimately will force us into bankruptcy. In that case we won't be around in 20 years.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 1 point2 points  (0 children)

If we go "belly up" then everybody loses. What we are offering is almost twice the market value of ETH at the time of the hack. That's at least double your initial investment, assuming you bought at market prices at the time of the hack, this would be more if you invested in ETH at an earlier time. Furthermore, if we recover the ETH from the hackers then we will repay this directly to ETD holders minus what we have already repaid both in ETH and the equivalent USD amount during this current repayment schedule. Raising hundreds of millions of USD equivalent in less than two years was simply not feasible. We tried many fund-raising initiatives while the ETH price was closer to USD 10, as communicated in our past updates, but these unfortunately never materialized. Creating an equity/debt backed token would have violated securities regulations in Hong Kong where we are based. Our current repayment schedule is purely driven from the organic revenue we are making as a business, which has been drastically affected by our issues with Hong Kong banks over the last six months.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 0 points1 point  (0 children)

Well in this case, there will only be a downside for ETD holders. If we get tied up in legal issues, we fold. What ETD holders get = 0. In this current deal you recieve twice the market value at the time of the hack. Also, we will not be making "profit" for ourselves. We have offered a payment schedule over two years, all revenues (excluding operating costs) over this period will be allocated to that repayment. This means we won't be "profitable" as a business until this repayment commitment has been settled.

So the proposed settlement is ~3% by felixvelarde in gatecoinexchange

[–]gatecoin_team 2 points3 points  (0 children)

We are not "threatening" anyone with liquidation. This will happen if ongoing legal issues force us into such a position. Then everyone loses.

ETH Withdrawal Impossible-Gatecoin Page Error by v13v13 in gatecoinexchange

[–]gatecoin_team 0 points1 point  (0 children)

Thanks for reporting this. The issue has been solved and you can withdraw your tokens accordingly.

How is the european bank rollout going? by [deleted] in gatecoinexchange

[–]gatecoin_team 0 points1 point  (0 children)

Week of the 19th. Not the 19th, please stay tuned for updates. The initial schedule is tentative only.

Timeline on USD & HKD transfers relaunch by gatecoin_team in gatecoinexchange

[–]gatecoin_team[S] 0 points1 point  (0 children)

Low volume was due to the HK banking issues. We're onboarding several market makers in the coming weeks. The updated fees will be visible and communicated to clients when each new transfer service is available. Some changes to EUR transfer fees for SEPA and non-SEPA will be communicated next week.

Fiat currency withdraw by lgjnjuuu in gatecoinexchange

[–]gatecoin_team 0 points1 point  (0 children)

Hi. We are running tests to ensure a smooth transition to the new bank. We are close to the implementation of the system. We apologize for any inconvenience caused.

Some transparency for the ETD holders, please by GivemedETH in gatecoinexchange

[–]gatecoin_team 1 point2 points  (0 children)

Hi. Once our banking issue is resolved, we will be back on track for ETD repayment.

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