The EminiFX Receiver has secured court-approval to sell off 3680 BTC.

The vast majority of the bitcoin (3658 BTC), was
recovered from CoinPayments
in November.

The Receiver filed an application top sell off the bitcoin on December 9th.

Since October, the estate has received over 3,680 Bitcoin (BTC) valued at over $60 million, as well as additional digital assets valued at around $50,000.

The Receiver believes it is in the best interest of the estate to sell the estate’s cryptocurrency in a managed process.

The proposed “managed process” would see the Receive rsell of 500 BTC every fortnight. This would take place over four months, with the aim of

minimiz(ing) the market impact on selling these assets, reduc(ing) the impact of the price volatility of Bitcoin on the estate, and lessen(ing) the potential downside risk of holding cryptocurrency for an extended period of time.

As part of the approval process, EminiFX investors were given the opportunity to provide feedback.

Between December 9th and December 21st, the EminiFX Receivership received “over a thousand emails from 930 unique email addresses”.

The majority of emails (744) were a form template or variation thereof. The form was provided to investors through a Telegram group run by EminiFX’s top net-winners.

As you’d expect, the form template was the usual refusal to acknowledge EminiFX was a Ponzi scheme and complaints about the Receivership.

The scammers running the EminiFX Telegram group have a vested interest in thwarting EminiFX regulatory proceedings. Unfortunately they continue to feed investors misinformation.

Other feedback from investors bemoaned bitcoin tanking from ~$40,000 to ~$17,000 as of December 2022.

Bitcoin price is down. Not a good time to sell.,We will loose millions. [sic]

One common proposal put forth was not selling the bitcoin, with the aim of eventually making distribution payments in bitcoin itself.

I would like to request to the Receiver and the Federal Government to allow investors or those who chooses to, to receive their investments back as bitcoin digital currency as it once was when It was received by Eminifx.

On December 22nd, the CFTC filed a reply in support of the Receiver’s application.

Tthe Commission’s investigation determined that EminiFX customers and potential customers were told, prior to the customers’ making deposits, that they would receive guaranteed returns of at least 5% “every single week” on their contributions.

Therefore, customers contributed funds to EminiFX after representations that they were making a safe investment and that their money would not be at risk.

The Commission did not uncover evidence that customers were told that their money would be held in volatile digital assets that could potentially lose much or all of their value.

Because customers contributed to EminiFX after being told that their money would be safe, the Commission supports placing estate assets into a safe investment vehicle until they can be

🤖 Quick Answer

What authorization has the EminiFX Receiver obtained regarding Bitcoin sales?
The EminiFX Receiver secured court approval to sell 3,680 Bitcoin recovered from the estate. The majority of these bitcoins were recovered from CoinPayments in November, with the estate receiving digital assets valued at approximately $60 million.

What is the proposed strategy for selling the recovered Bitcoin?
The Receiver plans a managed selling process of 500 BTC every two weeks over four months. This approach aims to minimize market impact, reduce price volatility effects on the estate, and ensure controlled liquidation of cryptocurrency assets.

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