EminiFX, Inc. Receivership

EminiFX, Inc. Receivership

Case Number: 22-03822 (VEC)

Southern District of New York

User Portal – Detailed Instructions

This page contains detailed instructions on how to use the updated User Portal. You can also view a video recorded by the Receiver online at https://youtu.be/7cZ06NjSeuA.

Most importantly, the Receiver needs you to enter your Payment Information, or any distribution owed to you will be delayed.  You can also use the User Portal to update your Contact Information.

If you have any Disputed Transactions, you can also use the User Portal to work with the Receiver’s team to resolve those.  Please scroll down for detailed instructions on next steps, including how to communicate with the Receiver using the Portal Messaging system.

A small number of Users will see a red Review Hold banner at the top of their User Portal page.  This is uncommon, but if you do have a Review Hold banner, the Receiver will reach out to you with further instructions.

Please note that the Court has not yet approved the Receiver’s Proposed Plan.  Any discussion of Claims and classification under the Proposed Plan are subject to change.

Contact Information

If your contact information needs to be updated and is not correct, please click “Change My Contact Information” to make corrections.  Maintaining a correct email address is critical as that is the primary way the Receiver will communicate with you.

Claim Status

The “Claim Status” section will tell you the amount of your total deposits and withdrawals.  It will also show you whether any of your transactions are disputed.  

  • Green Banner (No Disputes) – This indicates all of your transactions are accepted and verified. Nothing further is required for you to verify your transactions, but you must provide payment information and ensure your contact information is correct.

  • Red Banner (Disputed Transactions) – This indicates that the Receiver has disputed one or more of your transactions. Your response to these disputes is needed. You can respond to each disputed transaction in your Updated Transaction Log (see below).

You can also use the “one click” option to accept the Receiver’s determinations. This will immediately accept the Receiver’s listed deposit and withdrawal amounts and resolve all disputes on your account. To do that, click the “Accept All” button at the bottom of the “Claim Status” section in your User Portal. If you then hit “Confirm,” your status will update to Green.

Even though your transactions are disputed, you must still provide payment information, so that it is current in the event that you are entitled to a distribution.

  • Blue Banner (No Transactions) – This means you have no transactions in your updated portal, and there is nothing further for you to do at this time.

The “Claim Status” section in the User Portal will also tell you which Class you are in under the Receiver’s Proposed Plan.

Payment and Distribution Information

You can use this section of the User Portal to provide your payment information. There is a pull-down option to select different electronic payment methods (including direct bank deposit, PayPal, Venmo, and others) or payment by check.

Electronic payment options are recommended, but the Receiver can also send paper checks to U.S. addresses. The Receiver cannot send checks to a non-U.S. address.

If you hold a lien on a User’s distribution or are a beneficiary of a deceased User, you must complete and submit the appropriate form, which can be found HERE. Please email EminiFX@stretto.com for further information about how to submit your lien or beneficiary form.

Updated Transaction Log

The updated transaction log will show your verified and disputed transactions. Transactions that are verified will show a “Verified” status. A disputed transaction will show as “Disputed,” and the reason for the dispute will appear under “Basis for Dispute.”

The Receiver’s determination is shown in the “Receiver Determination Amount” column. That may be zero or may be a different amount than the “User Amount,” which is the amount you provided. All amounts are stated in U.S. Dollars.

You may accept or object to the Receiver’s determination for a disputed transaction by using the button provided for each disputed transaction.

If you have questions about what you see under “Basis for Dispute,” the different categories of disputes are listed below, along with directions on what to do next.

  • No Dispute

What it means:

The Receiver agrees with you about the nature and amount of the transaction. This may be because you verified the transaction as originally reflected on your portal (whether you submitted or not) or because the Receiver has agreed to a change/addition that you made while the Portal was open.

Additional deposits that the Receiver may have added to your transaction log based on a further review of the records, or if the Receiver has credited you with a higher deposit amount based on the records, are automatically deemed verified.

What to do next:

Nothing further is needed for a transaction labeled “No Dispute.” The transaction is already verified.

  • Insufficient Documentation

What it means:

The documentation you submitted was not enough to allow the Receiver to confirm changes you made to a transaction.

What to do next:

If the disputed transaction is a CoinPayments deposit, the best information to provide is typically an email from CoinPayments.net with a confirmation of your transaction. That confirmation generally contains a long string of letters and numbers beginning with “CP,” which is the transaction ID that will assist the Receiver in locating your deposit. Any other document that has a transaction ID or wallet ID for the deposit into EminiFX will also be useful.

If the disputed transaction is a bank deposit, the best information to provide is typically a deposit slip, wire confirmation or some other type of bank record that shows the funds that were actually deposited to an EminiFX account.

If you gave funds in some other way, do not have relevant documentation, or would like to provide additional detail, you can also respond using the communications system on the User Portal. Please note that responses will not be instantaneous, but we will review and respond to all communications received.

  • Seeking ROI/Bonuses

What it means:

Based on the documents submitted, the Receiver believes you are requesting credit for Return on Investment (ROI) or bonuses given by EminiFX. The Receiver’s Proposed Plan does not recognize ROI and bonuses. This includes payments made via “ewallet.”

What to do next:

If you have documentation that you are NOT seeking ROI or bonuses, you can provide that information on the User Portal. We expect this will be highly unlikely, and we encourage all User who submitted transactions seeking ROI and Bonuses to accept the Receiver’s determination in order to expedite any distribution if the User is otherwise eligible.

  • Inter User Dispute

What it means:

The Receiver believes that your transaction reflects one of the following. Either, (1) you are claiming an internal transfer from another User; or (2) you are claiming that another User made a deposit into their EminiFX account on your behalf. However, the other User has not agreed that a deposit should be reflected on your account or asked to re-assign a deposit to you. The Receiver’s Proposed Plan does not recognize internal transfers or disputes among Users regarding ownership of a particular deposit.

What to do next:

To resolve this dispute, we have created a tool on the User Portal that allows Users to reassign all or part of their verified deposit transactions to another member to resolve a disputed transaction. Only verified deposits can be re-assigned. Please read the section titled, “Deposit Reassignment Request” below, for additional information. This tool will only be available until November 15, 2024. However, the other member must choose to initiate a reassignment. We encourage you to reach out to the other User to ask that User to reassign all or part of their verified deposit to you.

  • Allowed in Different Amount

What it means:

While the Receiver was able to validate your transaction, the documentation you submitted did not support the amount of the transaction as claimed.

What to do next:

If you have additional documentation to support the higher amount, you can submit it through the User Portal. Please remember that the Receiver is not giving credit for ROI or bonuses. If you combined multiple deposits into one deposit entry, please identify each of the separate deposits. See “Insufficient Documentation,” above, for examples of helpful documents.

  • Withdrawal Completed

What it means:

You disputed that you made or received a withdrawal from EminiFX. As a general rule, the Receiver cannot accept members denying the receipt of withdrawals. The Receiver has a high degree of confidence in the attribution of withdrawals, the vast majority of which are on-chain Bitcoin transactions, meaning we can verify them on the public blockchain.

What to do next:

If you would like to be provided with the Bitcoin public keys of the wallets that received your withdrawals, we can provide those to you, which may assist you in securing the funds from those wallets if you have not already done so. Please send a message to the Receiver’s team using the communication system on the User Portal at http://portal.eminifxreceivership.com. Please note that responses will not be instantaneous, but we will review and respond to all communications received.

  • Different Owner of Transactions [Username]

What it means:

The Receiver has determined that a transaction that you have claimed on your log, actually belongs to a different User. The username of the User who owns the transaction will be noted next to the dispute status in your User Portal page.

What to do next:

As noted, the Receiver’s Plan does not resolve disputes between Users. You may seek the consent of the other User whose username appears in connection with this dispute, and that User can re-assign some or all of a verified deposit to you using the re-assignment tool described under “Inter User Dispute,” above. If the other User does not agree to re-assign the transaction to you, the Receiver will be unable to resolve this dispute.

  • Duplicate Transaction

What it means:

You have added a transaction that already appears as a verified transaction on your transaction log or you submitted the same transaction more than once.

What to do next:

If you have documentation to support the addition of a separate transaction, different from that appearing on your User Portal, you can submit it through the User Portal. See “Insufficient Documentation,” above, for examples of helpful documents.

  • Transaction Not Completed

What it means:

The records in the Receiver’s possession show that the transaction you added was not completed. The Receiver has records from CoinPayments that show if a transaction was completed or not. It is possible that you initiated a transaction, but never completed it by providing all of the required funds.

What to do next:

If you have additional documentation to show that the transaction was in fact completed, you can submit it. An email from CoinPayments stating that the transaction was completed (not the email advising on how to complete your transaction) will be most useful.

  • Mis-Assigned

What it means:

While the Receiver’s initial attribution of transactions to EminiFX Users was over 99.9% accurate, there are some circumstances in which a transaction was attributed to a User that in fact belonged to another User.

What to do next:

If the affected transaction did in fact belong to another User, then we recommend that you accept the Receiver’s determination with respect to such transaction, and we will handle ensuring that the other User receives credit for their transaction.

If you claim that the affected transaction did in fact belong to you, then please provide an explanation and additional documentation on the User Portal.

  • Outside Date Range

What it means:

EminiFX was not operating on the date of your added transaction. The Receiver understands that mistakes may have been made in entering the date of the Transaction and made all efforts to look for transactions that may have been accidentally added outside of the date range (e.g., if you had input December 2, 2022, after EminiFX was no longer operating, the Receiver still looked for matching transactions on December 2, 2021, when it was operating).

What to do next:

If you have documentation showing a transaction date during EminiFX’s period of operation, you can submit it. See “Insufficient Documentation,” above, for examples of helpful documents.

  • Transaction in Duplicate Account

What it means:

This applies to Users that have more than one account, such as a “New User” account in addition to an existing account. The transaction already appears under the other account you maintained with EminiFX. You may see this dispute applied to transactions on the “New User” account because the Receiver has identified another User account matching your personal information that contains an identical transaction.

What to do next:

This objection means that you will receive credit for the same transaction, but in connection with a different User account. If you cannot access your other User account, please reach out Receiver’s team using the communication system on the User Portal at http://portal.eminifxreceivership.com (you may have already received a message about merging your added and existing account). If you wish to continue to assert that the transaction is a separate transaction, you may submit additional documentation. See “Insufficient Documentation,” above, for examples of helpful documents.

Deposit Reassignment Request

As noted, the Receiver cannot recognize internal transfers within EminiFX, or transfers outside of EminiFX, without the involved Users’ consent to reassign a verified deposit. If you made an internal transfer to another User when EminiFX was in operation (which is not being recognized) or made a deposit on behalf of another User that appears on your transaction log, you have the option to resolve the issue by transferring some or all of a verified deposit on your transaction log to a different User through the “Deposit Reassignment Request” tool.

The Reassignment Tool will be available until November 15, 2024.

To use the tool, select a verified deposit from pulldown bar titled “Select Verified Deposit,” and then choose the User who should receive the deposit, and in what amount. Please note you will need a User’s EminiFX username to request a transfer to that User.

The Receiver will review and evaluate each reassignment request made using this tool. Users should expect to receive a response from the Receiver within one week from when the reassignment request was submitted.

Account Merge

This can be used to combine multiple EminiFX accounts into one. This may be appropriate where you have two or more EminiFX accounts. The Receiver will review these requests as submitted. Please allow up to one week for a response.

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Should you have any questions, that are not covered here or on the User Portal, please contact Stretto via email at EminiFX@stretto.com or by calling the case information line at 855-228-3721 (toll-free) and 1-949-407-5078 (international).