Bitcoin Forum

Let's try to map how many LTC we have frozen in Vircurex and post when and how much has been unfrozen.

When we get information about people having funds unfrozen, we can make better guesses about when others will have their funds unfrozen.

More info about the frozen funds here.
https://bitcointalk.org/index.php?topic=49383.msg5854634#msg5854634

-Lyddite

I should've trusted Vircurex and Kept all my coins up on their exchange for all that big interest they were offering. Not.

What kind of idiot came up with a 50% top down and 50% bottom up system?

It is a pretty simple concept even without lawyers or bankruptcy.  If the company owes 100 BTC and can today pay creditors 1 BTC it pays ALL CREDITORS 1% of their balance.  It now owes everyone 99 BTC and each individual has received 1% of what they are owed.  This continues until either the debt is paid off or the company fails.   An insolvent company paying one creditor ahead of another one (unless there was some seniority of debt) is illegal in most jurisdictions.

If losing the coins didn't prove their incompetence, then their scheme to return them certain does.   Maybe the operators should talk to legal counsel about the fraudulent conveyance act?  Creditors who believe they are in the middle (and thus most likely to receive absolutely nothing) should probable talk to a lawyer too.

This is a real tragedy.  I guess you have a slightly better chance of getting your LTC balance back than your BTC.

I don't think the freeze has happened yet, but it should go down soon.

EDIT:  Wow, I could not have been more wrong with that forecast!  Since LTC prices ticked up before the freeze I figured they might be safer, WRONG, my balance of just one LTC was frozen.  Condolences to everyone!

At the moment Vircurex has frozen all my Litecoins. This is 151 LTC.

+1 this is so stupid

some guys got all your money and i have all my 165 ltc frozen

well done vircurex

applause

http://oi57.tinypic.com/20qyu8p.jpg

all frozen here. the distribution was done to hide the real % of holdings, which I assume to be like 1%. we are screwed.


kumala should admit his mistake and restore a proportional distribution. that 50% bottom up and down is totally idiotic. how many people got something?? just those who counts nothing, and those who are too big. he basically left all those in the middle that can keep the exchange alive with a big fucking zero. I hope he reconsiders the distribution method. he needs to leave something to everybody in order for them to keep on working on his platform. otherwise it'll go down and everybody will be screwed.

I had only one, yes 1, litecoin left on Vircurex and it is frozen.  My guess is they had no litecoins at all.  Totally bogus.

I had ~1BTC and ~40LTC on there. I got the BTC back and ~200USD. The USD was 100% available to trade, the BTC was completely unfrozen but I lost all the LTC.

so there was no ltc left. looks like this is a fact now. if you had 1 ltc and it's frozen it proves the point.
.

 

   I had 2926 Litecoins in Vircurex!!    Two Thousend Nine Hundred and Twentysix    My life savings!!   :'(     :'(  I am gutted


   I can imagine that I am one of the biggest holders there... so I should get coins back because they work with the drop down method to pay everybody back. So the highest balances should get first and also the lowest balances..  but I didn't see a single coin yet....

I can't believe this!!  Vircurex had a great reputation, also I really hope they will start to work together with another exchange !!   I was a member since around end of 2011. And always suported them on forums and so on...

More than 100 frozen, not much hope of getting them back either.
This kind of thing will kill cryptocurrency, and maybe that's the ultimate objective here in view of recent events.
I see oldtimers at this forum talking about coldwallets and private keys and shit...what they don't seem to realize is that the average joe doesn't want to deal with all that.
If someone decides to try bitcoin to buy some stuff online they will use the simplest method available. They will use an Exchange and every once in a while  they will have surprises like this....and they won't come back, or maybe they will just hear about this kind of stuff and never even try it in the first place.
My will as a small time investor is to convert all that i have on other exchanges back to fiat and hide it under the mattress.
I don't see much difference between this mtgox vircurex whatever shenanigans and the corrupt establishment on the banking and financial sector....and at least there i can take some legal action or just wait for my bank manager to step out of  the office and kick is ass...

Just because you are one of the bigger holders doesnt mean you should get preference. Wow just wow.  ::)

The average joe keeps all of his money in the bank. Remember that. It is just how the markets work. You have smart ones and dumb ones.

28 and something LTC, they froze the whole balance on the account, had there 0.002 BTC, that was fully returned back after the process.

I think he was suggesting under their claimed system of 50% going to the largest holders and 50% to the smallest holders he should have been a high chance of getting something back.  The system thats claimed to be in place.

yes indeed like they claim on their site...  bottom and down rule...

by the way still not a single litecoin back... :( 

That may be...the problem is we need the average joe.
If we want mass adoption that is.

So basically, he must have only refunded people with LTC change, and maybe the single biggest LTC holder got some unfrozen. Everyone else is SOL.

How many more example of people losing coins by keeping them on an exchange do we need before people wise up?

I get it, newbs will always fall for this unless forewarned. But this is retarded. Obviously anyone who did their research would know that Vircurex was insolvent about a year ago after a supposed "hack" where they lost a lot coins.

My ltc was for sale that is why the hell it was on an exchange. How else you going to trade? 76 ltc btw.

If you have them up there temporarily to do a trade or two, that's just bad luck. Leaving them up there for months or more thinking it's The Rock of Gibraltar is what were talking about.

I learned from Bitfloor. When done trading send all crypto's back to your storage pc. I didn't leave one nickel up on Vircurex after the trading was done within a few days.

There are other exchanges that trade LTC that have a better track record than vircurex. Looks like you didn't do your homework before using vircurex otherwise you would have known they were insolvent for months.

Homework or not users got screwed and there will be always some with " i told you so" attutude.
Mtgox or vircurex would not exist if nobody used them and trusted them. If some was not affected by this due homework or whatever reason, at least stop rub them with smartass remarks - it won't help.
Have you post a thread with warning of vircurex solvency issues?
Why you as a hero member do not show or post something if you suspect this? Newbee learn on this forum and hero member voice are heard more then others! Would you cost you anything to share your homework on time? No, instead you post smartass remarks! I never used vircurex because I never need them. But if i had done my homework and had suspected this, with hero member status I would def voice my concerns!! This is even worst attitude then ''I told you so" - you did not!
What is a good exchange in your opinion nowdays to trade btc, ltc or other coins? ( no, dont answer, after such attitude I do not need any "advice" or will read your post ever again.)

[    ] understand all

[ * ] understand nothing

stop post here your stupid lessons of life plz

only in the last month exchanges with issue on their balance:

mtgox
vircurex
cryptotrade
cryptorush
poloniex
coinex
coinmarket.io

this is insane,

I'm bored of people and their life lessons.. obv only the day after

This is so true, alfa.  Anybody can be a Monday morning quarterback.  You're right, this isn't even an "I told you so" attitude because they didn't warn us ahead a time.  It's a "I didn't tell you when it could help but I'm telling you after the fact that I knew better back then" - sure you did.

I kept zero balances in all my Vircurex accounts.  When I traded, I always did it at market so I could get in and out in under an hour.  If my trade wasn't executed within an hour, I'd canceled it and transfer the funds back to my wallet.

On 3/21, I transfered Bitcoins to my account and traded them for LTC.  It required multiple trades and I had 443 LTC in my account within 45 minutes.  I literally sat by my computer until the last trade, then tried to transfer the LTC back to my wallet as soon as it showed up.  That's how I've conducted every transaction with any exchange.  I received the "pop-up" error when I tried to transfer back.  I alerted Vircurex to the problem and soon after, a post when up that they were aware of the problem and working on it.  I retried the transfer hundreds of times over the next few days using different computers, OS, and browsers - same error.

Of course, a few days later my 443 LTC are frozen and I'll never see them again.  They allowed me to deposit and trade with no forewarning they were going to seize my funds.  It's one thing to freeze a long standing account, another to accept a deposit knowing full well you plan to seize the funds and distribute them to someone else.  Vircurex resorted to stealing new desposits.  This is not bad business, this is criminal activity.

Kumala should not only be sued, he should be arrested.  

Does anyone have any personal information on this crook?

add coins-e the to list

Why you have such volume of ltc stored on an exchange?

Kumala's lie about funding the loss from his own pockets has hurt a lot of people.

I've been pretty angry regarding what Kumala did but now I'm just heartbroken.  All I did was move some coins into Vircurex to trade them in late March and couldn't get them back.  Kumala claimed there was a technical error he was fixing but then he froze (stole) them.  He promised to make up his losses without affecting user accounts then went back on his word.  He claimed he was fixing a technical withdrawal issue and stole those funds too.  That second lie costs me a lot of money and heartache.  Here's why:

My autistic son will be graduating from high school in June.  It has been such a long journey for us and we are very proud he has made it.  My wife and I asked him what he wanted as a graduation gift and he said he'd like a cruise to Alaska.  Normally we could never afford that trip but I had enough cryptocurrency to just swing it.  I tried to trade the coins on Vircurex so I could monetize them.  Instead, Kumala stole them from me.  I've tried everything to get him to return them and he won't even respond to me.  Monday, I saw Kumala unfroze .00026808 LTC of my total of 450 LTCs.  I guess I was fooling myself thinking somehow I may get my coins but now I know I won't.  My wife recently cancelled our trip and today I told my son we can't go because someone stole the money. He was heartbroken and I was humiliated.  I'm now selling all of my mining equipment in the hope of raising some cash for a more modest trip.

I don't need sympathy and I certainly don't need people telling me it's my own fault for trading on Vircurex.  I just want people to know (especially Kumala) that what he did had real consequences for people.  Does Kumala realize when he steals people's coins it could effect their lives? 

I'm beyond upset now.  I'm heartbroken that he could be so callous as to steal people's wealth with no regard to how he is hurting them.

Looks like Vircurex has stolen some of my litecoins. I'm surprised this hasn't gotten more attention.

It was a calculated risk on my part. Its one of the oldest exchanges and so I had some faith in them and took a calculated risk so I could do some trading.

It was hardly my life savings, but it still pisses me off.

My friend:   256 LTC .... frozen.   Ignoring emails from him requesting unfreeze.

-B-

You mean your frozen balance has decreased and is still frozen?

-B-

How about no. I'll post how I see fit on a public forum.

Entitlement mentality = fail ...in this thread.

Especially if you believe if you had a bigger balance that you should get your coins first.

scam exchange imo.

they just stole your LTC. thats how it is :(
btc - the most 'unknown' yet most 'legit' exchange is still up.
i trust tchem more than those 'new' things.

Remember; KUMALA never told HOW and WHEN he lost 100k ltc over the 25k that were already missing in 2013.

Total missing ltc: 125k NOW!

Maybe I'm looking at this too simplistically but it seems to me that if they continue to be in business, they are continuing to generate some revenue, and there's every reason to believe they are slowly (at least ABLE to be) paying people back and unlocking funds. 

As long as this exchange stays online, something must be happening.   What is happening?

The lack of communication is the most unsettling. If he was honestly robbed - which is possible - the thing to do would be to pay everyone back a percentage on a regular basis. He should have weekly if not daily updates. He could ask for help.

The lack of communication generally means the BTC is gone.

That really leaves only ONE exchange that's been around since 2011 - BTCe. Its amazing that almost the entire first generation of exchanges all ended up folding - usually with their depositor's BTC.

Well given that it has been three months and I have gotten .000000000 of my whopping 1 LTC back I'm thinking they are not making much progress on paying people back from their "profits."

I was really surprised by this default, I figured they had learned from some of their earlier mishaps.  I was wrong.

I also agree, no excuse for no communication or regular updates on how much has been paid back, etc.

Again, condolences to all who are out coins.

you are in good company. 0.00000000 ltc paid back of my superwhopping 1000+ missing on vircurex

Remember; KUMALA never told HOW and WHEN he lost 100k ltc over the 25k that were already missing in 2013.

Total missing ltc as of last report: 125k !

It's looking pretty bad for Vircurex. Volumes are beyond dead. I fear they will be forced to shut down long before they can pay out. Personally, I have nothing left on there. I took a massive haircut on the value of my holdings when the initial announcement was made.

about 15-20 LTC here :-\ 0 unfrozen so far. No news since start of May(or is there anything new?)

REMEMBER: Kumala never told WHEN and HOW he lost these 100k ltc in 2014. (only 25k ltc were missing in 2013).

Kumala, answer to the community of depositors: where are those 100k ltc? who got them and when?

unfrozen 0.02LTC till now, fucker

I'm impressed you got even that!  I'm still at 0.0!

It really is a shame Vircurex was one of the first exchanges.  I still have my devcoins there! :P

They never developed to improve anything there though, executing trades was terrible.  Only thing they did was add or remove coins.  Glad i didnt get burned on this one was very close but gox got me so in the end you always get screwed at least once before you learn the hard way.

Please anyone information about Vircurex !!??   

I have well over 200.000 us$ stuck in there !!! please anyone !!!

I have over 30 LTC frozen there. That's over $2000 right now.

For anyone not aware, this is the first US class action related to vircurex that I've seen papers for:

https://www.courthousenews.com/wp-content/uploads/2018/01/Shaw-Vircurex-COMPLAINT.pdf

The lead lawyer has experience:

https://www.zlk.com/attorneys/donald-j-enright

And my 199 LTC remain pristinely frozen. I bought in 2013, before every available exchange fell over.

So based on my skim of this thread, one person here has received 0.2 LTC, and that's about it?

I don't have hundreds or thousands of LTC frozen like some people, but I'd still like my funds. I've never received any part of the payouts. Not a single Litoshi.

I just logged in today. I have 345 frozen but there was 1.15 LTC available to withdraw. The withdraw was crazy fast to my Trezor. Those 1.15 were never there to withdraw,  have checked it before although I haven’t checked it n the last year. Still got a grip of money in there....around 30k.

Wow, lucky you. :)

Your message gave me hope, but alas, my modest LTC balance remains 100% frozen. Not even 0.00000001 LTC returned.

Wow, I was reading your post history because I am actively looking for a developer to take BQC over and make it look shiny again. Then I logged into Vicurex. Looks like I left some coin behind, forgot about it. Thanks for the heads up! Though I was unable to w/d my 0.025 BTC. I guess I will need to keep trying.

Edit:
Converted it to DOGE at an increase of market value, was able to withdraw DOGE.