Please follow https://twitter.com/coinexpw to get all the latest status updates.

I am going to finish audit code for withdrawals so it will check all transactions to ensure the balance is not bugged before allowing to withdraw anything.
Also got to buy some more bitcoins to replenish the exchange's wallet so we can resume withdrawals as well.

All the bitcoin balances are corrected to their right value now.
Withdrawals still suspended until further notice, I am working hard to get this going.

There was a place at our code which missed an addition database integrity check. So when the load went high, it was unable to update the database properly and this led to a bug where one could cancel his order multiple times and get BTCs refunded to his account multiple times. So that thief occasionally discovered this and used it to generate a big fake BTC balance which allowed him to withdraw all the BTC in the exchange's wallet and also to buy up alot of other coins. So he withdrew 22.5 BTC and bought up around 40BTC worth of other coins. Still investigating how much of those he was able to withdraw. This takes alot of work to reapply all trades on all user balances to verify balances integrity.

I am working hard on it and will get trade engine back online as soon as I verify that all the balances are correct. This is likely to happen today. On the other side, withdrawals are still suspended since exchange wallet is mostly empty anyway.
We've raised around 4BTC in donations and I go all in with my 7BTC which I was able to gather selling my holds. That amount is still way less than sum of exchange accounts balances so enabling withdrawals right now will lead to getting it empty quite fast. I'm going to re-enable withdrawals at a point where we will run less than 25% BTCs short guessing that some people won't withdraw their coins right away.

I will keep you posted on the status of all this. There is also a twitter account @coinexpw where I post updates and link to posts in this thread to keep people up to speed in this situation.

Sincerely yours,
- erundook

Okay another update on this situation.
Total calculated loss is way over 20BTC.
That account withdrew 22.5 BTC in total, and when exchange was out of BTC he used his fake balance to buy alot of ZET.
After reviewing all logs, exchange is running short for ~66 BTC.
Donations barely covered that, so I'm now making a deal with an investor who wishes to buy a share of the exchange.
I will use funds gained from that to cover the loss and resume the service.

Thus, I presume it could take a little more than 24hrs (though we're trying to make this deal as soon as possible).
Please give us some more time to fix all the mess and resume the operation.

i second this. we can't be sure who was it and if funds will not get returned we will start an official case at NYPD and that's their job
to trace him down.
i'm not sure how did they get that info and i kindly ask to remove the picture at least.

are you serious? how did you get that name?

Just started another topic for fundraising:

https://bitcointalk.org/index.php?topic=281662.new#new

Hey folks. Our exchange had a problem last night which is well described here:
https://bitcointalk.org/index.php?topic=265277.msg3010940#msg3010940

So I've started this topic to ask for donations to help the exchange to cover the loss.
donation address is 1BQSEnH1LjjWxUeW4n6biF1tPW3LFVkYzG

if you decide to donate, please let me know your coinex account email id with pm.
anyone who donated 0.5 BTC or more will get zero fees at coinex for life.


thanks for your understanding
- erundook

all withdrawals except BTC were enabled

hopefully within 24hrs

i have set up a twitter account @coinexpw to post updates on the exchange status

yep it was traced down to the time warner cable ISP

I have reached the ISP of the person who did steal those coins. Also sent him an email that if he won't return coins in 24hrs I will contact NYPD to send a subpoena to that ISP and start an official investigation.
He should know that stealing bitcoins is a crime and people get jailed for that (like Pirateat40: https://en.bitcoin.it/wiki/Pirateat40 ).
I will post updates on this case here.

just started the exchange back. btc withdrawals are suspended until later today or early tomorrow when i'l fill the wallet back with funds.

if you find your account balance messed up please send me an email at support@coinex.pw with all the details you can provide

that's right. i've pushed a code which had a bug last night which allowed one bad person to steal 20btc from coinex. i am currently checking database integrity and will put exchange back online as soon as i'm done.
as you all know this is labeled a beta so there was a risk of thing like this to happen.

all bitcoins lost in this is my fault and i admit that. i will cover this loss with my own funds and i'd kindly ask people to donate few btcs to help me with that.
donation address is 1BQSEnH1LjjWxUeW4n6biF1tPW3LFVkYzG

if you decide to donate, please let me know your coinex account email id with pm.
anyone who donated 0.5 btc or more will get zero fees at coinex for life.

thanks for your understanding
- erundook

EDIT: people asked for LTC donation address. here it is LY8vsCqF6r4B1ycJ5hHVuphvxdSsJwURzP

exchange will be back soon, recovering the database backup to fix all the mess happened overnight

IMPORTANT: BTC withdrawals has been suspended as one user with email bitflip@nycap.rr.com was somehow able to empty out our hot wallet. I am investigating the issue right now, and will try to resolve this as soon as possible.

    {
        "account" : "",
        "address" : "13hz7roAW9eHGFxACt2njj9SFg832fQ3EZ",
        "category" : "send",
        "amount" : -20.00000000,
        "fee" : 0.00000000,
        "confirmations" : 5,
        "blockhash" : "000000000000002e608895ba5f357ef6db54c54869f74a47df92e731c4a71287",
        "blockindex" : 5,
        "blocktime" : 1377493214,
        "txid" : "4881fe7056c4f9bb57092506d9a10d107adf455f5ceaae7b66bd33d1148e6e9d",
        "time" : 1377493199,
        "timereceived" : 1377493199
    },

it's beta yet, will get better with time.

fixed now.