I am not sure why this sounds bit odd for me. But you probably haven't heard that Binance has got their office there, and they're the first exchange to receive a license from the government there.
It is true that Binance has a 'Preparatory MVP' crypto license in Dubai, but after the bankruptcy of FTX, things changed a bit and the authorities became more stringent [1], just as if you do not have a bank account in a Gulf bank, you have no choice than P2P. It is true that trading may not sound familiar, but it is good for those who do not want a lot of legal complications or why this money was transferred from your account. The shortest and best solution is ----> https://www.rain.com/[1] https://www.bloomberg.com/news/articles/2023-04-05/dubai-asks-binance-other-crypto-license-applicants-for-more-information#xj4y7vzkgOh, so that's possible after taking some approval and even got the first license. It should have been called like the first step/phase of owning a license there for exchanges. I guess Dubai is just being too careful on this one and wanting to make sure that their citizens will be in Binance's hand so they're taking more security measures and steps for asking more from Binance. And rain seems to be really the best as per checking it, hopefully OP could give some feed back. |
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Although I prefer the mempool priced around 4-6 sats/vB, I'm also happy being patient if not urgent, like most network users it seems.
I also prefer that but most likely happy to see if it will be back to 1 sat/byte. I was able to do a transaction back then and I was 1 sat/vb short with the fee that I've paid and it took a very long time before it was able to get confirmed by a miner. That sucks and I don't want that to happen again to me. Currently, the fees have gone up to 16 sat/vb - 23 sat/vb and this is quite high already and likely that it won't be back a bit anymore. If your transactions are urgent and needed to be done and needs confirmation as soon as possible, pay the priority fee if you don't want headache. This is one of the imperfections of the Bitcoin network, we should continue to bear. I believe if there is a thing that could be done, it would have been done since, and as LoyceV mentioned in an earlier reply on the OP, there's is nothing to be done, and there's nothing as scary and helpless as that. Well, this is still manageable as the highest I'd seen since this drama started again was 16sats/vb. If it's still within this limit or a bit higher, we can still continue to manage it. Yes, nothing to worry about especially those that don't rush their transactions and still not that much for those that are rushing with their transactions. I just can't remember how high it was during the hype of Bitcoin Ordinals, maybe more than 100 sats/vb was it, right or not? But this is another proof of the selfishness of the miners, they will always be in for the money not the welfare of the system. It's business as usual for a human being if there are no rules or programmed restrictions to counter their selfish desire.
I don't know if they're selfish on that, it is the network that depicts the amount of the fee and they're there actually for the fee as they won't operate without any incentive or reward as it costs them the hardware and the cost of operation. If it could be like this when the price of Bitcoin is still low, I wonder what the fees would be when activity increases next year and Bitcoin price is also higher.
During the 2021, IIRC, the fees weren't that much but hopefully it won't be as crazy as 2017. |
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First, we're all aware miners and not that halving causes their rewards to be halved or cut in half in other terms. Those that have experienced the other halving will continue to run their miners as long as it is sustainable as they'll get their expenses paid through what they mine.
If it turns out that it's no longer happening, they have an option to upgrade or just simply shut down the miners they're running. Basically, what everyone has said here is right and it's up to you on how you're going to extract all of them and how you're going to summarize the actual thing. But anyway, it's always about the adoption of the situation and no matter how many times halving we go through, there will always be those miners that will keep going on.
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Let's suppose you have a limited budget which can be used only for one of the alternatives below:
What is the best investment, in your opinion? To use this money to pay for your education, so you can conclude a superior course and achieve a higher degree, having access to a wide jobs' market, or to use that money to acquire an apartment, house or piece of land, so you can make a passive income from this?
A very tricky situation and question but if it's just me, considering the situation of the world where everything is becoming competitive. As much as I want to purchase the real estate and make an apartment out of it and because every year it appreciates, I'll still choose education. Going with the first reason, the job market has been so competitive and that's why education and degree is what many companies are going to be impressed and get you an interview. But if we're going to talk about reality, if I can take and choose both I'd take them without any hesitation and I'll look for ways to pursue education while building that apartment now because sooner or later, the materials are going to be more expensive and the same goes with the labor and contracts, so all the cost will be more than next year than of today. It brings the following question up: what is more valued in life: to be or to have?
To have, what you want to be is still not in your hands so whatever you have is what you need to take care of. Does it make someone fulfilled to have while not being or being without having anything?
Looking at those experienced people, it seem to be a fulfilling thing when achieving something is what they prioritize. So, yes. |
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That does look good as it indicates that there are more transactions and demand is increasing. Although I prefer the mempool priced around 4-6 sats/vB, I'm also happy being patient if not urgent, like most network users it seems.
I also prefer that but most likely happy to see if it will be back to 1 sat/byte. I was able to do a transaction back then and I was 1 sat/vb short with the fee that I've paid and it took a very long time before it was able to get confirmed by a miner. That sucks and I don't want that to happen again to me. Currently, the fees have gone up to 16 sat/vb - 23 sat/vb and this is quite high already and likely that it won't be back a bit anymore. If your transactions are urgent and needed to be done and needs confirmation as soon as possible, pay the priority fee if you don't want headache. |
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Other 24 hours have passed since you posted this and I hope you got paid.
I would appreciate if you could update us here because holding a such small amount ( if you run a gambling business these are less than peanuts) for already two days would really raise a red flag in my opinion. Also would be useful if you could post some screenshots or other evidences of what is going on.
I know that these folks are also patient as me. Speaking with my experience, 0x.bet has been active in exchanging emails with me about the update of my withdrawal. They've got some instructions given to me for which I can say that it was my fault for not completing those details upon registration. They're very active in giving the best support for their customers and have been sending updates from time to time about the withdrawal and I really appreciate that. They might not that active on this thread but sure with their other communication channel like email and chat support, they're very active there and all is good with my withdrawal requests. Should someone is dealing with some problems whether it's with deposits/withdrawal or any other concerns, email or chat them because they're quicker there. |
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I am not sure why this sounds bit odd for me. But you probably haven't heard that Binance has got their office there, and they're the first exchange to receive a license from the government there. Anyway, you'll be required to have some verification though and if that's what you're trying to avoid, might try the suggestions above. And it seems like you like a meet up trade but I don't think that many are going to like that setup if you can do that online, and for their personal reasons like safety although Dubai don't have that much of a problem AFAIK.
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There is no doubt that withdrawing in Bitcoin than fiat is much faster than transactions that are being done through fiat or direct to the bank. As much as possible, avoid transacting from your casino account to your bank account and vice versa. There are rules in the banks that they might have changed without prior notice like knowing where's the source of your withdrawal. You don't want another headache on it, when they've traced the transaction and it tends out that it came from a casino or from gambling source. Suddenly, you might be questioned or even suspected that you're doing money laundering since there were cases that casinos were used to launder money and that's what you're trying to avoid. Because if that happens, you'll be asked to comply with possible various documents that you may even not be able to provide.
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In the famous words of the Sith Lord: Good, good! Less bitcoins on the market. They've got tons of customers and money on their custody and they just lost it. Maybe a planned exit? or just truly negligence of its owners.
That's the sad part. I bet these people had no idea what they were buying. They watched CNBC for a while and googled how to get bitcoin easy without a risk of being hacked or scammed... so they got someone who could do it for them and... that's how they got scammed. Yes, I think that it was a scam. There's no way someone would start a bitcoin company without knowing how to create backups. That said, Karpeles changed Magic the Gathering card trading site into a bitcoin exchange and scammed everyone, so shit sure happens in this industry. Sad for those people that didn't do their due diligence that they can do what PT can do for them. Just a filling of Chapter then everything's gone, good and goodbye. This is too bullshit reason to file bankruptcy for their losses since they are custodial company which ironic to lost their keys while their service is safely manage invetors funds. Losing private key is the most convenient reason to file loss on crypto since it’s very to prove that you are lying unless polygraph test is admissible in court.
This is an exit plan and probably this coin will sleep in there for a long time untile the issue cool down while solving everything using the bankruptcy funds.
Hard to believe, right? They thought that many people would buy on their alibi. But, we're not part of those people but only their customers. When they filed for that, for sure that these poor victims won't have a way to contest that if this chapter 11 has been filed. And you're right, when the bull run comes, their coins is gonna be like an awakened dragon ready to get transferred and won't have any trace from whom to whom. They misused their customers' funds and experimented with different coins. By investing in TerraUSD they lost their customers' $6 million dollars funds Prime Trust Lost $8M in Doomed Terra Stablecoin Investment, CEO Says so they misused their customers' funds as they wished and eventually declared themselves bankrupt! The fact that who was running such a big company would make the mistake of forgetting the private key is the biggest surprise, it doesn't seem believable to a common man like me. It's actually a story they made up. Due to their one wrong decision after another the company has gone into losses and now they have come up with this story so that they don't have to return the remaining funds to the customers. This incident brings yet another warning to crypto users about how important it is to keep funds to yourself, because Not Your Keys, Not Your Coins. The reasons were combined, misused, mismanagement and with that reason of losing the password. They can think of any other reasons that they can but their clients were the pity ones on this case. At first, I was just looking at this thread with no clue as to what the company was really about, as this is the second time I've come across this name, if I'm not mistaken. I was thinking it was some kind of company that is based on helping users keep their wallet phrases and private keys safe, and I almost said there should be little to nothing to worry about here since users can still reclaim their funds if they have the access at their end intact. But this is not the case, and all funds in custody are in their hands.
But what the heck is wrong with some institutions, like exchanges, where customers will trust you with their funds security as if that's not enough, and you as an exchange will take these funds and entrust them with other bodies that you see as more professional bodies to manage those funds? What's the stress of creating a multi-signature wallet and taking security upon yourself by knowing what responsibilities you have to play to make sure that customers funds are secured?
But let me ask a question because this still seems unclear to me: were there some kind of benefits that depositors get by giving out their holdings for prime trust to hold, or are they still the ones to be charged for prime trust security charges? I'm just wondering what will happen to the faith of Coinsbit customers who have their funds stored with the exchange if this escalates more than this and it appears that there is no coming back of those lost funds.
Another good incident to remind the public that “Not your key, not your coin”...
They're like fund managers AFAIK, they're the ones to manage the money of the depositors and it's up to them whether they're going to invest it somewhere elsewhere. So basically, they're like a bank but they're serving two sectors, the fiat and cryptos. Another one bites the dust!!!  And they only have one task to do, that is to protect their customers. And if they really know that they have lost the seed/private key, then why not have a investigation? They simply declare bankruptcy right away? I will echo the same sentiments here, it's very clear that they messed up and they want to hid everything thru Chapter 11 and hide their incompetency. True, there should be a process to it but it seems that they don't wanna hear any investigation so filing bankruptcy is the easiest way to go. If a complainant comes on and asks for an investigation for this one, much better to see. It doesn't even matter if it's an exit scam or a legitimate screw up, it's a yet another precedent that crypto companies can lose your coins and you won't get back anything from them in court. Those people who want to be exposed to Bitcoin but not personally own it for some reason need to be ready to lose their investment in this way. So they should choose very-very carefully and not entrust their money to a startup that popped up yesterday. Better choose a company that has decades of positive reputation, though even that won't be a 100% insurance.
Yeah, that's the whole point when we're entrusting our funds into a centralized platform. Whether they're like Prime Trust that offers various services and connections to the real world or the typical exchanges that we have on this market. While with a more reputable company, just don't put still a 100% trust. It might or might not be a lie. They can post the wallet and if it never moves then obviously they weren’t lying. If you think its bad, Ftx also stored private seeds for billions in an unencrypted text file over some cloud network.
There were other exchanges in the past that also lost money because their computer crashed and they lost the private key to customer funds. These days with hardware wallets this shouldn’t happen however. Especially since there are many ways like multi sig to keep funds safe.
With these companies that holds millions to billions of people's fund, I think they should have prioritize how to keep it properly with a proper back up. But on this case, it seems that it's not the whole point of it. There are many thoughts that are playing in our minds especially when people's money are involved. It's an ironic, I mean that's just make people think there's no safe place to hold Bitcoin since centralized entity can bankrupt and losing seed phrase in non custodial wallet resulting losing all of our coins.
But for people who're already understand about Bitcoin, they know which one is better and centralized entity can't be trusted since it can't be verified. Maybe now Prime Trust's cold storage is still contain Bitcoins, but after next few months all the coins are moved and then they will give excuse if their wallet might be hacked.
Those people that are entrusting more the platforms that themselves, these people could have been staying here for so long but they're lazy to understand how to make their own wallets and keep it to themselves like the seeds or private keys. It doesn't need to go into this situation before someone has to learn it but that's it, others have to learn the hardest way. I do not buy the "lost the Private keys" angle to this story, because a professional company will never be that negligent. Imagine someone losing the keys to a Bank vault....  I bet you, someone are going to "find" those Private keys when the bankruptcy are done and they are going to live in the lap of luxury on some island where they cannot be touched. You will be amazed by the so-called "team" that are behind some of these custodial services... most of them are from the corrupt Banking services, where they were taught how to steal from people.  It is the thought of many have been thinking since it's a big financial company that has people's money and gets into the crypto space, they're aware of this scenario that if ever they lost the password, they'll never get it back. But the story if going to be connected with other reasons, it's sort of coming from being negligent while being allowed to use people's money resorting into this reason. How can an establishment has a whopping $38 millon dollars worth of assets in a wallet and forgets to write down the seed phrase? It doesn't make sense, a crypto firm like this shouldn't make such a costly mistake. Individuals do make more than one back up and a crypto custodial company couldn't make a single backup, which is one of the first thing to do when creating a wallet. At some point, it did not occur to them that the wallet wasn't backed up, so that they could move the funds to a different wallet. Funds like that should have been in a multisig wallet where more than one person has access to. I don't believe this story, it is clearly an exit scam.
For knowledgeable people you and the others here, it is what we'll think first about a multisig wallet. Where there will be a couple of people that's been composed to be the trustee of these seed phrases. But it seems that not that much info about that. Holy F, this is a big mistake from their side. How can they forget a private key if they are working as a Fund Manager for others? This is so sad and also wrong for the people who invested with them.
However, this should give a lesson to others who were willing to invest money under other's wallet and can simply invest in Crypto or any asset directly using their brain cells. Still, it's sadge.
It's like that it's not really a mistake on their end but it's more of like an excuse just as what others were saying on this thread. And only one thing that we're thinking of with this and that's like going into an exit through chapter 11. This is complete nonsense, how could a crypto investment management company lose access to their wallet, this is truly an absurd reason. Even a non-tech savvy person can back up their passwords on their device, let alone a startup that manages millions of dollars in assets, there's no way they can lose access to that wallet. Surely this is an excuse made up by them, so that they can take away all the assets under management and hold them for a long period of time and then sell them later, the authorities should carry out an investigation into this startup.
If the right time comes and it's surprisingly seen that the funds have moved from their main address, then we know what it is. |
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I want you to think outside the box. Maybe they're able to maintain their status afloat even if it's known that the majority is suffering from the global crisis. But it's possible that even with the side motion of their economy, they're able to control what's going to come in and out with the media since their government is controlled by the CCP. So, data and numbers can be modified and they're only allowed to project what's good inside and outside the country. For example: THE FALL OF EVERGRANDE: A CASE STUDY OF CHINA’S FINANCIAL TURMOIL IN 2022 AND THE IMPLICATION TO CHINA-BOUND INTERNATIONAL CAPITAL IN 2023 AND BEYONDThat incident surely have a big impact to their economy and probably they're tailoring it as if nothing is negatively happening to them and they're in control. But it can't also be denied that during the covid-19 pandemic height, they're able to spread their investments since majority of the stocks from that time were low. Well, go back to the first sentence of what I've said. I can agree with you about the fact that, china would want to control whatever that is going out on the media space, but you can as well point out to the fact that, they have lots of companies owned by Chinese in other countries that are doing very well, in my country for instance, there are lot's of Chinese companies doing very well, for instance is EECC, a frontline construction giant in my country, that is just one out of a lot, some are also into oil and gas. So to large extent, this investments are generating a lot to the growth of their GDP, Yes, there's no denying with those successful companies outside China that are doing well and contributes to China's GDP and growth. And for sure that they're also backed by the CCP and they have their share back to the mainland. But with all of the stuff that's going outside their country, if we're going to talk about things inside, there's a lot that could have been manipulated already when reported to the mass media. Another incident are the following below, I wouldn't go into detail but there's something that's happening there that we'll never know. Although that news was from last year, it's not that far and I'm still trying to look for some updates. |
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I want you to think outside the box. Maybe they're able to maintain their status afloat even if it's known that the majority is suffering from the global crisis. But it's possible that even with the side motion of their economy, they're able to control what's going to come in and out with the media since their government is controlled by the CCP. So, data and numbers can be modified and they're only allowed to project what's good inside and outside the country. For example: THE FALL OF EVERGRANDE: A CASE STUDY OF CHINA’S FINANCIAL TURMOIL IN 2022 AND THE IMPLICATION TO CHINA-BOUND INTERNATIONAL CAPITAL IN 2023 AND BEYONDThat incident surely have a big impact to their economy and probably they're tailoring it as if nothing is negatively happening to them and they're in control. But it can't also be denied that during the covid-19 pandemic height, they're able to spread their investments since majority of the stocks from that time were low. Well, go back to the first sentence of what I've said. |
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Bitcoin surely is incomparable from all of those examples that you've mentioned. As for Binance, I can't vividly remember if they have advertised before as a new project that they're like a decentralized project that shall disrupt the current technologies and market for exchanges. But that's like the pattern that most of the projects does. They're going to use the descriptions that typically used by most projects telling people how decentralized they are but in nature, they're not. If people are all for the decentralization, Bitcoin is the number 1 candidate of it. However, with today's movement in the market, it's no longer about the tech, about the privacy but more with profitability for which they're taking a leap of faith with the alts and projects of their choice.
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I think the major exchanges now mostly require KYC but some have their limits set to at least a certain amount of BTC or any coin that you are using to be exchanged if you are non-KYC. I think it would be hard to have right now some exchange that supports Non-KYC. I think it's better to use P2P instead.
Yes, the majority of the good exchanges are now requiring KYC. Binance used to be one non kyc exchange and the same goes for Kucoin. And based from the list of ratimov's no-kyc exchange encyclopedia, there's still substantial number of these no-kyc exchange but just like the first one's that have started to ask kyc to their customers. It's going to be a matter of time until many on that list will ask and enforce it. Also, I only recognize a few of the exchanges from that list that I think I'll trade. Just surprised to see that poloniex remains firm of being a no-kyc which gave me some nostalgic moments when I was still new to the market. |
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Honestly, the term decentralized is being used and abused by many project developers. They tend to mention that they're a decentralized project but lies behind that, they're not. Bitcoin is decentralized and that's what the meaning of it. And don't buy onto those projects that have been labelling themselves as a decentralized project. Another thing, DeFis are no longer a thing today.
What was originally decentralized then changed to centralized because of several changes made. Related to the ecosystem is the POW consensus Network change to POS and Bitcoin stays with POW and ETH changes from POW to POS. Right, we have witnessed the change of PoW of Ethereum into PoS but even before that, ETH was actually semi-centralized as what they've said. However, when it comes to exchange platforms, exchanges such as Binance, Coinbase, etc. are centralized, and there will be many obstacles and risks that could occur. Not your keys not your coins.
The majority of them are centralized honestly. There were even a few of them that have claimed that they were decentralized but also changed into centralized eventually. and projects that claim they are decentralized must certainly prove it by the consensus network they use
Yup, when you're for the decentralized projects then you have to DYOR before investing on any of them. As I've said, many are just using the term as a buzz word to attract investors. |
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Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto.
DeFi's? I think that despite being called as decentralized finance, those users that have their wallets connected and have their cryptos deposited into a DeFi service still losses custody of their coins as they deposit and connect their wallets to those respective DeFi services. Why? Because of the series and events of DeFi hacks have made people lost their funds. Like these events: https://chainsec.io/defi-hacks/But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not?
Honestly, the term decentralized is being used and abused by many project developers. They tend to mention that they're a decentralized project but lies behind that, they're not. Bitcoin is decentralized and that's what the meaning of it. And don't buy onto those projects that have been labelling themselves as a decentralized project. Another thing, DeFis are no longer a thing today. |
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Filing a police report with this small amount involved will surely be ignored by police officers here. I already report them to their licensors but I don't have high hopes that this issue will be looked by them since this casino is paying big time for their license while my money involved is very small. This is how our government and local authorities works here.
I was about to suggest this after reading the OP because you've mentioned that they're regulated and acknowledged by the regulators there. But keep your hopes high if you have already submitted a report and complain to them. Yes, that amount won't be that much for them process but the complainant's report will be a good basis not to renew or at least put some hammer on that company's reputation by the government itself. It's just that sad that for this amount they're going to let things slide which won't benefit them at all but are fine to lose one client. Have you tried going into other local gambling communities and just share this story so that other potential customers of theirs will flee from them and won't waste their time depositing there? |
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We often emphasize, "Not Your Keys, Not Your Coins." We advise crypto newcomers to "Take your coins off exchanges."
Very timely, I've just made a thread[1] about the recent news of another company that has filed for Chapter 11 and they've lost(as said) the money of their customers. [1] Prime Trust's bankruptcy due to forgotten seed/private keyWe advocate for having the latest antivirus software and being cautious about clicking on links. Why? Because with greater control and security features come greater responsibilities.
The best antivirus is yourself. That's true about clicking links so that the best starts from yourself knowing what you're clicking, what websites you are downloading and what applications and software you download. Because if you're familiar with your browsing activity, there's no amount of anti virus can par with that. On the other hand, even if you've got the best antivirus and you have the latest update but if your browsing activity isn't as safe as what individuals do, that's a useless thing to have so discipline. still. |
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This is absolutely a planned exit bud, never should we believe all these lies that they tell us, a criminal will always have an excuse and when coming up with such excuse, they will look for one that seems very true and appealing and believable.
I personally believe that nobody in their right senses will lose a private key or seed phrase to a wallet containing such an amount of money, 38.9 million dollars is not child's Play, they have probably planned it all and are ready to Battle/defend this claim whether it takes them years, at the end of it all, when everyone has forgotten, they will quietly withdraw this money and start enjoying themselves meanwhile those that have lost have lost...
Not your keys, not your crypto , those who have refused to listen and believe in this the soft way, will have to learn to believe it in the hard way.
I think that these corporations have got the idea of what they're doing from the first ones that have probably done the same thing. And they're not just a few but several companies that hides their main purpose and tries to stir things up through making it like they're a dumb company that have lost the password for their corporate wallet. So weird to see that some people are still interested in using this services for nothing than to later regret about their decision with them, mamy we should assume it's a mistake common to newbies or even most user's experience in tgis know about the risk but can't help thwn to deliberately risk their asset with thm, when it's not your keys the coins does not belong to you, this is ot a joke but the fact of the matter, i believe with this same experience, eome have learnt their own in the hard way.
Well, it's not going to change for a long time not until everyone has been a victim of these services and lost the funds that they've worked hard for. The trust that one's commit is because they're registered and covered by government laws. But these people don't know that when situation like this escalates, there's no way the government can help them get those refunds if all has been wiped. Everyone will learn the lesson the harsh way even if we don't want to. This is obviously a hoax. Anyone storing 40 million dollars worth of assets will take at least the precaution of having a backup, if it's a company they will have several backups held by different members of the board or put it in a multi sig wallet so no singular member of the board can sign a transaction without the other.
They will probable wait a while and then claim another party has possibly gained access to the wallet, and then liquidate all the funds on it through mixers and the court will not be able to act cause they do not have any proof of the scam.
That's sad. It's really possible that they can get away, give some excuse that they have really forgotten the wallet to make people gullible that they really do. For sure that there's gonna be orgs or individuals that will monitor the wallet that have been said that they've lost. So, no surprises if it gets accessed by anyone and soon may be told as "hacked" wallet and funds to reason again. It's Ironic that a company that is supposed to provide custody for the cryptocurrency has actually lost the seed/ recovery seeds so now all those funds are stuck?
I don't know how many lessons are needed for investors to remember the significance of self-custody of their crypto assets to mitigate this kind of situation. As far as I can read it's about 40 Million dollars worth of assets it's huge so hopefully people will take this into consideration next time if they opt for custodial service.
One more reason to say Not Your Keys, Not Your Coins.
As much as we don't want investors to experience something like this, it's like this event is inevitable as there will be more newbies that will come to the market prior to the bull run halving. And the sad thing is that they're going to trust more of these custodial services than to listen to the people that tells them to hold their own crypto. From the https://decrypt.co/152508/prime-trust-chapter-11-bankruptcy link: Regulatory filing reported that Prime Trust owed over $82 million to customers from missing fiat currency deposits, despite having $68 million in digital assets under custody. But an analysis showed most of those funds were held in an illiquid token rather than Bitcoin. So they lost the keys AND bought a ton of some shitcoin / token. Since they are / were a Nevada company might as well as gone to Las Vegas and bet it all in a video slot machine. This was you can see all the blinking things on the screen as your money disappears. And their website is still up and running without a mention of what is going on. Another day, another bunch of people who can't figure out the magical internet money machine is a myth. -Dave That's probably right that funds could have been gone and gambled, and this is possible due to what happened to FTX fiasco and Bankman's spending. As for the shit coin: Prime Trust Lost $8M in Doomed Terra Stablecoin Investment, CEO Says and there could be more. This seems to be so unbleivable that one like me will definitely say this is just an exit plan because if it's a fintech company, then how did they come to lose the keys to funds, and first of all, why are they keeping all the funds in a single address? To be honest, I feel sad for the ones who lost their funds, but AFAIK, if they would hire someone good at investigation, then the chances are that they might get access to the key. Of course, the recovery operation depends on which device (HW, software wallet) they are using: did they create the recovery key using offline systems or online? Did they create the key using some specific cypher with some key? Then they might regenerate the key.
I mean, if they are managing the funds of others, then they at least should create the key from some generators with their own encryption key to enhance the security, and if they do it, then they must use the same key to regenerate the key.
We're all feeling bad and sympathy is always with the victims and not with these greedy corporations that have been using their customer's money as their ladder for their own personal gains and sakes. I am pretty sure that there could be people interested on this case and won't be dumb to believe their potential fake story. And I do not know how this is directly related to Bitcoin, which you made a topic of this discussion.
Maybe on Service Discussion? Well, it's also very easy to claim the keys or seed was lost/misplaced.
I won't say the loss is for real or not, it's also hard to prove anything. The only proof could be if one of those owners (or a random employee maybe!) suddenly disappears (goes under the radar for a great retirement).
You know, one would expect for a fintech company they'd use multisig wallet, to make not only safer, but also more fair if there are more owners, but meh...
I guess it's gonna be long until we will finally hear the real story behind this but, it would be amazing and good to hear someone inside that can't take what's happening and will speak the truth behind this. The story is hard to believe and laughable that such a company like prime trust would be this negligence to lose their private keys understanding fully the importance of those keys not just to them but to the multitude of investors that have placed their financial trust on them. There's more to this story that we can't determine at this stage and time.
If the keys are later to be found by some anonymous group or fellow years probably when the case would died down then I'll believe what the tiny voice in my ears is telling me, that yeah it may be an exit plan and not negligence.
This is what will continue to happen as people continue making same mistakes of keeping their funds in the custody of a third party. When you care-less of taking responsibility of your private keys by holding your funds in a selfcustody wallet you should be ready to accepts these sorts of stories because it will keep happening one way or the other, accept it or not.
Yeah, sooner or later the truth will come as this is still a developing story and news but one thing is for sure that they've filed for bankruptcy. I remember that story also about killed CEO that he's the only one who knows the keys. I think that we're seeing the same story and style but if the story about that and life was taken for real, rip to him. |
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So, this news was a few weeks ago and I haven't seen someone posted it yet. Just a quick background of what Prime Trust is, it's a fintech company that manages assets of its customers, yeah a custodial service. See the reference: Prime Trust is a financial technology company. It provides trust and custody services to cryptocurrency and digital asset businesses. The company was founded in 2016 and is based in Las Vegas, Nevada. In August 2023, Prime Trust filed for bankruptcy. Going on, they've filed for Chapter 11 (bankruptcy) and if we're going to search for some reasons behind that. Mostly, it's all about the mismanagement, liquidity issue and misuse of its customers funds, etc. which is written all over several articles: and many more... Now the part that I've like to share is their negligence of one of the main reason why they fell is because its owners have lost the control to their keys. Yes, you've heard that right, they've lost the seed phrase of their wallet.They've got tons of customers and money on their custody and they just lost it. Maybe a planned exit? or just truly negligence of its owners. This is the reason why we shouldn't keep funds into these centralized/custodial services and exchanges. |
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I did a withdrawal request an hour ago and I've received an email that it was successful but funds hasn't arrived yet.
I already sent the rep a message about my concern.
I had the trouble of mine yesterday only to know that it was my fault, not theirs. I was sensitive to note that the fund was been returned back to my account each time I filed for the withdrawal instead of waiting endlessly for the receiving wallet to be credited. If this is your case, you might want to be sure you confirm your email address through the mail sent to you upon registration. It could be in the Spam folder. It might not come up if you search with 0xbet, just trace it manually. Thanks, it was my fault. Dumb me. They have also sent me an email about other instructions. Apologies. |
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