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Author Topic: KARMA - Black Arrow Software gets BTC stolen  (Read 2306 times)
Waramp22 (OP)
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October 02, 2014, 12:46:38 AM
Last edit: October 02, 2014, 05:20:22 AM by Waramp22
 #1

Black Arrow Software recently had some of their bitcoin stash stolen and is now blaming it on bitcoin.

Join me in celebration on this glorious day in the bitcoin world.


See stolen coins thread here.
https://bitcointalk.org/index.php?topic=800660.0

See the original preorder scam thread here.
https://bitcointalk.org/index.php?topic=294197.0

Consumer complaint thread here.
https://bitcointalk.org/index.php?topic=681965.100

Blackarrow Trust
https://bitcointalk.org/index.php?action=trust;u=105804

Scammed by Black Arrow? See the consumer complaint thread here -
https://bitcointalk.org/index.php?topic=681965.0
inBitweTrust
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October 02, 2014, 12:55:21 AM
 #2

Black Arrow Software recently had some of their bitcoin stash stolen and is now blaming it on bitcoin.

I would tend to fall on the presumption of believing these coins were not stolen by an outside hacker, as a more typical scenario in these cases is an inside job and than a manufactured story of guilt which is an old grifter ruse.

At this stage in the game their should be 2 rules with mining hardware.

1) Only use multi-sig escrow with a trusted arbitrator
or
2) Do not preorder equipment and pay with a credit card or use option 1 if its an untrusted company
and
3) Refuse to lease cloud mining!

Waramp22 (OP)
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October 02, 2014, 12:58:58 AM
Last edit: October 02, 2014, 03:18:38 AM by Waramp22
 #3

Black Arrow Software recently had some of their bitcoin stash stolen and is now blaming it on bitcoin.

I would tend to fall on the presumption of believing these coins were not stolen by an outside hacker, as a more typical scenario in these cases is an inside job and than a manufactured story of guilt which is an old grifter ruse.

At this stage in the game their should be 2 rules with mining hardware.

1) Only use multi-sig escrow with a trusted arbitrator
or
2) Do not preorder equipment and pay with a credit card or use option 1 if its an untrusted company

Thats a good point. I am also suspicious of people that are attempting to sue them in Hong Kong because they will eventually mention the expenses and other people are eager to donate. Scammers on the internet have many angles of screwing you and this could be one of them. The good part is, that the miner i ordered is absolutely worthless now so i have nothing to lose by spreading the word.

Scammed by Black Arrow? See the consumer complaint thread here -
https://bitcointalk.org/index.php?topic=681965.0
zimmah
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October 02, 2014, 02:49:38 AM
 #4

Sound a but like mtgox.

Their bitcoin got "stolen" too.

I think this may be bad news, if blackarrow declares bankruptcy and than those bitcoins suddenly get found again (there's no proof that those bitcoins ever belonged to blackarrow. Or that blackarrow still owns them). This will allow blackarrow to run off with the money, while being protected by their bankrupt status so they don't have to pay anyone back.

Classic scam artists.
SquareApple
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October 02, 2014, 02:51:39 AM
 #5

And yet, it was only inevitable
notbatman
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December 06, 2014, 09:43:24 PM
 #6

The coins BA claims were stolen all went to 1FsVcdeHbpvUVT3gjeuVR2ZSDnpcsJMsLL, over $200M worth of stolen BTC passed through it.

The fact that BA is in the midst of perpetrating a multi-million dollar scam of their own makes them suspect IMO. If BA is involved they would know they would get tied to that $200M address sooner or later so what better way to screw the pooch than claim they're victims; they can be excluded as suspects as their ties to the address can be denied.

I paid in USD as I didn't have any BTC; purchasing BTC added unneeded complexity. As a result I have no way of confirming that any coins were stolen at all.

Also, were these customer coins from orders or were they mined coins from operating customer paid for hardware?

rackcityb1
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December 07, 2014, 01:33:19 AM
 #7

Black Arrow Software recently had some of their bitcoin stash stolen and is now blaming it on bitcoin.

I would tend to fall on the presumption of believing these coins were not stolen by an outside hacker, as a more typical scenario in these cases is an inside job and than a manufactured story of guilt which is an old grifter ruse.
I agree. I would say that most companies likely have sufficient security that would generally protect them from outside attackers. Whoever stole the coins likey has at least some connection to someone who had access to the private keys.
At this stage in the game their should be 2 rules with mining hardware.

1) Only use multi-sig escrow with a trusted arbitrator
The thing is that pre-order funds were intended to pay for the research and development of the machines, so they needed immediate access to the money. Otherwise they could just wait until the machines are actually ready to be shipped to sell them.
 
or
2) Do not preorder equipment and pay with a credit card or use option 1 if its an untrusted company
-snip-
This is good advice. It would be much better for the community if people would force the mining companies to take some kind of risk when developing their new hardware. I don't think using a credit card would protect you though as the delivery timeframes is generally longer then the dispute period.
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December 07, 2014, 03:03:07 AM
 #8

Are there any bitcoins left that haven't been stolen at least once?

notbatman
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December 07, 2014, 03:56:38 AM
 #9

Are there any bitcoins left that haven't been stolen at least once?

I received a few fractions of some freshly minted Bitcoins off p2pool last year when my block erupters were still profitable. No theft involved, friedcat delivered.  Grin
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December 07, 2014, 04:19:26 AM
 #10

Are there any bitcoins left that haven't been stolen at least once?

I received a few fractions of some freshly minted Bitcoins off p2pool last year when my block erupters were still profitable. No theft involved, friedcat delivered.  Grin

I heard there were a few. So you're the one that has them. lol

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December 07, 2014, 05:01:48 AM
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Are there any bitcoins left that haven't been stolen at least once?

I received a few fractions of some freshly minted Bitcoins off p2pool last year when my block erupters were still profitable. No theft involved, friedcat delivered.  Grin

I heard there were a few. So you're the one that has them. lol

Unfortunately I traded them for dirty fiat.  Cry

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