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Author Topic: ===>>>BCM SCAM ALERT<<<===  (Read 13164 times)
dwdollar
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October 08, 2010, 06:24:56 PM
 #1

Bitcoin Market is experiencing a deluge of complaints from sellers.  I *think* I have identified several accounts that may be involved, but there may be more "sleeper cell" accounts.  The trades were primarily from PayPal accounts that appear compromised.  Many trades in the last two days will be bogus.  I will issue refunds when I learn more.  If you have an account locked, I'm pretty sure you're a fraud.  But if you can prove otherwise, I'm willing to listen.  I think time will be the best jury.

The market will be closed for the rest of the day.  I'll try to reopen tomorrow, but I'm not taking new registrants until further notice.

Other exchanges are reporting similar behavior.  Beware of the sudden spike in the exchange rate.
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kiba
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October 08, 2010, 07:08:36 PM
 #2

Would this explain the huge volume of exchange in mtgox or is it just a coincidence?

S3052
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October 08, 2010, 07:12:50 PM
 #3

No.

Lets not make false conclusions here.

The MtGox exchange works absolutely perfect. My account is accessible, I can trade (actually did 10min ago).

The volume is very normal for rallies. Many people are buying (in anticipation of higher prices) and many are selling to take profits.

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jgarzik
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October 08, 2010, 07:25:35 PM
 #4

Lets not make false conclusions here.

The MtGox exchange works absolutely perfect. My account is accessible, I can trade (actually did 10min ago).

The volume is very normal for rallies. Many people are buying (in anticipation of higher prices) and many are selling to take profits.

mtgox on IRC is seeing problems as well.

Let's not spread false, uninformed conclusions about the absence of scammers.

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kiba
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October 08, 2010, 07:26:31 PM
 #5

What is the problem about? Somebody actually trying to scam bitcoiners out of their money?

wscott
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October 08, 2010, 07:29:16 PM
 #6

The mtgox 30day wait should help in this case.
kiba
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October 08, 2010, 07:30:02 PM
 #7

Very interesting that early in bitcoin history, somebody already is trying to do a large scale scam?

dwdollar
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October 08, 2010, 07:33:23 PM
 #8

dwdollar, is what you are saying, a fraudster stole someones paypal account and then used it on BCM to buy btc's from someone?

Yes, that is correct, except more than one PayPal account is involved.
kiba
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October 08, 2010, 07:34:05 PM
 #9

dwdollar, is what you are saying, a fraudster stole someones paypal account and then used it on BCM to buy btc's from someone?

Yes, that is correct, except more than one PayPal account is involved.

How does a person know if the paypal account is a fraud?

dwdollar
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October 08, 2010, 07:37:11 PM
 #10

dwdollar, is what you are saying, a fraudster stole someones paypal account and then used it on BCM to buy btc's from someone?

Yes, that is correct, except more than one PayPal account is involved.

How does a person know if the paypal account is a fraud?

The person receiving the payment will get a notice similar to:

"Recently, PayPal received a notification from a user regarding unauthorized access to his PayPal account. As a result, one of the payments credited to your PayPal account has been placed in a temporary hold while we investigate the claim.  PayPal constantly monitors transactions for unauthorized use of accounts in order to maintain the safety of our users."
nelisky
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October 08, 2010, 07:46:37 PM
 #11

So, what happens if the scam is for real? The exchanges are being paid with transfers, but their accounts get frozen thus they don't have the funds to pay others? Coins being transfered out are transfered out, period, so the scammer buying bitcoins gets to keep them.

What about the rest of us, who have sold? Is bce/mtgox going to get ahold of the US$ in our accounts?

I feel a love song coming... Smiley
jimbobway
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October 08, 2010, 07:57:15 PM
 #12

This is mind blowing.  I hope these scammers don't ruin it for the rest of us.
TTBit
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October 08, 2010, 07:57:58 PM
 #13

I would suggest to MtGox to freeze all outgoing coins if there is a problem and trades can be undone.

maybe thinking irrationally though

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S3052
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October 08, 2010, 08:14:05 PM
 #14

I still don't get it for MtGox.

Are we sure that there was any irregularity?

If there were scammers this should be investigated.
But if not, price rallies of this kind happened already in July and this is the way markets work.

Clearly, we should protect any people who are fooled, but at the same time be careful not to cause panic , which could destroy confidence in bitcoin overall.

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kiba
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October 08, 2010, 08:26:26 PM
 #15

Mtgox should find a way to make money other than asking people for donation. This is to keep mtgox in business even when a large scale scam hit and Mt Gox couldn't sell the bitcoins at a high price to offset the loss.

I'll go ahead and make a donation to mtgox...

idev
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October 08, 2010, 08:38:34 PM
 #16

This is why its not about using PP, scammers just can't help them self when pp is involved !
jgarzik
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October 08, 2010, 08:47:31 PM
 #17

This is why [PP should be avoided], scammers just can't help them self when pp is involved !

+1

Many other exchanges outside the bitcoin world, such as ExchangeZone.com, have special procedures for PayPal -> e-currency transfers, due to high rates of PayPal-related fraud.

Unfortunately, PayPal enjoys the largest audience.  I'd assume far more legitimate bitcoin purchases have occurred through PayPal, than any other method.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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SmokeTooMuch
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October 08, 2010, 09:58:38 PM
 #18

Are there any paypal adresses that are known to be scammers ?
I made a few trades with some guys which seem to be German (paypal names look german).
Should I expect to get ripped off ?

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twobitcoins
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October 08, 2010, 10:43:36 PM
 #19

I am one of the sellers affected by fraudulent transactions on Bitcoin Market.  There does seem to be a German connection.  The PayPal payments that were reversed had an email subject of "Sie haben eine Zahlung erhalten."  The address was Gi...hi@aol.com (partially censored to protect the innocent account owner).  I had some other sales that I don't know for sure to be fraudulent yet, but at least one of them was another international transaction from an account with a German sounding name.
SmokeTooMuch
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October 09, 2010, 12:22:18 AM
 #20

Then maybe I'm lucky. No trades with that email.

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