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Author Topic: Bitcoin Exchange Cointrader Shuts Down After Alleged Hack  (Read 707 times)
OmegaStarScream
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March 30, 2016, 05:58:34 PM
 #1

Canada-based bitcoin exchange Cointrader announced earlier this week that it was shutting down following what it claimed was a debilitating hack.

According to a notice posted to the service's website, the exchange has "closed its doors effective immediately". Unconfirmed emails sent to users and shared on social media claim that an internal audit showed “a deficiency of bitcoin" in company wallets that was causing a delay in withdrawals.

http://www.coindesk.com/bitcoin-exchange-cointrader-shuts-down/

& Once again , this should teach people to never store Bitcoins in exchange for long time , deposit , trade ,withdraw .

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March 30, 2016, 06:34:10 PM
 #2

This is not the first time that this has happened for them if I am thinking of the right group. Believe it was them or another group that shut down for quite a extensive time before coming back up. If this is the same site,think it is,than they most likely had the issue after they came back and it was just sitting dormant.

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March 30, 2016, 08:54:48 PM
 #3

This problem (hacking) will continue to close down exchanges until insurance for exchanges develops. But insurers won't bother unless there are a lot of exchanges (to make a pool of contributions) and protection against hacking tightens up.

 
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March 30, 2016, 09:04:04 PM
 #4

This problem (hacking) will continue to close down exchanges until insurance for exchanges develops. But insurers won't bother unless there are a lot of exchanges (to make a pool of contributions) and protection against hacking tightens up.
There is no way that there will ever be insurance for Bitcoin exchanges, especially considering that hacks like this are a common thing now. The only way exchanges will ever get insurance is if they start getting held to the same standards other currency exchanges have.
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March 30, 2016, 09:04:54 PM
 #5

Who knows if the website was actually hacked ? Maybe the took down the website after reaching their goal of "enough money".Website being hacked is a cliche ,excuse used by most of the Cloud Mining/Ponzi web's.It actually convinces people,no proof needs to be represented,the hacker did not leave any identity.

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March 30, 2016, 09:07:08 PM
 #6

This problem (hacking) will continue to close down exchanges until insurance for exchanges develops. But insurers won't bother unless there are a lot of exchanges (to make a pool of contributions) and protection against hacking tightens up.

I doubt that there will ever be an insurance for crypto exchanges. The thing is, crypto coins can not be reclaimed as it is mostly possible on online bank transfer thefts. No insurance will offer an affordable rate to collateralize all endangerments.
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March 30, 2016, 09:50:16 PM
 #7

ahh this makes me lose a little faith in online exchanges, in terms of storing money in them. i dont know if i should keep storing btc in coinbase or move to a paper wallet. coinbase seems like a fairly well known company, i doubt theyd shut down.
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March 30, 2016, 10:13:04 PM
 #8

Wow!  Another one bites the dust....It's always the same reason, same questions, and same responses too. I'm going to go out on the limb and predict that there will be some platform created using smart contract technology that will limit the risks involved in putting assets on an exchange....It will probably happen soon.
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March 30, 2016, 10:20:16 PM
Last edit: March 30, 2016, 10:32:50 PM by mayax
 #9

this is what happens when you use UNLICENSED financial exchanger Smiley

you will see that when one of the biggest exchangers will fall. most of them has a PO BOX and are unlicensed.

YES, yes, Bitstamp, Bitfinex, BTC-e, BTC China and so on, are ALL simple companies.

Do not whine while you are using them. Smiley
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April 23, 2016, 11:39:10 AM
 #10


Cointrader Exchange inc had a physical address in Vancouver.
How do you link PO BOX and this case  Huh

this is what happens when you use UNLICENSED financial exchanger Smiley

you will see that when one of the biggest exchangers will fall. most of them has a PO BOX and are unlicensed.
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April 23, 2016, 01:20:45 PM
 #11

This problem (hacking) will continue to close down exchanges until insurance for exchanges develops. But insurers won't bother unless there are a lot of exchanges (to make a pool of contributions) and protection against hacking tightens up.

I doubt that there will ever be an insurance for crypto exchanges. The thing is, crypto coins can not be reclaimed as it is mostly possible on online bank transfer thefts. No insurance will offer an affordable rate to collateralize all endangerments.

Why not? Insurance doesn't depend on the coins being returned, but on risks being pooled. If all the exchanges got together and put a premium into a pool, you'd have sufficient insurance to allow the exchanges to continue to operate.

The other alternative is for each exchange to set up a reserve, that they then use to compensate users in the event of a hack.

 
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April 23, 2016, 11:51:06 PM
 #12

This problem (hacking) will continue to close down exchanges until insurance for exchanges develops. But insurers won't bother unless there are a lot of exchanges (to make a pool of contributions) and protection against hacking tightens up.

I doubt that there will ever be an insurance for crypto exchanges. The thing is, crypto coins can not be reclaimed as it is mostly possible on online bank transfer thefts. No insurance will offer an affordable rate to collateralize all endangerments.

Why not? Insurance doesn't depend on the coins being returned, but on risks being pooled. If all the exchanges got together and put a premium into a pool, you'd have sufficient insurance to allow the exchanges to continue to operate.

The other alternative is for each exchange to set up a reserve, that they then use to compensate users in the event of a hack.

would you set up a such reserve if you will not be forced by law to do it? as long the exchangers are not regulated, nobody can force them to do anything. Smiley
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April 23, 2016, 11:53:16 PM
 #13

I notice exchanges always claim to have this happen to them. It is just a farce.
I saw pictures of the offices they have and most of the bitcoins that they allegedly have hacked from them probably went into paying the designers of their offices.

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April 24, 2016, 12:42:48 AM
 #14


There is no way that there will ever be insurance for Bitcoin exchanges, especially considering that hacks like this are a common thing now. The only way exchanges will ever get insurance is if they start getting held to the same standards other currency exchanges have.

Xapo and Coinbase are insured against coin losses if they're hacked at their end so it is possible. I assume there's never been a claim so far so perhaps they'll wriggle their way out of it.
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April 24, 2016, 06:23:42 AM
 #15

i have never heard about this exchanger before, but it is still sad to see another bitcoin related service getting hacked and go down. at least there is always big exchangers like bitfinex and ... that are still up after all these years.

Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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April 25, 2016, 06:22:23 AM
 #16

Another one going down! I think these exchanges are operating just like cloud mining ponzi scams, but this have better returns, once they see people store their bitcoins there and is a good amount, they just came up with the same story over and over again"Oh no we got hacked" and boom they disappear with people money. Advice is to never leave your coins in any exchange no matter how trusted are they before they go down.
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April 25, 2016, 06:05:45 PM
 #17

Another one going down! I think these exchanges are operating just like cloud mining ponzi scams, but this have better returns, once they see people store their bitcoins there and is a good amount, they just came up with the same story over and over again"Oh no we got hacked" and boom they disappear with people money. Advice is to never leave your coins in any exchange no matter how trusted are they before they go down.

I didn't heard about them and nor would i use them ever. It makes no sense depositing money to an unknown exchange like that. In the end it is almost a 100% guarantee you will lose your money.
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April 26, 2016, 01:55:25 AM
 #18

Another one going down! I think these exchanges are operating just like cloud mining ponzi scams, but this have better returns, once they see people store their bitcoins there and is a good amount, they just came up with the same story over and over again"Oh no we got hacked" and boom they disappear with people money. Advice is to never leave your coins in any exchange no matter how trusted are they before they go down.

I didn't heard about them and nor would i use them ever. It makes no sense depositing money to an unknown exchange like that. In the end it is almost a 100% guarantee you will lose your money.

I will give you an example of "well known" BTC exchanger but nobody knows where they are located Smiley

They are BTC-e. Who is behind them? They don't even have their bank account. They are using Moneypolo(a payment processor).
Other example : who is Okcoin, the biggest BTC exchanger? Smiley
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