Another exchange goes bust. Bitcurrex loses ~2300 BTC

[JeffBrad12]

It is time for decentralized exchanges to take the forefront.....  the whole exchange scam has become such a load of rubbish.

Not enough demand in the decentralized exchange site are made the people are not interested with it, they just think about how to gain money and money not careful about the security of the system, please correct me if I'm wrong.

[Wendigo]

Well another one bites the dust. Is anyone actually surprised any more? These Bitcoin exchanges are lining their own pockets with customers' money and then blaming a fake security breach to cover their butts.
101 Bitcoin Funds Embezzling 2016 Edition

[ObscureBean]

it seems like every exchange service is starting to realize "getting hacked" is more profitable for them than running a legit exchange service. i mean look at bitfinex they were earning what only fees and other profit but after they hack they are richer by 120,000 bitcoin

Ikr, and the thing is they got hacked not once but twice and yet people are still using their services    I mean it's not possible to be 100% certain they did it but surely after the first hack, people would be less trusting right?? ok fine forget and forgive.. but then a second hack and people are still happy to trust them with their money ?? Imagine they really did it, it's like sitting on a gold mine 

[trannamtan]

exchange is very dangerous to leave your money in it.
when you are hacked you will lose all your money
and difficult to get your money back.
" World there are many scam scenarios " - be wise with your money !!!

 

[milewilda]

Jeez,  i dont  really  like this  kind  of  exchange  hack  incident   because  i do  really afraid  to    dump  again  on bitcoin price. lol.  I do  heard   for the first  time  of this  exchange which  is suppose  this is a  local exchange for sure because its  not  a reputable  one . Hope  this  hacking  incident wont really  affect soo much 2.3k btc is small though   but still  a  million dollar amount. Thats why  i never   leave  big amounts  on exchanges.

[Herbert2020]

It is time for decentralized exchanges to take the forefront.....  the whole exchange scam has become such a load of rubbish.

people just keep saying this but where are these decentralized exchanges?
are any of them even good and have the same trade volume?

and most important question: can traders get the same functionality they get from the current exchanges or is it at a compromise?

i keep seeing this but when i check the projects i see nobody is using them!

[bitcoinmasterlord]

exchange is very dangerous to leave your money in it.
when you are hacked you will lose all your money
and difficult to get your money back.
" World there are many scam scenarios " - be wise with your money !!!

 

It is good advice that we should be wise with our money. Nowadays people are eagerly waiting for the opportunities to become rich in super fast ways so can't believe anyone in this world when money is involved. So it is always good to secure your money by yourself than depending on others.

[carlfebz2]

exchange is very dangerous to leave your money in it.
when you are hacked you will lose all your money
and difficult to get your money back.
" World there are many scam scenarios " - be wise with your money !!!

 

It is good advice that we should be wise with our money. Nowadays people are eagerly waiting for the opportunities to become rich in super fast ways so can't believe anyone in this world when money is involved. So it is always good to secure your money by yourself than depending on others.

Scams are everywhere all over the globe  either  offline or  online,  because  people   do easily tempted   with  money especially  on  huge amounts  already thats why   they would  make  anything even if its  illegal in able to get those  money and  dont  mind   what would be the effects  as  long they have it. You are right we  must be   wise  on  our  money  and we should  secure it and be aware on  the possible scenarios   might  happen  on  the long run  like  on exchange  hacks.

[NorrisK]

Sad to have to read this type of news again. I just don't know why people keep using these new exchanges and store a lot of coins on them.

The big established exchanges are nowadays putting a lot of effort into security and are more likely to have some reimbursement plan instead of folding to the loss.

The theft still sounds quite small to me though, could've been much worse from what we have seen lately.

[Pursuer]

Sad to have to read this type of news again. I just don't know why people keep using these new exchanges and store a lot of coins on them.

The big established exchanges are nowadays putting a lot of effort into security and are more likely to have some reimbursement plan instead of folding to the loss.

The theft still sounds quite small to me though, could've been much worse from what we have seen lately.

they seemed to be a not so popular exchange service that is why the alleged hack is also small. besides it is 1,560,000 USD which is not really small on its own if you are not comparing it.

and from what I have read it sounds more like an exploit in their weak system which was not like any other hack that has happened so far but we may never know the real thing behind it like any other hack before it.

[girlbtc.com]

I am not surpirsed and I am afraid that more "hacks" like this will follow soon,people need to learn from previous mistakes and start realizing before it's too late that keeping their Bitcoins in centralized exchanges and online wallets is very risky.
Any predictions on who's next?

yes never put btc in any centralized ecchanges and online wallet or any famouse man acting as escrow

any thing will change , when the money becomes a  lot

so girlbtc's slogan is " play with you solely controlled address, never put your money outside for any reason. withdraw it whenever it is possible. " and now the decentralized gamble solution is that important to btc gamble system.

[markisanon2434]

This is very disappointing to hear that another crypto exchange is out of business. They should have a good security in place. Even with good security, I believe that all exchanges should warn their users not to store large amount of coins if they are not planning to trade it soon. This may sound silly, but in situations like this, it can decrease the amount of coins stolen by hackers. 

[girlbtc.com]

This is very disappointing to hear that another crypto exchange is out of business. They should have a good security in place. Even with good security, I believe that all exchanges should warn their users not to store large amount of coins if they are not planning to trade it soon. This may sound silly, but in situations like this, it can decrease the amount of coins stolen by hackers. 

Man be smart please, there is no hack at all,  the story is told by the site, who knows?

Haker=Admin

[requester]

you just gave me shock yea a huge shock because I had invested $120 in trading site but it's my biggest fear now I am thinking to get back my money in my wallet. already i had suffered losses in hashocean and I can't afford to loss again. and if i loss this amount then my business life will end here itself.

[Tyrantt]

That's one thing that scares me with all this cryptocurrency world, online businesses are a lot more vulnerable to attacks and theft, unlike physical banks.

[pawel7777]

What is this with the total of 2,3k btc and why are not get listed in the exchange volume list? I guess are this a local exchange? what the hell about the fuckin trying for making new scenarios. This is my first time heard about the picture exchange.

It's a Polish exchange, one of the oldest. It's not showing on coinmarketcap (if that's what you meant) as they halted trading.

...
Ikr, and the thing is they got hacked not once but twice and yet people are still using their services    I mean it's not possible to be 100% certain they did it but surely after the first hack, people would be less trusting right?? ok fine forget and forgive.. but then a second hack and people are still happy to trust them with their money ?? Imagine they really did it, it's like sitting on a gold mine 

Yup, Bitcurrex was hacked back in March 2014. I would risk a guess that people could actually be more trusting towards the exchanges that were hacked but managed to recover.

We are slowly running out of exchanges with clear record of never being hacked.

Anyhow, I've read that the owners of Bitcurrex are already under investigation after complaints were filed by users.

[1Referee]

As long as these exchanges are operated by incompetent amateurs, we will see many more exchanges go down in the coming years.

These two problems form a significant factor as to why exchanges go down;

# In case of a hack - As stated before, incompetent amateurs with no real experience in programming run exchanges like it's just a hobby thing. They try to save on costs by "trying" to fix certain weak spots of their exchanges themselves, instead of investing money in hiring capable programmers to do it for them. This is mostly the case with the smaller exchanges.

# In case of an inside job - Once again, incompetent amateurs aren't able to deal with large amounts of money and coins (2300BTC definitely fits in that category). It's very easy to blame the loss of that many coins to a hack where the semi-anonymity of Bitcoin is offering them enough time and options to think out a solid plan.

In both cases it's the fault of the exchange.

[Velkro]

I have never heard of them. How will the refund anyone ? They can't. This seems to be a thing going around where exchanges suddenly lose a whole lot of volume. Makes you wonder if it's on purpose or not.

Anyway an interesting read none the less.

Yep, u never know for sure.
Anyway its sad when any exchange go bust, always innocent people hurt :/

[mindrust]

2300btc is nearly 1.400.000$. That's not going to move the charts suddenly. We may expect a slow dump session but it will get recovered easily and those 1.4m$ will just melt away.

I hope they didn't have many users btw.

[CoinBreader]

And even after that "accident" the btc price is rising... everything is well organized ! lol