Another exchange goes bust. Bitcurrex loses ~2300 BTC

[davis196]

http://www.razor-forex.com/2016/10/polish-exchange-bitcurex-looses-2300.html

The hack (?) took place on 13 October, they blame 3rd party interference in their data systems, in their statement they don't use term 'hack' or 'theft' but 'damage to the IT systems'.

Site is down with vague statement and some service opt out/refund request form https://bitcurex.com/ (in Polish)

Their official btctalk thread: https://bitcointalk.org/index.php?topic=792350.0

This is bad news,if it`s true.

This isn`t a major bitcoin player, so it won`t affect btc price that much,i guess.

 

[bitbunnny]

Another proof that it isn't wise to keep your coins on exchangers. They are simply vulnerable and very attractive for hackers no matter to all precausion measures. If there are any.
This is a lot of money it was stolen, I don't know how will they reimburse the users.

[BitHodler]

People saying it's better to keep all their coins off the exchanges are definitely right, but when people are doing their trading, the coins have to stay there for a while as long as people aren't done trading.

In that aspect it's very difficult to blame people for storing coins on an exchange while it's not really storing that they do as their only purpose is to trade with them.

That's assuming people will cash out their coins back to their wallet as soon as they are done trading.

If people after their completed trading sessions still keep their coins on that exchange, then it's of course their fault as you should directly cash out everything.

[iqlimasyadiqa]

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

yes this should be done immediately. we should immediately implement a system to maintain the strength of bitcoin wallet. today will grow back those people who are worried save their money in bitcoin. This is something that should be rectified as soon as possible.

[European Central Bank]

sad that it has to happen. i dunno if this means exchanges will consolidate into bulletproof ones or whether that leaves the exchanges standing even juicier targets.

i hope they're taking their opsec ever more seriously.

[xdrpx]

It's bad that it's the 2nd time that they were hacked and this time they've lost a lot more. Blaming third-party applications is not the way to go, it would have been better if they had heavily invested in securing their platform and informed their users via newsletters to not store their Bitcoins or altcoins on the exchange. This would encourage users to safely withdraw their funds as soon as they've placed an exchange. I'm sure those locked in the process of exchange would be less under the users control, and they may be the unlucky ones.

[Sniper44]

http://www.razor-forex.com/2016/10/polish-exchange-bitcurex-looses-2300.html

The hack (?) took place on 13 October, they blame 3rd party interference in their data systems, in their statement they don't use term 'hack' or 'theft' but 'damage to the IT systems'.

Site is down with vague statement and some service opt out/refund request form https://bitcurex.com/ (in Polish)

Their official btctalk thread: https://bitcointalk.org/index.php?topic=792350.0

just another exchange to add to the list of scammers who was either the robbers themselves or were to incompetent to secure their own platform and prevent the robbery in the first place.

[mastica]

Never see anything about those exchange and looks like it werent a legal or recognized exchange, soo they should were brand new into the business, and 2300 bitcoins went away, coins enought for the most retire, this is getting more popular, looks like hackers do wanna steall all the bitcoins wow.

[eternalgloom]

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.

There already is an open source decentralized exchange, check out https://bitsquare.io/
Plus, I don't think there has to be specific demand for this, the functionality should be the same as any other exchange, so all it needs it promotion by word of mouth and people making money on it.

And it's strange that Bitcurrex kept this hidden for so long, just makes everything seem all the more suspicious.
Luckily it's just a small exchange, but still bad publicity for Bitcoin.

I personally just hope this never happens with Poloniex, it's the only exchange I use and even then, I don't keep a lot of funds on it.
But I can imagine that professional traders often don't really have a choice and just have to hold a lot of funds on exchanges.

[Shiroslullaby]

If this took place on the 13th of October, they only mentioned it within the last few days?
That seems very suspicious.
Like a Ponzi scheme that ran out of funds when people tried to make withdraws after they ran away with the loot.

[South Park]

Another day, another bitcoin exchange being “hacked” I’m starting to worry but not about the hacks but about the fact that I am no longer surprised by this and by the fact that I no longer get worried about it.

[croutonhexagon]

This type of news awaken fear in me because I had invested $200 in trading cum exchange site and I think this will not happen with me but if it happens then I might to have forget about getting back my money. And if i loss my 200$ then i will be never able to recover that amount and my financial life will ruin

[mogrith]

Try bitsquare. not an exchange exactly more of a list of bid ask and multisig secure escrow.

No central server so no one can hack and take coins or inside person to steal coins.

Coins or fiat are only moved when both sides have proven themselves

That’s where Bitsquare comes in. https://bitsquare.io

We have developed a solution which is based on pure P2P infrastructure. While the transfer of national currency requires the involvement of traditional payment channels like banks or payment processors, we are not dependent on any particular one. Their role is limited to what it should be: They transfer national currency. No power of censoring, confiscating, monitoring or controlling your financial interaction.

[Victorycoin]

I am not surprised 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?

This is certainly bad news for the cryptocurrency industry and a number of people are likely to lose faith with it. Obviously it is now a trend, big and small exchanges alike. If something drastic is not done about this ugly situation, it might turn around to become the nail that nails the coffin of this awesome discovery. I learnt a big lesson from Cryptsy - an exchange should never be seen as a bank!

[n691309]

I checked their thread and seems that they are not much active here in forum, and the OP of that thread hasn't been online for almost 2 months, but the hacks in these years has been increased too much which are damaging the bitcoin.

[European Central Bank]

This is certainly bad news for the cryptocurrency industry and a number of people are likely to lose faith with it. Obviously it is now a trend, big and small exchanges alike. If something drastic is not done about this ugly situation, it might turn around to become the nail that nails the coffin of this awesome discovery. I learnt a big lesson from Cryptsy - an exchange should never be seen as a bank!

no one should be surprised any more. but i'm still surprised that people choose to put money into amateur hour shit holes like this place and bitfinex.

the chances are that you live somewhere where there's a more solid exchange. it's up to bitcoin users to support them with volume so stuff like this is left behind.

[Milkduds]

When it comes to these large amounts where exchanges get raped,it feels like there is a wide enough spot to develop a failsafe method to protect against this.
Like a program that shifts the bitcoin around in groupings,so it is constantly moving through the blockchain and when it gets altered it shows up right away as a problem and you can stop all the other bitcoins from being juggled around. Going into lock down mode! Would leave a paper trail and a pretty close time stamp as well if it could be set up.

[European Central Bank]

When it comes to these large amounts where exchanges get raped,it feels like there is a wide enough spot to develop a failsafe method to protect against this.

I would like to see categorical evidence of one of these hacks not being an inside job before looking further afield. gox, this place, bitfinex, cryptsy, bter and on and on and on, there's no explanation for any of them.

[The Sceptical Chymist]

sad that it has to happen. i dunno if this means exchanges will consolidate into bulletproof ones or whether that leaves the exchanges standing even juicier targets.

i hope they're taking their opsec ever more seriously.

Has this been confirmed to be a hack, or is it an 'inside hack'?  Either way, none of this is surprising and it'll .  keep happening again as long as these exchanges go unregulated.  Hate to say it.  But this kind of thing is eventually going to attract the attention of gov't agencies.  Law enforcement and everything else.

[Esphere.in]

These kind of big hacks are occurring every now and then and what are they doing to secure the safety of the clients ,after every hack they just release a statement that it was hacked and after that what happens is the price of bitcoin goes down and the clients loses their coins.we need changes to these situation and there should be a guarantee to the clients wealth in case of a hack