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almightyruler
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January 23, 2019, 09:11:21 PM |
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Wasn't this the same newspaper that sensationally reported that Police "stormed" the offices of Cryptopia? The stuff.co.nz article says, "Elementus identified the currencies, their value, and the exchanges where they have been traded. Bitcoins were not involved, with the main cryptocurrencies being ethereum, oyster pearl, and dentacoin" ...however the Elementus article clearly says, "We have not examined the Bitcoin blockchain or other blockchains" Sloppy.
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Winstar78
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January 23, 2019, 09:33:13 PM |
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looks like according to the terms of service cryptopia's maximum rembursement to an user for cryptopia's faults is $ 5000 (i think NZD)
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almightyruler
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January 23, 2019, 09:46:16 PM |
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looks like according to the terms of service cryptopia's maximum rembursement to an user for cryptopia's faults is $ 5000 (i think NZD)
Link? Terms and conditions generally cannot override (local jurisdiction) law, so if it turns out that funds were lost through gross negligence or some other corporate no-no then I doubt these limits would apply. Such a limit sounds more like additional compensation (say, via legal action) rather than a hard limit on customers accessing their own funds?
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Winstar78
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January 23, 2019, 10:54:19 PM |
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almightyruler
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January 23, 2019, 11:08:39 PM |
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See 12.1(c) "Nothing in these Terms is intended to limit any rights or remedies a User may have under the Fair Trading Act 1986 or the Consumer Guarantees Act 1993." And 18.4(a) "You agree to use our service in accordance with the law in New Zealand and the applicable law in your jurisdiction. Where any of these Terms does not meet the minimum requirement of the law, those terms and conditions are deemed to be amended to the extent of compliance." Seems like boilerplate lawyer-speak to me: these are our terms, but some of them 'may' be overridden by law, and it's solely up to you (or perhaps the courts) to determine what is or isn't valid. Regardless, I doubt that a company could legally limit their liability to repay funds held on behalf of customers. Otherwise, they could just close up shop and keep the difference.
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trackers
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January 24, 2019, 01:27:55 AM |
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See 12.1(c) "Nothing in these Terms is intended to limit any rights or remedies a User may have under the Fair Trading Act 1986 or the Consumer Guarantees Act 1993." And 18.4(a) "You agree to use our service in accordance with the law in New Zealand and the applicable law in your jurisdiction. Where any of these Terms does not meet the minimum requirement of the law, those terms and conditions are deemed to be amended to the extent of compliance." Seems like boilerplate lawyer-speak to me: these are our terms, but some of them 'may' be overridden by law, and it's solely up to you (or perhaps the courts) to determine what is or isn't valid. Regardless, I doubt that a company could legally limit their liability to repay funds held on behalf of customers. Otherwise, they could just close up shop and keep the difference. The Acts mentioned are the standard consumer protection acts in New Zealand; those clauses are just saying they cannot contract out of the provisions provided by law (which for these laws in particular is correct)
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Winstar78
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January 24, 2019, 09:26:40 AM |
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why post again this wrong article
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pinoycash
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January 25, 2019, 01:24:49 AM |
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why post again this wrong article Since this is not an official media outlet for cryptopia but they are the only media website who has first hand experience on the crime scene. We still need to be thankful someone is providing unbias report directly from the ground.
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Verdell
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January 25, 2019, 06:41:35 AM |
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If your coins on cryptopia weren't. Hacked will you be allowed too withdraw them and when will you be allowed access your cryptopia account too see what if anything is left
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Winstar78
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January 25, 2019, 02:00:02 PM |
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If your coins on cryptopia weren't. Hacked will you be allowed too withdraw them and when will you be allowed access your cryptopia account too see what if anything is left
i would just like to know if cryptopia assessed a loss of 15 or even 30M $, if it can be solvent and continue business or will decide to bankrupt and we all lose. I think they already know how things will end.
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DADIBLAND
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January 25, 2019, 02:20:59 PM |
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If your coins on cryptopia weren't. Hacked will you be allowed too withdraw them and when will you be allowed access your cryptopia account too see what if anything is left
i would just like to know if cryptopia assessed a loss of 15 or even 30M $, if it can be solvent and continue business or will decide to bankrupt and we all lose. I think they already know how things will end. We pay for their mistakes
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Kamayulka78
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January 25, 2019, 02:48:36 PM |
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I also had funds on the stock exchange! What will happen to our assets? Who has the reference to the telegram?
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Winstar78
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January 25, 2019, 03:03:36 PM |
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at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.
AND, cryptos are barely traceable.
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RivAngE
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What doesn't kill you, makes you stronger
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January 25, 2019, 05:42:13 PM |
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at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.
AND, cryptos are barely traceable.
I belive the solution is actually simple. The CEO splits the private key in multiple parts, he holds half of the key and plits the other half to 2 or more parts. Then makes copies of each part so that at least 2 copies of each part exists and splits them to other executives. Even if one executive leaves in bad terms, there should be another copy. Alternatively, splitting the key to 2 parts, one for the CEO and one for a lawyer should also be fine. In Cryptopia's case it seems they were holding the keys to servers... Very clever!
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paramind22
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January 25, 2019, 06:23:24 PM |
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at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.
AND, cryptos are barely traceable.
Look into decentralized exchanges.
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Boriss
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January 26, 2019, 07:19:28 AM Last edit: January 26, 2019, 07:45:10 AM by Boriss |
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This is probably their exit strategy, I would not be surprised if all this was inside job to bailout with clients money. It will be interesting to see what will happen to people that were in charge for that exchange.
I am sure that some people will not except that their money got snatched with some breach/hack excuse. Only because someone give access to the police doesn't mean that they should immediately be abolitioned from their responsibility.
Your money was their responsibility and it will be very hard for them to stay in the business after this fiasco.
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sluppy
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January 26, 2019, 08:37:00 AM |
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at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.
AND, cryptos are barely traceable.
A single IT operator had all the keys ? no way i cant believe that they where that insecure. The handling of this is Piss poor imo why not have an updated statement on the website let us at least know some of whats going on.
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The only thing necessary for the triumph of evil is for good men to do nothing. Edmund Burke -- May the forces of evil become confused on the way to your house.George Carlin We pay for life with death , so everything in between should be free. Bill Hicks -- It is during our darkest moments that we must focus to see the light. Aristotle Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment. Buddha -- The only true wisdom is in knowing you know nothing. Socrates
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