btc24 bitcoin24-com trade engine problems

[hackstutz]

what just happened on btc24?

anyone wants to come up with a theory?

[hansmentz]

Relevant Reddit discussion.

[hansmentz]

You might also follow #btc24 on Freenode for the latest news.

A mod from the channel just reported:

Code:

<@xkallex> we cant say anything in the moment
<@xkallex> but simon is worked on this

(Simon is the operator.)

[hackstutz]

thx

[hansmentz]

Here's BTC-24's hotwallet.
https://blockchain.info/address/1BTC24yVKQdQNAa4vX71xLUC5A8Za7Rr71?sort=0

No activity since the closedown.

[hackstutz]

yes, i guess they will roll back and just the btc from the hot wallet will be lost...
i hope this won't take too long

[diego1000]

any news?

[siet]

what mean hot-wallet and cold-wallet?

-> does it mean the cold wallet are coins not used in trades the last hour?

Or are these thinks not connected to each other? What means not important to which time you trade or put your money (EUR or BTC) on the platform it is only covered by the cold-wallet.

In my case I have put coins to the platform at around 11 pm 11th of April traded at 4am and 8am and between 10-11:30am the platform trade locks like a control loop with to strong gains (12th of April).
All my stuff on the platform is in BTC.

As long I can understand everything, the delay of withdraw of EUR is that big that the money couldn't be lost but the delay of Bitcoin withdraws was only 30min in my case (Tested the day before). If the BTC is shown by the bitcoin network he could not bring them back. So the graphs lock like the problem started at 10am what means that 1h of loses of BTC is possible.

Please give me a good feeling and say that I'm wrong.

[zakoliverz]

anyone know any news , please update.
Thank you so much.

[ineedyourhelp]

what mean hot-wallet and cold-wallet?

is there any one can explain this ?? i also want to know!

[crazy573]

https://en.bitcoin.it/wiki/Cold_storage
https://en.bitcoin.it/wiki/Hot_wallet

[Keylan]

what mean hot-wallet and cold-wallet?

is there any one can explain this ?? i also want to know!

dito

[hackstutz]

in short: the cold wallet stores most of the bitcoins that were deposited. it is not accessible by the trading platform, so if anything goes wrong (like the trading engine incident few days ago), those coins can not be withdrawn from people who profited from corrupted trades. also if someone were able to hack the system, he cold not access the cold wallet. so the biggest part of coins is safe form incidents like that. the hot wallet is the wallet from which btc can be withdrawn. if its empty, it gets refilled by btc24 with money from the cold wallet. he usually did that every hour.
so the maximum that can be lost is the hot wallet content (usually some hundret btc). the minium that can be lost is 0 btc.

the other thing is, that there seem to be legal problems with the account being block etc.

check this thread, because this is where the main discussion is taking place:

https://bitcointalk.org/index.php?topic=174600.0