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Author Topic: bitcoin-24 went down while i transfered BTC to them  (Read 1101 times)
gugubagiBTCplease
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April 12, 2013, 10:53:28 PM
 #1

hi,

i transfered my BTC from gox to bitcoin-24, approximately 2 hours before bitcoin-24 went down. about 3 hours later i saw the transaction on blocḱchain.info.
but i dont know enough about BTC-network to know if that transaction i see on blockchain.info means it arrived on my bitcoin24-wallet.

anyway, either way - what do you think, will i get the BTCs or are they lost in the cloud? i ask because i read that the problem is a closed bitcoin-24 bank-account and i also read that it is a bug in the trading engine or even worse, both.

yes, and i dont know if i have to worry or not...

any explanation. speculation or donation Wink would be nice.

best regards peops and good luck for all my boat comrades!
bye!
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anon24
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April 12, 2013, 11:16:05 PM
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they are not 'lost in the cloud'; they're in the address you sent them to but only time will tell when/if you will be able to access your BTC24 acct and use them.

13aLoc3ZgV5x7Vv5oE6QQpiS6ihQtZt6Bm
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April 13, 2013, 07:01:19 AM
 #3

i transfered my BTC from gox to bitcoin-24, approximately 2 hours before bitcoin-24 went down.

I did the exact same! It's extremely ironic that I've just left Mt.Gox for their downtimes and incompetence in favor of Bitcoin-24... and then just hours later Bitcoin-24 goes down, while Mt.Gox is being completely fine at the moment.

And yes, now I can't access my money which kind of bothers me. Sad

BTC: 18nAftZTnH4LjY9fPPow1aF5tGD1JiF7ZH
LTC: LV9MiA3iPVUm8qRFYbLkARuoYwvmHwhWaC

Buy some Negro candies!
600watt
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April 14, 2013, 12:57:47 PM
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i transfered my BTC from gox to bitcoin-24, approximately 2 hours before bitcoin-24 went down.

I did the exact same! It's extremely ironic that I've just left Mt.Gox for their downtimes and incompetence in favor of Bitcoin-24... and then just hours later Bitcoin-24 goes down, while Mt.Gox is being completely fine at the moment.

And yes, now I can't access my money which kind of bothers me. Sad

i did exactly the same out of the same reason at the same time.

my theory: mtgox was seeing that btc24 was getting bigger and bigger. they found out that it is using accounts with the same bank in poland they do themselves. they found out that it was a business that grew over the head of the young, unexperienced owner. they decided to talk to the bank authorities in poland. gox´timing was perfect: they knew that plenty of gox customers would run over to btc24 in exactly the moment they would be shutting down service. in order to get rid of a competitor they acted in that same moment. also giving all gox leavers the message, that they are screwed when they leave gox.

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April 14, 2013, 01:10:25 PM
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my theory: mtgox was seeing that btc24 was getting bigger and bigger. they found out that it is using accounts with the same bank in poland they do themselves. they found out that it was a business that grew over the head of the young, unexperienced owner. they decided to talk to the bank authorities in poland. gox´timing was perfect: they knew that plenty of gox customers would run over to btc24 in exactly the moment they would be shutting down service. in order to get rid of a competitor they acted in that same moment. also giving all gox leavers the message, that they are screwed when they leave gox.


[/quote]
wow thats some theory
Spektral
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April 14, 2013, 02:13:10 PM
 #6

I was just about to wire some money into bitcoin-24 after several days of looking into my best exchange options for Euro to BTC. I then noticed people freaking out in the chatbox, which was seemingly more legit than the usual trolls. They were warning people not to trade and that there was a bug in the engine, telling admins to take to shut the exchange down. Not long after that the site went down. At that point I seriously felt like I had just dodged a bullet. After all my caution, I still almost get stung by poorly run exchanges. From what I can tell, this bug was known about and reported, see this video for more details: http://www.youtube.com/watch?v=UYPaN_41tv0, but noting was done about it (date on the video is 2nd April). My guess is that someone(or a several people) didn't take to well to not being able to access their potentially large sum of money, thus reported this resulting in the closing of Simon's(the guy running the exchange) bank account. This has made me far more weary of going through an exchange, realizing now that even the ones that seemingly have a decent reputation are this fragile.
codesuela
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April 14, 2013, 05:19:44 PM
 #7

guys I just wrote a long ass text on reddit check it out:
http://www.reddit.com/r/Bitcoin/comments/1cbrjt/for_everyone_worrying_about_bitcoin24_please_read/
TCollar
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April 14, 2013, 05:50:00 PM
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Its funny, each one of these says the same things "he is young"...we got it.  He is young.  "he is inexperienced" then why do currency transactions yourself.  "The bank stopped his account" to which I say "so he says", but where is a non-Simon based document that proves the account was halted?

But the one about "I hear he runs ASIC miners?" is new.  ASIC miners are as rare as a hybrid love child between bigfoot and nessie.  That statement with the question mark makes me think that the reddit post is a stall tactic of sorts.

So, which bank in Poland was the account in?  Give a name and people can actually contact them, ask them questions and explain what happened and maybe they will help, or you could trust a 24 year old incompetent to tell you his lawyers are working on it.

Since Simon is only communicating through Reddit, I suspect the Polish bank name will not come out because the last thing he wants is for people to be able to dig for themselves.

The first step to re-assuring people who have both fiat and BTC in limbo because of him is to give the name of the bank.

 
codesuela
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April 14, 2013, 05:54:46 PM
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Its funny, each one of these says the same things "he is young"...we got it.  He is young.  "he is inexperienced" then why do currency transactions yourself.  "The bank stopped his account" to which I say "so he says", but where is a non-Simon based document that proves the account was halted?

But the one about "I hear he runs ASIC miners?" is new.  ASIC miners are as rare as a hybrid love child between bigfoot and nessie.  That statement with the question mark makes me think that the reddit post is a stall tactic of sorts.

So, which bank in Poland was the account in?  Give a name and people can actually contact them, ask them questions and explain what happened and maybe they will help, or you could trust a 24 year old incompetent to tell you his lawyers are working on it.

Since Simon is only communicating through Reddit, I suspect the Polish bank name will not come out because the last thing he wants is for people to be able to dig for themselves.

The first step to re-assuring people who have both fiat and BTC in limbo because of him is to give the name of the bank.

 
this was the bank: http://www.bzwbk.pl/ (i think, not 100% sure) lemme know if you find out anything
i wrote that post, i wouldn't vouch for the fact that he has asic miners its just something i heard
TCollar
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April 14, 2013, 05:59:40 PM
 #10

Thanks.  Where did he announce that this was the bank?

Did he present a copy of the notice?

codesuela
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April 14, 2013, 06:01:10 PM
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this was the bank that you had to use to deposit funds via SEPA just find someone who deposited money into an account there and you can get all the details (personally i always deposited with sofortpayment or giropay so I dont know the account nr sry)

edit
nevermind found an older transaction that went through sofort to that account ->

BTC24 Limited
PL18109011150000000120219027
WBKPPLPP


so there you go Smiley
TCollar
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April 14, 2013, 06:19:39 PM
 #12

Thank you again.

But I assume Simon has not posted an actual copy of the notice from the Polish bank?   To me it seems odd that when his transactional database goes titsup the bank also freezes the account.  We know for sure the database puked all over itself with the reports of double payments and stuff but the actual non-bitcoin money would not be frozen by database transaction, it would, however, be frozen by outside regulators or a bank itself.

So far we know mostly what he has told us, which people should be very suspicious of.

So if I were him and I were reading this, I would log onto his server and mirror his database, warts and all, to an identical server.  Then hire someone, or take people's offers who knows what they are doing to sort out the mirrored one.  Do testing and see if they can get the mirrored one and all the accounts back.   If they cannot, then recover the accounts and refund the BTC to the users with those that are not recovered given a polite notice to contact his lawyer for further statements (a polite way of acting in good faith but telling people "you are screwed for trusting me, now I must cover my butt, sorry."

Then provide a copy of the notice given by the bank.  Give contact information for his lawyer for hard currency and bank related issues.  Give bank contact information too (available online).

You might want to see what the UK can do for you too.

http://www.companiesintheuk.co.uk/ltd/btc24

Somlba
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April 14, 2013, 06:34:48 PM
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Quote
But I assume Simon has not posted an actual copy of the notice from the Polish bank?   To me it seems odd that when his transactional database goes titsup the bank also freezes the account.
It is a strange coincidence but I believe him that the bank account was frozen. Millions of Euros where send to this bank account and he never requested any kind of verification. I am sure some scumbags used Bitcoin-24 to launder large amounts of money.
DeathAndTaxes
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April 14, 2013, 06:36:42 PM
 #14

i transfered my BTC from gox to bitcoin-24, approximately 2 hours before bitcoin-24 went down.

I did the exact same! It's extremely ironic that I've just left Mt.Gox for their downtimes and incompetence in favor of Bitcoin-24... and then just hours later Bitcoin-24 goes down, while Mt.Gox is being completely fine at the moment.

And yes, now I can't access my money which kind of bothers me. Sad

i did exactly the same out of the same reason at the same time.

my theory: mtgox was seeing that btc24 was getting bigger and bigger. they found out that it is using accounts with the same bank in poland they do themselves. they found out that it was a business that grew over the head of the young, unexperienced owner. they decided to talk to the bank authorities in poland. gox´timing was perfect: they knew that plenty of gox customers would run over to btc24 in exactly the moment they would be shutting down service. in order to get rid of a competitor they acted in that same moment. also giving all gox leavers the message, that they are screwed when they leave gox.

Simpler theory the operator was an idiot with two masive flaws:
a) a fault trading engine allowed users to steal funds.
b) when his business account got shutdown he started moving millions of euros through his personal bank account.

Neither of those have particularly unexpected outcomes.
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April 14, 2013, 07:14:39 PM
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i transfered my BTC from gox to bitcoin-24, approximately 2 hours before bitcoin-24 went down.

I did the exact same! It's extremely ironic that I've just left Mt.Gox for their downtimes and incompetence in favor of Bitcoin-24... and then just hours later Bitcoin-24 goes down, while Mt.Gox is being completely fine at the moment.

And yes, now I can't access my money which kind of bothers me. Sad

i did exactly the same out of the same reason at the same time.

my theory: mtgox was seeing that btc24 was getting bigger and bigger. they found out that it is using accounts with the same bank in poland they do themselves. they found out that it was a business that grew over the head of the young, unexperienced owner. they decided to talk to the bank authorities in poland. gox´timing was perfect: they knew that plenty of gox customers would run over to btc24 in exactly the moment they would be shutting down service. in order to get rid of a competitor they acted in that same moment. also giving all gox leavers the message, that they are screwed when they leave gox.

Simpler theory the operator was an idiot with two masive flaws:
a) a fault trading engine allowed users to steal funds.
b) when his business account got shutdown he started moving millions of euros through his personal bank account.

Neither of those have particularly unexpected outcomes.

i admit yours sounds more probable.

then gox was just lucky. did they deserve it...?
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April 14, 2013, 07:18:05 PM
 #16

Well I don't think anyone wins, not even Gox long term.  Every scandal, every theft, every loss of depositor funds undermines confidence of current and future adopters.   I think it was completely unrelated unless the operator simply saw a massive amount of wealth pour in, over a version short period of time, and decided to run with the money.  Like someone making $50K a year accidentally being given a paycheck of $50M might decide to do the wrong thing.  I hope I am wrong.  We should find out "soon".
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April 14, 2013, 07:21:30 PM
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Well I don't think anyone wins, not even Gox long term.  Every scandal, every theft, every loss of depositor funds undermines confidence of current and future adopters.   I think it was completely unrelated unless the operator simply was a massive amount of wealth pour in (maybe 10x his normal volume) and decided to run with the money.  Like someone making $50K a year accidentally being given a paycheck of $50M might decide to do the wrong thing.  I hope I am wrong.  We should find out "soon".

i had 70 + x btc on my account there. i dont think he ran off. i hope.... but how long will it take? are the btc still there ?

Paul89273
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April 14, 2013, 07:35:27 PM
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I hope you see your money again, it's not looking good from what I've read about Bitcoin 24
600watt
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April 14, 2013, 07:42:15 PM
 #19

I hope you see your money again, it's not looking good from what I've read about Bitcoin 24

what did you read ? any links?
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