bitgrail - treating their users like shit

[Lanatsa]

Update from bitgrail regarding the missing funds: https://bitgrail.com/news (It's not in english so you have to rely on google translate  )

It seems like bitgrail is uselessly trying to turn the tables by accusing the nano team instead 

Also, Here's an excerpt from the interview conducted by cointelegraph:

CT: Do you expect to find a refund solution for the customers, even if the Nano team decides not to cooperate?

FF: No, it's impossible to refund the stolen amount.

Condolences!!

Basing on those words then users who do lose up money would be ready on the possible thing might happen ahead which they do already tell about on their decision on refund matter which isnt possible. Its not surprising yet they are already turning the blame into nano-team itself which we can really assume that they dont have any intentions specially on refunding matters.

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[npredtorch]

is there any possibility altho  small that we will get our funds back anytime in the future? Or is it just done forever and there is no hope left?

According to best practice of this market absolutely no chance.

So far so ... good bad.
Both side didn't agree on a thing since this hacking began. Nobody knew how did it end up like this. Well, what I'm sure of is it's either ShapiroFraud or FiranoFraud.
From the "Colin LeMahieu sleeping" up to the bitgrail hacking, Nano (XRB) sure do have a rough path.

NEM hacking < XRB hacking

[mexicantarget]

It looks like they are completely insolvent, so the only recourse is maybe getting the regulators involved to freeze assets so whatever remains can be redistributed.

There is a huge thread on reddit about it:

https://www.reddit.com/r/CryptoCurrency/comments/7wh2a1/bitgrail_got_hacked_and_is_insolvent/

Looks like loads of people got burnt.

XRB devs are big time scammers.
They wont rollback a decentralized coin.

Shame on you. SHAME ON YOU.

[UsernameBitcoin]

What is the solution to these exchanges getting hacked again and again?

How can we avoid these exchanges which can get hacked?

Whose fault was this? Bitgrail or the Nano team?

[sgk]

What is the solution to these exchanges getting hacked again and again?

How can we avoid these exchanges which can get hacked?

-snip-

Ahmm...  decentralised exchanges... something something ...ahmmm

[mexicantarget]

What is the solution to these exchanges getting hacked again and again?

How can we avoid these exchanges which can get hacked?

Whose fault was this? Bitgrail or the Nano team?

Like sgk said, the only way to avoid a centralized middleman is to use DEX

[japakar]

Hah thats funny, I for some stupid reason thought Bitgrail would be responsible for the money I put there.
There goes 90% of my crypto money. =/
and yep the million useless typical responses of you should of.  Thanks in advance, no need to post em.

[figmentofmyass]

Hah thats funny, I for some stupid reason thought Bitgrail would be responsible for the money I put there.
There goes 90% of my crypto money. =/
and yep the million useless typical responses of you should of.  Thanks in advance, no need to post em.

been there. i got crushed by bitfinex in 2016 and btc-e in 2017. i had to rebuild from nearly nothing last year. it took a lot for me to learn that it's worth missing trading opportunities to have your coins off-exchange. it sucks but you'll bounce back. just don't make the same mistake twice like i did.

What is the solution to these exchanges getting hacked again and again?

decentralized exchanges where you don't keep coins in their custody. otherwise, just learn to hold through the dips if you're bullish longer term. they'll keep getting hacked and exit scamming. the target on their backs grows bigger everyday. in this case, it looks more like a fractional reserve gone bad.

it sounds like bitgrail was only using client-side javascript as a check for withdrawals, so people were able to double-withdraw and steal funds. i'm guessing a few big fish loaded XRB into their accounts and then cleaned out their reserves. i heard similar glitch reports about mt gox long before they went down in 2014.

Whose fault was this? Bitgrail or the Nano team?

bitgrail. they coded the wallet infrastructure incompetently, allowing people to withdraw funds they didn't own. the nano devs couldn't roll back the transactions if they wanted to. and it sounds like bitgrail has been insolvent for a while. they were just covering it up.

[MiningSensei]

Hah thats funny, I for some stupid reason thought Bitgrail would be responsible for the money I put there.
There goes 90% of my crypto money. =/
and yep the million useless typical responses of you should of.  Thanks in advance, no need to post em.

And why would you put money in there? 90% of all the people in here, even all those newbies who are always posting the same shit knows that bitgrail is a giant shit who is scamming everyone.

[TryNinja]

And why would you put money in there? 90% of all the people in here, even all those newbies who are always posting the same shit knows that bitgrail is a giant shit who is scamming everyone.

At the time people thought BitGrail was a reasonable exchange. If you wanted to buy Raiblocks/Nano, BitGrail was the place. The XRB team even promoted and recommended BitGrail as the best place to buy XRB.

The other issue is that people were trying to take their money from BitGrail for weeks. Their withdrawal system only worked a few days each month. So even if you didn't want to keep your coins there, you didn't have any choice.

[lifetimebitcoins]

Hah thats funny, I for some stupid reason thought Bitgrail would be responsible for the money I put there.
There goes 90% of my crypto money. =/
and yep the million useless typical responses of you should of.  Thanks in advance, no need to post em.

And why would you put money in there? 90% of all the people in here, even all those newbies who are always posting the same shit knows that bitgrail is a giant shit who is scamming everyone.

Then how can we identify whether the specified exchange is the scam or not, no one will think like that because Nano is actively traded there, where it is generating huge volume how can we easily guess exchange will be hacked. Sometimes it is really frustrating to keep our coins in the exchanges.

[sgk]

Hah thats funny, I for some stupid reason thought Bitgrail would be responsible for the money I put there.
There goes 90% of my crypto money. =/
and yep the million useless typical responses of you should of.  Thanks in advance, no need to post em.

NEVER keep your "investment" coins on an exchange. Only keep what you trade. I also used Bitgrail for buying XRB because it was the only properly-functioning exchange supporting XRB at that moment. But I immediately transferred the coins to my wallet because I wasn't planning to sell them soon.

I have seen people getting burned in MtGox, Cryptsy, Mintpal & now Bitgrail; and I never trust any centralized exchange with the coins I can't afford to lose.

[stomachgrowls]

Hah thats funny, I for some stupid reason thought Bitgrail would be responsible for the money I put there.
There goes 90% of my crypto money. =/
and yep the million useless typical responses of you should of.  Thanks in advance, no need to post em.

NEVER keep your "investment" coins on an exchange. Only keep what you trade. I also used Bitgrail for buying XRB because it was the only properly-functioning exchange supporting XRB at that moment. But I immediately transferred the coins to my wallet because I wasn't planning to sell them soon.

I have seen people getting burned in MtGox, Cryptsy, Mintpal & now Bitgrail; and I never trust any centralized exchange with the coins I can't afford to lose.

This the common mistake among people where they are too confident on storing up huge coins on an exchange without even thinking the possibilities of being compromised or lost all of those tokens.Same into your behavior i dont usually store huge amounts on exchanges which if do already bought tokens i immediately transfer it to my wallet and with that it do put my mind on peace.

[japakar]

Yeah I sold a potion of my coins in december, moved to exchange figuring when it was a bit over 10 id sell out and re invest in a different coin without so many issues and in the interim it happen. (I was going to hodl but changed my mind)  It was listed at 10.43 so I thought, time to sell!  couldnt figure out why the news kept coming up with the exchange link then I read up.  Ive since made all wallets but 1 coin I use on the computer =/

[onebtcforlife]

is there any possibility altho  small that we will get our funds back anytime in the future? Or is it just done forever and there is no hope left?

Nobody has no solution for your answer but the thing is big no, after their announcement till now they didn't mention anything about whether they recover the fund or not. I think it is not possible to recover funds after the huge hack, but we can track where they are sending the fund.

[npredtorch]

is there any possibility altho  small that we will get our funds back anytime in the future? Or is it just done forever and there is no hope left?

Nobody has no solution for your answer but the thing is big no, after their announcement till now they didn't mention anything about whether they recover the fund or not. I think it is not possible to recover funds after the huge hack, but we can track where they are sending the fund.

It's all gone. Bitgrail can't do a refund based on the fact that it's an astounding $150 million.
Firano already admitted it on cointelegraph , if you haven't read it yet.  On the other side, Nano still doesn't want to modify the ledger to bring back the stolen xrb. So that's all, the end.

Take note - Most of all the hacked exchanges doesn't refund their customers. It's a miracle if they do.

[ceferov]

Bitgrail showed us how not to manage an exchange. Not wondered when heard they become scam. Exchange  is a serious thing and if devs are not professional enough there are defenitely problems.  I don't know if they took XRBs to themselves or really got hacked but if they got hacked it happened lot time ago and they didn't want to say that. That KYC problem also occured from that

[SheepSuit]

Is there anyone interested in taking legal action?

I think it might be worth to make an effort.

Please have a look: https://bitcointalk.org/index.php?topic=2983123

[Samarkand]

...  On the other side, Nano still doesn't want to modify the ledger to bring back the stolen xrb. So that's all, the end.

Take note - Most of all the hacked exchanges doesn't refund their customers. It's a miracle if they do.

I completely agree with the decision of the Nano team. You can´t seriously expect that we will see
a rollback of the respective blockchain everytime that an exchange gets hacked.

This would undermine all trust in the currencies that do this on their ledger and destroy one
of the main features of a blockchain (immutability).

Besides, this could open up a scam opportunity where an exchange operator can claim that
his exchange was hacked just to siphon off the funds himself and end up getting bailed out by a blockchain rollback.

[stomachgrowls]

is there any possibility altho  small that we will get our funds back anytime in the future? Or is it just done forever and there is no hope left?

Nobody has no solution for your answer but the thing is big no, after their announcement till now they didn't mention anything about whether they recover the fund or not. I think it is not possible to recover funds after the huge hack, but we can track where they are sending the fund.

It's all gone. Bitgrail can't do a refund based on the fact that it's an astounding $150 million.
Firano already admitted it on cointelegraph , if you haven't read it yet.  On the other side, Nano still doesn't want to modify the ledger to bring back the stolen xrb. So that's all, the end.

Take note - Most of all the hacked exchanges doesn't refund their customers. It's a miracle if they do.

Just to look back into what happen into btc-e i dont know if user or traders did really make their refund or have given back into their coin holdings.It might be a different scenario compared to this which the entire exchange been hacked unlike now only on Nano hacking incident which i dont even see a reason why would an exchange would refund to the lost of funds. No matter whos fault but taking back those amounts is already an impossible thing.