Jack Kingston: i lost $430,000 On BTC-E

[zycrypto]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

[skyline247]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

  He is not the only one. Thousands of people lost lots of money. Everyone in the trollbox had to have at least $1,000 to chat. I heard a huge whale from Dubai lost millions. Apparently he had 3.5 million on the site... why would anyone keep such an amount there is beyond me. I just hope everyone gets their refunds in due time, but it seems unlikely at this point.

[xhomerx10]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

  He is not the only one. Thousands of people lost lots of money. Everyone in the trollbox had to have at least $1,000 to chat. I heard a huge whale from Dubai lost millions. Apparently he had 3.5 million on the site... why would anyone keep such an amount there is beyond me. I just hope everyone gets their refunds in due time, but it seems unlikely at this point.

 Well, how are you going to do whale-like trading without keeping whale-sized numbers of coin on an exchange?!

[IIOII]

Didn't BTC-E claim that all crypto funds are safe and they will come back online shortly.

Anyway it's a crazy high amount to store on a BTC exchange. Hopefully the owner receives back his coins and learns his lesson.

[Kprawn]

Keeping that amount of money on a shady exchange that has no regulations governing it's operations will result in losses like this.

We have warned people over and over again, against storing large amounts of money/btc on these exchanges and people still risk

doing this. When will they learn? Even the regulated exchanges are not risk free. 

[Minecache]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

This is the leason to all those moaning about being advised to keep their coins off exchanges during the fork.  

[HabBear]

Well, how are you going to do whale-like trading without keeping whale-sized numbers of coin on an exchange?!

This quote might be sarcasm, but with $3.5m in Bitcoin you don't need to do any trading...just let it sit there!

To say that it's frustrating to watch the US claim jurisdiction over this case is the understatement of the year. But what's not being discussed is why the countries who do have jurisdiction in this case (i.e., Russia, Greece, New Zealand, others?) are so willing to allow the US to assume jurisdiction. US agencies can't operate so openly without the permission of the local countries. Perhaps the only exception is the internet and only because the US can hack and control whatever site they want...and they don't need some country's permission to do so. The internet is still the wild west...it's like operating in the ocean...there are no borders.

[JL421]

That's really bad as bitcoins is involved in this situation there is no chance ge get's his bitcoin back because of lack of proof available. I have seen many problems on their site just bought bitcoins once took 10 days for withdrawal to get approved maybe people can learn from their mistakes and avoid such exchanges

[swogerino]

Didn't BTC-E claim that all crypto funds are safe and they will come back online shortly.

Anyway it's a crazy high amount to store on a BTC exchange. Hopefully the owner receives back his coins and learns his lesson.

Well I think they may never come online again. I read today that the owner is detained by the police officers. Unless he has given his powers to some of his co helpers to run the site probably we will not see BTC-E again online. People still keeping high amounts of bitcoins in exchange is a thing that surprises me a bit, I guess people will never learn except the hard way.

Link when the owner was detained by the police: http://uk.reuters.com/article/us-greece-russia-arrest-bitcoin-idUKKBN1AB27W

I cannot reach the site today.

[pearlmen]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Jack has fallen because he and others failed to heed to advise times without number that exchange sites are vulnerable not only to hackers but several interested parties even the owner himself is a threat to the site but they fail to take heed and move their funds out thinking exchange sites has turn to a bank where you can fixed deposit for eternity. The only consolation we can give them is for btc-e to live up to expectation and pay them back as promised.

[BaZiZu]

This is so painful to hear. Hope the money can be recovered.

[lite]

Didn't BTC-E claim that all crypto funds are safe and they will come back online shortly.

Anyway it's a crazy high amount to store on a BTC exchange. Hopefully the owner receives back his coins and learns his lesson.

Well I think they may never come online again. I read today that the owner is detained by the police officers. Unless he has given his powers to some of his co helpers to run the site probably we will not see BTC-E again online. People still keeping high amounts of bitcoins in exchange is a thing that surprises me a bit, I guess people will never learn except the hard way.

Link when the owner was detained by the police: http://uk.reuters.com/article/us-greece-russia-arrest-bitcoin-idUKKBN1AB27W

I cannot reach the site today.

Your information on btc-e is outdated, btc-e owner(s) have gained control over database and wallets, they might come back!

https://bitcointalk.org/index.php?topic=2063529.0
https://www.coindesk.com/troubled-btc-e-exchange-claims-control-of-databases-and-bitcoin-wallets/

[Mpamaegbu]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

People were advised to get their coins off exchanges and into secured wallets they control the private keys because of the fork. So, why is anyone complaining they lost coins for that sake? Obedience is better than sacrifice, it isn't only applicable in the Old Testament. It is a maxim. Let the losers lick their wounds. No pity party for anyone.

[swogerino]

Didn't BTC-E claim that all crypto funds are safe and they will come back online shortly.

Anyway it's a crazy high amount to store on a BTC exchange. Hopefully the owner receives back his coins and learns his lesson.

Well I think they may never come online again. I read today that the owner is detained by the police officers. Unless he has given his powers to some of his co helpers to run the site probably we will not see BTC-E again online. People still keeping high amounts of bitcoins in exchange is a thing that surprises me a bit, I guess people will never learn except the hard way.

Link when the owner was detained by the police: http://uk.reuters.com/article/us-greece-russia-arrest-bitcoin-idUKKBN1AB27W

I cannot reach the site today.

I think your information on btc-e is outdated, btc-e owner(s) have gained control over database and wallets, they might come back!

https://bitcointalk.org/index.php?topic=2063529.0
https://www.coindesk.com/troubled-btc-e-exchange-claims-control-of-databases-and-bitcoin-wallets/

I hope you are right but things are not looking good. I still cannot reach the site and after many tries it finally says that this domain has been seized and I see about 6 logos of different US agencies. I hope they come back but surely it will not be the same website btc-e.com anymore. They need to add these wallets and databases to a new website and would be better if they keep the server in some third world country this time.

[xhomerx10]

Well, how are you going to do whale-like trading without keeping whale-sized numbers of coin on an exchange?!

This quote might be sarcasm, but with $3.5m in Bitcoin you don't need to do any trading...just let it sit there!

To say that it's frustrating to watch the US claim jurisdiction over this case is the understatement of the year. But what's not being discussed is why the countries who do have jurisdiction in this case (i.e., Russia, Greece, New Zealand, others?) are so willing to allow the US to assume jurisdiction. US agencies can't operate so openly without the permission of the local countries. Perhaps the only exception is the internet and only because the US can hack and control whatever site they want...and they don't need some country's permission to do so. The internet is still the wild west...it's like operating in the ocean...there are no borders.

 Well, you and I don't need to do any trading but a BTCaller's gonna BTCall.

[KenR]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Not sure if I'm suppose to laugh at this tool thinking it was actually safe to keep that much money on an exchange despite of multiple warnings given by the community.He sure must have been a over-confident trader.
I don't know if he can claim the money back but he learned a valuable lesson for sure.
Next up - Tools losing massive BTC trying to convert it into BCH from exchanges.

[grermezter]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Damn that's a really huge loss an i believe that he should just forget about it entirely, The is no way that the US Government is going to refund any more to the people who lost their money on that website, The same thing happened with the now defunct Libertyreserve when the founder was arrested on similar charges like the owner of BTC-e.

[ViceOfBTC21]

Stupidity of people who are rich and are not creative. If I was keeping that large amount in cryptos, I would store it on my own so no one can steal it. It's stupid to store $430k on online service protected by only password.

[Qartersa]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Tough luck for the guy, it would take a whole lot of effort to get back those and likely it will take also a lot of time before that happens. BTC-e is in deep trouble. So before he gets it, BTC-e has to really give in and show the bitcoins. But the government will likely lock them up first then possibly before they can distribute the bitcoins to the users that have deposits with the service. But really, expect it to be a few years from now.

[Yakamoto]

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Brutal. Sucks for that dude.

I'm surprised that BTC-E ended up getting shut down, it didn't seem like they would have anything happen to them but I guess it happens to most exchanges at some point. Either getting some third-party involved with some kind of investigation or seizure, having some sort of internal scandal for one reason or another, or just failing to provide the proper technical capacity for their service. Seems to get worse with every passing day.

This is why you don't keep a lot of money in an exchange, though. I would at most keep $40,000 in an exchange if I had $430,000.