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Author Topic: [BTCQ] BitcoinQuick has Scammed its Investors  (Read 82 times)
eXpl0sive
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December 21, 2017, 06:34:40 AM
 #1

Link to Profile:
https://bitcointalk.org/index.php?action=profile;u=1230599

Link to ANN:
https://bitcointalk.org/index.php?topic=2345008.0

Background:
BTCQ is an ERC20 token on Ethereum platform. It was sold in ICO at varying prices, starting from 10,000 tokens per 1 ETH to 2500 tokens per 1 ETH.

Why Scam Accusation?
Soon after their ICO finished, their official website went offline, their official telegram group was deleted and their Bitcointalk forum account was claimed to be hacked.
As soon as this happened, the price of the token tanked on Etherdelta. Many people not aware of what had happened, thought the price was a good deal and purchased good amount of tokens.

Later (within hours) the Bitcointalk forum account was restored to original dev and he claimed that a hacker had gained access to all official accounts including token contract (!) and had dumped cheap tokens on etherdelta.
So they decided to swap the token to a new contract and provide new tokens in exchange of old ones, but disregarded the trades made for the old token on Etherdelta after the hack happened, putting the people unaware of the hack into a completely disastrous situation. People lost money due to this "alleged" hack and their incompetency.

References:
https://bitcointalk.org/index.php?topic=2345008.msg26499621#msg26499621
https://bitcointalk.org/index.php?topic=2345008.msg26503727#msg26503727
https://bitcointalk.org/index.php?topic=2345008.msg26504067#msg26504067
https://bitcointalk.org/index.php?topic=2345008.msg26521662#msg26521662
https://bitcointalk.org/index.php?topic=2345008.msg26533822#msg26533822
https://bitcointalk.org/index.php?topic=2345008.msg26616320#msg26616320
https://bitcointalk.org/index.php?topic=2345008.msg26642948#msg26642948

Unanswered Questions:
- How did the hacker had accessed to all accounts at once? (Official site, BCT account, Token Contract, Telegram etc.)
- How were these hacked accounts restored that quickly (within hours)? If it was a real hack, it must be a nightmare to recover all accounts. Even BCT forum accounts are hard to recover and takes time.
- The dev claims they used same password for all accounts. Seriously?? This is what you expect from a crypto developer? And no 2FA anywhere?
- How was telegram hacked? It is associated with phone number, not a username/password!
- While offering new tokens in exchange of old ones, why the trades made on Etherdelta ignored? People doing those trades were unaware of the hack.
- There is a large coin supply (about 45%) reserved for developer & promotions. Why can't this be used to compensate people who purchased the old token on Etherdelta after the hack?
- Why is the dev completely blatantly ignoring / not answering any of these issues on the forum?

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Psalmy2cute
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December 21, 2017, 10:34:36 AM
 #2

Man you need to do more research before accusation...
eXpl0sive
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December 21, 2017, 04:18:47 PM
 #3

Man you need to do more research before accusation...


Thanks. Now move along and don't poop again.

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  Semux uses .100% original codebase.
  Superfast with .30 seconds instant finality.
  Tested .5000 tx per block. on open network
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