CoinLenders Script :: Bitcoin Bank (Borrow+Deposit) Software :: Demo Available

[acis4283]

What about coins deposited AFTER the hack? Any chance I might get them back?

[gaston909]

It seems like a lot of things we were told about security and the way coinlenders operated was quite fictional.  Just like the site. It's going to be an interesting case. I don't know how well "traditional justice" will do here.

[gaston909]

There are people with large stakes in CL, very large and they put the money there in good faith. They really believed they could trust this guy. Unfortunately some of those heavily invested did so out of desperation and now they have nothing to lose.

I don't think anything good can come of this. I think this situation should be promoted heavily in the community.

Trusting someone because they have a supposedly good reputation means nothing.
Everything they can claim about security and business practice can equally be 100% fiction.

[wuala]

There are people with large stakes in CL, very large and they put the money there in good faith. They really believed they could trust this guy. Unfortunately some of those heavily invested did so out of desperation and now they have nothing to lose.

I don't think anything good can come of this. I think this situation should be promoted heavily in the community.

Trusting someone because they have a supposedly good reputation means nothing.
Everything they can claim about security and business practice can equally be 100% fiction.

+1

[tantanbit]

plz give back my money,that my all money

[gaston909]

What his message SHOULD have said.

Hi, Thanks for your incredible patience, I know some of you are concerned given your level of investment and trust in myself.

This is the situation as it stands - We currently lost xxx BTC which was stored in the inputs.io hot wallet.
Fortunately we still have xxx BTC in cold storage for events such as this
In addition to xxx BTC currently loaned out which should return the value of xxx BTC

Our current liquidity is xxx BTC and we propose to initially send this out equally over all CL users based on the stake currently shown in your CL account. We do this as a gesture of good will and show of our continued commitment to collect debt owed and repay our investors what they are due.

However, as we set inputs up for users to repay debts, hold CL funds and other business activities it seems we have set up a single point of failure. Inputs users who have debts may no longer wish to repay after loosing the funds they intended to pay with and so they rightly see it that the debt is paid. Furthermore due to limited investment options we had to ignore our own rule and loan our BTC to people vulnerable to exchange rate risk.

Inspite of this, we WILL continue to collect debts and distribute money based on your overall investment %.

I sincerely apologise for this mess.

[gaston909]

FROM CL -

We only touch bitcoins. We don't generally invest in USD, and when we issue loans we look at people or businesses who would be least affected by exchange rate movements

The hot wallet bitcoind is hosted on another server, and only has a small amount of bitcoins

[ChaosFox]

And why didn't you tell us this earlier? Even if they were bad news, instead of just keeping us waiting.

About how much liquidity do you have right now? Enough to pay a percentage of all of the CL account holders' balances?

[kmtan]

the borrower at CL should provide feedback...

[gaston909]

And why didn't you tell us this earlier? Even if they were bad news, instead of just keeping us waiting.

About how much liquidity do you have right now? Enough to pay a percentage of all of the CL account holders' balances?

It's a good question, but don't expect an answer.... There are a lot of questions regarding BTC, % etc that could clearly present the situation as it is with 100% transparency.

He has people who are heavily invested who WANT to lessen his burden and help collect on those debts.

Unfortunately, his communication is very limited. Like the single point of failure. I think this is his next big mistake.

[trade-for-pokermoney]

well thats not good news. WHy does a bigger firm like btcQuick default? They even got stockholders...

[001sonkit]

TF:

back then you had refuse to provide your asset list since it might affect your competitiveness. Now we've come to an end, I'd like to demand for an asset list (just like what you have got for BTCINVEST in the past) plus a debt total. As you have promised in Chinese thread, you will publicize when you have not enough fund to pay back. It is now? Thanks

[gaston909]

back then you had refuse to provide your asset list since it might affect your competitiveness. Now we've come to an end, I'd like to demand for an asset list (just like what you have got for BTCINVEST in the past) plus a debt total. As you have promised in Chinese thread, you will publicize when you have not enough fund to pay back. It is now? Thanks

This - Otherwise people will be migrating to Australia to get it. Given the x000 BTC involved

He may be refusing to provide this because even if everyone repayed, it still amounts to nothing. Only speculation but he doesn't seem willing to give even a small fraction of deposits back.

[Progressive]

From DumbFruit's thread:

Hello everyone.
In light of TradeFortress' abysmally inadequate update, I am planning to begin legal proceedings against him.
I am an American, so if you are also American CoinLenders depositor and want to join me in a Class Action lawsuit against TradeFortress please email me here;
USA.Legal.CoinLenders@gmail.com

Legal fees will be distributed over all who join the lawsuit. If you didn't have 10btc or more than it probably wont be worth the cost to join us, but it depends on how many people want to join.

After speaking with a lawyer two things are clear;
1.) It's going to be expensive.
2.) Most lawyers don't know anything about btc.

If you know of an honest lawyer that has some relevant experience in foreign exchange lawsuits, or some other relevant area, please let me know.

I will make sure Australian authorities have been notified of the theft.

[001sonkit]

Dont repeat GIGAMINING, I've been fucked by it's damn lawyer whatever

[gaston909]

Windywinters got a 100% refund.

Our emails were ignored. We didn't even get a 10% refund to keep the debtors from the doors. what choice does he have? Sit around and wait. As I have said, if TF update looked something like below - maybe things could be different. But he is not trying to appease his investors. He should  be transparent about the situation in terms of cold hard numbers at the very least and immediate refunds of whatever % should follow shortly after.

He is making the situation worse. He is being deceitful and dishonest.

He gave all his funds to inputs.io users even though we now discover that coinlenders lost ALL its liquid funds in the attack.
He said he would use his own funds to reimburse CL users in the event of default. He said CL deposits were not vunerable to exchange rate risk. He said the funds would be kept securely in cold storage. These have proven to be lies.

What his message SHOULD have said.

Hi, Thanks for your incredible patience, I know some of you are concerned given your level of investment and trust in myself.

This is the situation as it stands - We currently lost xxx BTC which was stored in the inputs.io hot wallet.
Fortunately we still have xxx BTC in cold storage for events such as this
In addition to xxx BTC currently loaned out which should return the value of xxx BTC

Our current liquidity is xxx BTC and we propose to initially send this out equally over all CL users based on the stake currently shown in your CL account. We do this as a gesture of good will and show of our continued commitment to collect debt owed and repay our investors what they are due.

However, as we set inputs up for users to repay debts, hold CL funds and other business activities it seems we have set up a single point of failure. Inputs users who have debts may no longer wish to repay after loosing the funds they intended to pay with and so they rightly see it that the debt is paid. Furthermore due to limited investment options we had to ignore our own rule and loan our BTC to people vulnerable to exchange rate risk.

Inspite of this, we WILL continue to collect debts and distribute money based on your overall investment %.

I sincerely apologise for this mess.

[manort]

Hi all,

My 2 cents, which is all the investment I have left after this debacle.

Dumbfruit, I don't think it is time yet for a suit. There may be some possibility still of us getting something back. TF has acted irresponsibly; even better communication would have gone a long way. But, he is still communicating and does seen to be intent on getting something back for his investors. Also, just as I thought, when things got tough, the people who he relied on suddenly got real quiet.

Given a bit more time, FT might be able to scrape something together to make us feel like we got something back. Put him on the wrong side of a lawsuit and there won't BE anything to get back. On the other hand, if we give him this chance and he renigs, I'll join a suit just for spite.

To TradeFortress. You promised a mass email. I think you made this promise when you thought you could get payment or promise of payments and make a plan of how and how much we would get reimbursed. I am happy you tried and continue to try.

I do think you should make better use of the community here to try to get payment from your non-responders. If they are renigging on you, they are bad businesses and informing the public is a service. You have partly done that today. Do it more. Let us be your partners in this. You also said that some of your debtors are having trouble because of the exchange rate. It is my entirely uninformed opinion that this run up is going to crash hard.  Talk with them about making good after a crash. Tell them to just keep making payments as normal!

One thing to do also is see if there are people willing to cash out now for a steep haircut and those willing to let their BTC sit with you while you get the debtors to make good. If you could make a reasonable guarantee that in six months I could get, say 80% as opposed to 20% today, I might consider my options and feel well served. Not happy, mind you, but at least respected and not desparate, which is kind of the feeling I have right now.

I hope you also getting people to try to find the hackers. If you asked for help with this, you never know what might happen. Getting the coins back might be a different thing, but finding out who they are...  Consider putting a bounty up.

You still have people here who would be patient and help you if you asked and if you were more forthcoming. You have yourself admitted that you messed up big, so if there are any more revelations, they shouldn't sting as bad.

I do also think that you must write the email you promised and not just a post here. This is important because you are making us come looking for you. Take the initiative and be in touch with us. Do include a sit-rep and do be realistic. We already know this sucks, so tell us how bad instead of making us guess. Do tell us when and how much we'll be able to get back. You don't really know, I know; but give a range going from poor to ok case scenario. If it turns out better, yay. But not getting hopes up is important too.

If you want help in pressuring creditors and in asking for help tracking down the bad guys, I would let you use my website, bitcoinwarrior.net, as a place to post calls to action and updates.

This loss has really hurt me. If is my fault for investing it and I take responsibility for making that decision. I am, however, interested in making back what I can. If I can help you in the process, well that ok too.

Edited for clarity and iphone fingers.

[Progressive]

I do also think that you must write the email you promised and not just a post here. You promised us an email. Do include a sit-rep and do be realistic. We already know this sucks, so tell us how bad instead of making us guess. Do tell us when and how much we'll be able to get back. You don't really know, I know; but give a range going from poor to ok case scenario. If it turns out better, yay. But not getting hopes up is important too.

[gaston909]

TF - Every single person here agrees with two things.

1 - You should be more forthcoming and transparent here.
2 - We want to help improve this situation, no matter how bad it is. We want to help. Allow us.

[ChaosFox]

TF - Every single person here agrees with two things.

1 - You should be more forthcoming and transparent here.
2 - We want to help improve this situation, no matter how bad it is. We want to help. Allow us.

This. We all already knew there were bad and even worse news. But TF, you're not doing yourself any favors by keeping us in the dark about everything. If anything, it'll make things worse as some of us will think they'll never get to see ANY of their money and they'll pursue legal action instead, thus completely destroying any chances for the rest of us, and for yourself.