[BitFunder] Moving Forward/Resolution Process

[WeexUser]

Wow. Ukyo could have paid people back something but chose to flee instead. Evil.

It is not really made clear in the article, but here is the important part in the blog:

Ukyo then spent a few days putting together the site for users to login and recover a % of their funds.

Ukyo did indeed make a portal that that payed back 6.175% to everyone. (http://weexclaims.weexchange.co/)

But it is obviously not okay that he stopped communicating after MtGox went down, where he most likely lost hope of getting the coins back.

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[kingcrimson]

So someone hacked 9000 bitcoin from him, because he implemented a shitty options service, and it caused neobee to collapse lol. Bad, bad luck. I'm still confused how Mark Karpeles was involved, or how that fat man had anything to do with this. 

[stereotype]

So someone hacked 9000 bitcoin from him, because he implemented a shitty options service, and it caused neobee to collapse lol. Bad, bad luck. I'm still confused how Mark Karpeles was involved, or how that fat man had anything to do with this. 

Jon and Mark were friends, and had hung out together in Japan a few times before all this. Can only think the hacked BTC was funnelled through gox, and they were going to seize them. If there is a saving grace, maybe the hacker didnt get to enjoy his/her spoils.
No need to conflate neobees collapse with weex. There is no cause and effect there.

I want to know how the logic flaw worked, on those options. Anyone?

[burnside]

I want to know how the logic flaw worked, on those options. Anyone?

Not that I 100% believe this narrative, but having wrote all the options code for BTC-TC, I can attest to the complexity in coding something like this, and why it is important not to rush something to delivery.  Probably even more important is to closely monitor activity following launch.

A simple input validation failure (eg: allowing negative numbers to be input instead of positive numbers) could quickly turn things sideways.

Requiring manual review of large withdrawals could have likely caught this as well.

I came really close to selling BTC-TC to Ukyo a few months prior to our first notification from the SEC.  I had a bad feeling about it when I realized I'd have to hand over the wallet with everyone's deposits in it.  I delayed, then the SEC thing happened.  Part of me wishes I'd sold (it was a year and a half of legal expenses and not sleeping at night.) but part of me knows that if I had, then everyone else would have ended up screwed.

I'm still confused why the US Gov't came down on me so hard and yet Ukyo (a Texas resident) has had nothing happen.

[glendall]

Thanks for posting this update burnside.

[stereotype]

I came really close to selling BTC-TC to Ukyo a few months prior to our first notification from the SEC. 

IDK, i think you might have still been sucked into Ukyo's mess. Made a scapegoat, maybe. And you would have definitely had the unpleasant focus of the community, looking to express their anger.
Your exit path, regardless if you think you was in control or not, appeared to be the correct one, IMO. Im pretty sure im not the only one here, who holds a token of respect for the way you wound down BTC-TC.

Thank You Ethan

[Pompobit]

I want to know how the logic flaw worked, on those options. Anyone?

Not that I 100% believe this narrative, but having wrote all the options code for BTC-TC, I can attest to the complexity in coding something like this, and why it is important not to rush something to delivery.  Probably even more important is to closely monitor activity following launch.

A simple input validation failure (eg: allowing negative numbers to be input instead of positive numbers) could quickly turn things sideways.

Requiring manual review of large withdrawals could have likely caught this as well.

I came really close to selling BTC-TC to Ukyo a few months prior to our first notification from the SEC.  I had a bad feeling about it when I realized I'd have to hand over the wallet with everyone's deposits in it.  I delayed, then the SEC thing happened.  Part of me wishes I'd sold (it was a year and a half of legal expenses and not sleeping at night.) but part of me knows that if I had, then everyone else would have ended up screwed.

I'm still confused why the US Gov't came down on me so hard and yet Ukyo (a Texas resident) has had nothing happen.

You are the only one that handled a mess like what happened in the best possible way.
I've seen so many scams that I've lost the count, BTC-TC was a white sheep in a black flock.
Thank you.

[SebastianJu]

You are the only one that handled a mess like what happened in the best possible way.
I've seen so many scams that I've lost the count, BTC-TC was a white sheep in a black flock.
Thank you.

I agree... I wish I would have had my coins on btc-tc instead in weexchange/bitfunder. Well... I'm sick of feeling bad about it.

It looks like ukyo was in contact with me longer than with danny but this investigation danny mentioned seems to gain no results.

Can danny be contacted outside of twitter or are there other ways where you don't have to give away your personal accounts? (Don't even know if it is possible to create a secondary twitter account.)

[jbreher]

Ukyo then spent a few days putting together the site for users to login and recover a % of their funds.

Ukyo did indeed make a portal that that payed back 6.175% to everyone. (http://weexclaims.weexchange.co/)

False statement is false.

[SebastianJu]

Ukyo then spent a few days putting together the site for users to login and recover a % of their funds.

Ukyo did indeed make a portal that that payed back 6.175% to everyone. (http://weexclaims.weexchange.co/)

False statement is false.

Though he did pay out that amount. I know that because I received such payment from him. The rest is missing and probably unrecoverable.

[jbreher]

Ukyo then spent a few days putting together the site for users to login and recover a % of their funds.

Ukyo did indeed make a portal that that payed back 6.175% to everyone. (http://weexclaims.weexchange.co/)

False statement is false.

Though he did pay out that amount. I know that because I received such payment from him. The rest is missing and probably unrecoverable.

He did not pay back that amount to all. I know because I received no such payment from him. All my funds are missing and probably unrecoverable.

[digit]

Ukyo then spent a few days putting together the site for users to login and recover a % of their funds.

Ukyo did indeed make a portal that that payed back 6.175% to everyone. (http://weexclaims.weexchange.co/)

False statement is false.

Though he did pay out that amount. I know that because I received such payment from him. The rest is missing and probably unrecoverable.

He did not pay back that amount to all. I know because I received no such payment from him. All my funds are missing and probably unrecoverable.

i also never received anything.  afaik all he did was create a site and after logging in it showed the btc balance owed to our account and that was it.  maybe it just there to keep complaints low and allow them to escape.  

[SebastianJu]

Ukyo then spent a few days putting together the site for users to login and recover a % of their funds.

Ukyo did indeed make a portal that that payed back 6.175% to everyone. (http://weexclaims.weexchange.co/)

False statement is false.

Though he did pay out that amount. I know that because I received such payment from him. The rest is missing and probably unrecoverable.

He did not pay back that amount to all. I know because I received no such payment from him. All my funds are missing and probably unrecoverable.

I hear this the first time, or maybe I forgot because it was so long ago, but I tried it as soon as possible. There was some error first that did not allow me to withdraw but I constantly tried and got it out.

So it stopped working then. Unfortunate, though anyway not the biggest part of the loss for everyone.

[Pompobit]

I can confirm that after some trouble I managed to get back 6.175% of the amount lost (10 XBT).

Not a great consolation but better than nothing.
I also remember that someone reported he was unable to withdraw anything. I was constantly updating a thread with all the available info about weexchange and Ukyo's case and I remember a lot of details. If my mind serves me, people arrived late were those with the most difficulties.

And I also remember that SebastianJu was a bit too naive, believing until the end to the good faith of Ukyo. (I don't mean to be rude, I just envy your optimism

[SebastianJu]

I can confirm that after some trouble I managed to get back 6.175% of the amount lost (10 XBT).

Not a great consolation but better than nothing.
I also remember that someone reported he was unable to withdraw anything. I was constantly updating a thread with all the available info about weexchange and Ukyo's case and I remember a lot of details. If my mind serves me, people arrived late were those with the most difficulties.

And I also remember that SebastianJu was a bit too naive, believing until the end to the good faith of Ukyo. (I don't mean to be rude, I just envy your optimism

It's partly optimism, which is something hard to fight for and partly knowledge about how to reach your target. In fact it worked as far as I know more than most investors, probably only a handful of people know as much. Unfortunately I see the case as lost now.

[CoinFarmer]

Have you been on weexchange.co? You can login on your account now, but data does not seem to be updated.

[southafricadude]

I assume this is over now? Nothing ever seems to be happening, looks like they got away with it.

[discobean]

I assume this is over now? Nothing ever seems to be happening, looks like they got away with it.

Looks like he took all the money and bought a nursing home or two.

[mgio]

I assume this is over now? Nothing ever seems to be happening, looks like they got away with it.

Looks like he took all the money and bought a nursing home or two.

He owes enough so that it probably won't be over until he is forced into bankruptcy. The difference with this situation is that he lives in the US and is easy to track down.

[Pompobit]

I assume this is over now? Nothing ever seems to be happening, looks like they got away with it.

Looks like he took all the money and bought a nursing home or two.

He owes enough so that it probably won't be over until he is forced into bankruptcy. The difference with this situation is that he lives in the US and is easy to track down.

so easy that he is still untouched after 4 years