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wdl1908
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April 22, 2014, 09:35:33 PM |
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Well it seems i was lucky
22/04/2014 18:00 Legacy Fund Transfer of 0.0006
22/04/2014 17:33 Bitcoin withdrawal for 0.1250 bitcoins completed [Ref: *]
22/04/2014 08:43 Bitcoin withdrawal request for 0.125 bitcoins
And the 2.1 % is not accounted for anywhere
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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FreeJack2k2
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April 22, 2014, 10:06:58 PM |
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Just in case anyone was wondering, yes...my funds are stuck, too. I'm not sure why the site wouldn't have just vanished if they actually intended to simply rob everyone of their money, it makes no sense to come up with some buyout story if your intention was just to run off with everyone's cash...but as it stands, I've got a significant amount of Bitcoin tied up in this and am as hopeful as anyone that we didn't all just get Gox'ed.
I knew there was risk involved here and I accepted that. It won't be the end of the world if I lose the money, I didn't invest more than I could comfortably lose, but it'll suck if it's gone. At the very least, this has led to me becoming very educated on how arbitrage can be done and I am going to start doing it for myself.
Hope everyone manages to get their funds returned to them, though.
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crayboy29
Newbie
 Offline
Activity: 26
Merit: 0
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April 22, 2014, 10:28:14 PM |
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Well I have certainly lost faith now!! Reason they didn't just run is because they want to make more before they do. They bought themselves time over a convenient long weekend, they had to come up with something, and this is it. The Admin of MNO had their funds returned to them in full, so what does that tell you   |
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lesnod11
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April 22, 2014, 10:34:25 PM |
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MNO means what? Who is that?
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juanbond
Member
Offline
Activity: 96
Merit: 17
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April 22, 2014, 10:44:13 PM |
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MNO means what? Who is that?
money-news-online.com |
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dyask
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April 22, 2014, 11:02:25 PM |
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Well I have certainly lost faith now!! Reason they didn't just run is because they want to make more before they do. They bought themselves time over a convenient long weekend, they had to come up with something, and this is it. The Admin of MNO had their funds returned to them in full, so what does that tell you Even if this wasn't a scam before, it is now. If arbitrage trading is being done they are using our assets and not paying us for them. In that case they are just using this to pocket most of the earnings. From there, it just goes down hill. Ironic is that today is the day I would have put in my withdraw request. They timed that right. |
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FreeJack2k2
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April 22, 2014, 11:08:44 PM |
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Well I have certainly lost faith now!! Reason they didn't just run is because they want to make more before they do. They bought themselves time over a convenient long weekend, they had to come up with something, and this is it. The Admin of MNO had their funds returned to them in full, so what does that tell you Even if this wasn't a scam before, it is now. If arbitrage trading is being done they are using our assets and not paying us for them. In that case they are just using this to pocket most of the earnings. From there, it just goes down hill. Ironic is that today is the day I would have put in my withdraw request. They timed that right. I was starting my phase-out with a withdrawal yesterday. Needless to say, it was canceled by Admin today with the announcement and locked up tight. Lovely. |
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BiiGMacK
Newbie
Offline
Activity: 8
Merit: 0
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April 22, 2014, 11:17:51 PM |
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This is what I received from them today
Thank you for your message. As the new owners of BTC-Arbs we are happy to hear from you and are interested in hearing any suggestions that you may have. We are aware that the "Legacy Fund" method of doing things isn't ideal for some members, however it is the best way to ensure that all of our books are in order as we begin to move forward. As you will see, we have already started to transfer a portion of the Legacy Funds back to the main balance. Furthermore, we have processed all withdrawals that we have received.
We would appreciate your patience during this transition. A manual verification of the funds within the system is necessary, particularly due to the fact that there were a number of issues that arose as a direct result of the Heartbleed bug.
Further information regarding this transition will be provided in the coming days, along with information about our acquisition of an official investment license.
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zimmah
Legendary
Offline
Activity: 1106
Merit: 1005
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April 22, 2014, 11:30:42 PM |
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It's a bit weird, it's an unbelievable story, but on the other hand, hwy even bother writing a story like that and asking people to ask questions to their support when you plan on running with the money anyway?
and why does everyone have 1% of their initial investment as confirmed money and the rest as 'unconfirmed' money?
Well i guess there's nothing else we can do but wait and hope.
Perhaps Adam actually has good intentions but just ran out of money, so he locked everything but 1% and is somehow hoping to pull a miracle out of his ass and pay back the locked funds over time - not sure, just thoughts to possibly answer your question. in fact i don't really mind if they lock a part of the money for a period of time (if we want them to do arbitrage we can't expect them to have thousands of bitcoin just laying around doing nothing). But some more openness would be nice. Still, there's a chance they are not scamming us because i feel if they are scamming us, they have a weird way of doing it. |
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zimmah
Legendary
Offline
Activity: 1106
Merit: 1005
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April 22, 2014, 11:32:29 PM |
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I think we should receive the 2% of the full amount of our deposits. After all, they did have full use of those funds during that period.
i agree, but first lets see if we all do get our full funds back. I didn't put a lot in it, but still it'd be nice if it's still my money, money is still money... Also, i have withdrawn half of the bitcoin i had available there (you know the part that's not frozen) and i received it within a couple of hours. |
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dyask
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April 22, 2014, 11:33:05 PM |
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It's a bit weird, it's an unbelievable story, but on the other hand, hwy even bother writing a story like that and asking people to ask questions to their support when you plan on running with the money anyway?
and why does everyone have 1% of their initial investment as confirmed money and the rest as 'unconfirmed' money?
Well i guess there's nothing else we can do but wait and hope.
Perhaps Adam actually has good intentions but just ran out of money, so he locked everything but 1% and is somehow hoping to pull a miracle out of his ass and pay back the locked funds over time - not sure, just thoughts to possibly answer your question. in fact i don't really mind if they lock a part of the money for a period of time (if we want them to do arbitrage we can't expect them to have thousands of bitcoin just laying around doing nothing). But some more openness would be nice. Still, there's a chance they are not scamming us because i feel if they are scamming us, they have a weird way of doing it. Huh?? If they are doing arbitrage, it is with our money and they aren't paying us? How can you not consider it a scam? |
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NullOp
Member
Offline
Activity: 63
Merit: 10
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April 23, 2014, 12:03:12 AM |
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In the acquisition communication... "The above steps may seem somewhat (sic)"
Why yes, yes they do.
The likelihood of some user balances being incorrect due to the heartbleed blood seems extremely low. But why only tell us about it now?
Why does it take an acquisition for you to verify balances?
Why would anyone acquire your company when it is vulnerable to the heartbleed blood and unsure of it's holdings vs balances?
The transfer of funds to my legacy balance does not appear to reflect my interest and from the transaction history, was performed in two steps. Why?
The transaction to my legacy account happened after interest was last paid (as of this post). But based on the following...
"3. The daily arbitrage earnings will apply only to the new Bitcoin balance and will not be calculated on the Legacy Fund.
4. Funds in the Legacy Fund will be moved to the current Bitcoin balance as we successfully transfer the funds from the previous owners exchange accounts into our new corporate accounts. Furthermore, prior to being transferred, Legacy Funds will be reviewed for accuracy."
Btc-Arbs will not be paying me my interest until they confirm the balance in my legacy fund. Therefore, they intend denying me rightful gains. They appear to have transferred a random (but small) amount to my non-legacy account.
There is no mention of this situation on your website - it is just a private support message to members.
It appears they have reverse ponzi'd and plan on paying new members with the locked money from old members through this heartbleed/acquisition bullshit.
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dyask
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April 23, 2014, 12:09:02 AM |
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Once scam a day is enough, Thanks! |
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dyask
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April 23, 2014, 12:11:57 AM |
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It appears they have reverse ponzi'd and plan on paying new members with the locked money from old members through this heartbleed/acquisition bullshit.
I agree ... it looks like a classic Ponzi scheme right now. |
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hypersire
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April 23, 2014, 12:18:28 AM |
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It appears they have reverse ponzi'd and plan on paying new members with the locked money from old members through this heartbleed/acquisition bullshit.
I agree ... it looks like a classic Ponzi scheme right now. Is it too early for "I told you so"?  |
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dyask
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April 23, 2014, 12:30:10 AM |
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It appears they have reverse ponzi'd and plan on paying new members with the locked money from old members through this heartbleed/acquisition bullshit.
I agree ... it looks like a classic Ponzi scheme right now. Is it too early for "I told you so"? Hey if you got your funds locked up in bitcoin-trader.biz it could be even worse! No room to gloat until your funds are out. |
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NLNico
Legendary
Offline
Activity: 1876
Merit: 1289
DiceSites.com owner
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April 23, 2014, 12:59:19 AM |
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With a portfolio of other services such as Bitcoin wallets and cold storage solutions, as well as Bitcoin related retailers, the Global Capital Alliance is the perfect group.. Lol lol, google: "Global Capital Alliance" "bitcoin" > 0 results. I honestly hope all of you get 100% of your funds back.. but yeh obviously I won't be surprised if it's gone. It really has been classic ponzi all along. |
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FreeJack2k2
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April 23, 2014, 01:31:10 AM |
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I have a really hard time buying into the claims of the "new ownership." Firstly, nobody's ever heard of them and yet they're the ones who came through with the "best offer" for the buyout? And there isn't a word about them anywhere on Google, with the only other company bearing the same name having been based in Georgia and going defunct back in 2007. Next, they're making sure people who invested USD get made whole immediately. Why? To avoid international wire fraud charges by the US government, no doubt. The Heartbleed "exploit" is a smokescreen in order to justify not restoring everyone's balances. These are not web wallets, the number on our account was just a reflection of an amount that would have existed on the exchanges. The only way Heartbleed would have affected ANY member would be if someone gained access to your account and initiated a transfer of Bitcoin without your knowledge or consent. That's it...and if you had two factor authentication installed, even less likely you would have needed to feel any impact from it. It's the whole Mt. Gox "Transaction Malleability" claim, again.
Add to that the fact that ANY venture capital group worth a damn would have done its due diligence before a buyout and ensured that the books were 100% balanced, they wouldn't have done that AFTER the buyout.
It's all COMPLETELY fishy. I've got quite a bit of money tied up in my account there and I'm really baffled by how this is going down, right now. The two transfers I've seen come out of my "legacy fund" into my normal balance thus far are laughable.
I really hope this all ends up being some kind of colossally mismanaged change of hands, but I'm bracing for the worst.
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