btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds

[Zebra]

They used to actually care about posting results that jived with the market action and they'd give actual descriptions of the trading day, etc... Now, they don't even care about doing any of that. We're three days in a row now with .3%-ish results, where the spreads would have allowed a lot more arbitrage. Pretty clear what's going on, now...the daily results aren't any good because they don't want to dig a bigger hole for themselves to pay out, on new deposits.

Anyone who'd consider putting money into this thing now, knowing what we know, is a glutton for punishment.

There was a guy on scrypt.cc chat asking about btc-arbs.com.   I had to tell him 3 times its was a scam, he didn't want to believe it.   

You have done everything you can, and just let that guy learn a lesson.

[Zebra]

I just tried to withdrawl my BTC and we will see what happens. If I get any of it back I will let you know. If I do get it back, I will be forced to conclude that the site is actualy real, and will likely put it all back in as it is making good returns.

That would be spectacularly foolish.

+1.
Don't invest any money into a site that is doing selective payout.

[codzero]

THURSDAY 1ST MAY 2014

0.29%

Arbitrage result 0.29%. Legacy transfer completed.

still all my btc's in legacy account )

[Baklazna]

they meant, tiny legacy transfer :/

[MegaHustlr]

Any new updates coming from the owners specifically? I got a few legacy transfers, thats it. Oh well I guess thats 0.1 gone for me.

[dyask]

I have got my legacy fund back 30.04. and I guess now is everybody. Beacause todays report is"Arbitrage result 0.29%. Legacy transfer completed." But withdrawal is not working. I made my withdrawal 38 hours ago and nothin in wallet yet.

I still have most of my funds in legacy...

Me too and I just submitted a support ticket about it.   While it isn't enough to hurt me, it is still enough to want to get out of there.   

And the response.  (I don't think they really read the mail sent.)  Seems like they aren't done yet. 

Sent on April 22nd 2014
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.

 Sincerely,
 Ron James & The Global Capital Alliance

[sorrynn]

I have got my legacy fund back 30.04. and I guess now is everybody. Beacause todays report is"Arbitrage result 0.29%. Legacy transfer completed." But withdrawal is not working. I made my withdrawal 38 hours ago and nothin in wallet yet.

I still have most of my funds in legacy...

Me too and I just submitted a support ticket about it.   While it isn't enough to hurt me, it is still enough to want to get out of there.   

And the response.  (I don't think they really read the mail sent.)  Seems like they aren't done yet. 

Sent on April 22nd 2014
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.

 Sincerely,
 Ron James & The Global Capital Alliance

And I think it is the identical message I got from them. I posted somewhere on page 60+ of this thread.

[rynomster]

Even me I got the same message... funny thing is I was out the site, I deposited 0.7 BTC on the Monday before **** hit the fan

[codzero]

yep, it's the same ) copy - paste.

It's to hard to write an answer for them, we have to admit that.

At least some of you got a reply ...

I posted 3 ticket's .... obviously no reply and probably will never receive one.

[rynomster]

I am getting my BTC everytime I withdraw though

Date   Message
02/05/2014 03:35   Legacy Fund Transfer of 0.0013
02/05/2014 03:35   Your investments have earned you
30/04/2014 15:46   Your investments have earned you
30/04/2014 14:52   Legacy Fund Transfer of 0.0013
29/04/2014 15:49   Bitcoin withdrawal for 0.0046 bitcoins completed [Ref: 1C6JH6APaWCoCi8WYMSWdowDzCd2TH335u]
29/04/2014 14:06   Bitcoin withdrawal request for 0.0046 bitcoins
29/04/2014 06:42   Legacy Fund Transfer of 0.0006
29/04/2014 05:58   Legacy Fund Transfer of 0.001
29/04/2014 05:23   Legacy Fund Transfer of 0.0013
29/04/2014 05:11   Your investments have earned you
29/04/2014 01:11   Bitcoin withdrawal for 0.0073 bitcoins completed [Ref: 1C6JH6APaWCoCi8WYMSWdowDzCd2TH335u]
29/04/2014 01:07   Your investments have earned you
29/04/2014 01:02   Legacy Fund Transfer of 0.0017
28/04/2014 17:33   Bitcoin withdrawal request for 0.0073 bitcoins
27/04/2014 23:38   Your investments have earned you
27/04/2014 23:36   Legacy Fund Transfer of 0.0014
26/04/2014 20:40   Legacy Fund Transfer of 0.0018
26/04/2014 04:39   Legacy Fund Transfer of 0.0024
26/04/2014 04:38   Your investments have earned you
25/04/2014 19:35   Your investments have earned you

[christophorus]

This is what I stand to lose. It's nothing compared to some people.
Still frustrating though as I could be trying to turn a profit elsewhere.



What's really annoying though is seeing this:



Still, I took the risk and I knew there was a chance of loss. Just didn't expect it to happen this quickly.

[rynomster]

This is what I stand to lose. It's nothing compared to some people.
Still frustrating though as I could be trying to turn a profit elsewhere.

I totally agree... I'm making between 8% and 19% / day on the rest of my BTC, the only reason I put it in btc-arbs was because I thought I should keep some in a safe place that would generate returns
turns out the safe place was the dodgiest place I could think of...

[christophorus]

This is what I stand to lose. It's nothing compared to some people.
Still frustrating though as I could be trying to turn a profit elsewhere.

I totally agree... I'm making between 8% and 19% / day on the rest of my BTC, the only reason I put it in btc-arbs was because I thought I should keep some in a safe place that would generate returns
turns out the safe place was the dodgiest place I could think of...

Hahaha! I never considered it safe but I did consider a good short term investment. I just didn't accurately estimate how short that term was.
Annoyingly, I did in fact withdraw everything for a week at one point but decided to give it a month before calling it quits as I'd seen nothing to convince me it was 100% scam. What a fool I was.

[lesnod11]

Last night before bed I withdrew money from btc-arbs. I just received it, it took roughly 9 hours.

[nicklello]

Last night before bed I withdrew money from btc-arbs. I just received it, it took roughly 9 hours.

Same here; .0049 BTC

[Baklazna]

I've got first earnings after the legacy @#$%&^

[yonce]

This is what I stand to lose. It's nothing compared to some people.
Still frustrating though as I could be trying to turn a profit elsewhere.

I totally agree... I'm making between 8% and 19% / day on the rest of my BTC, the only reason I put it in btc-arbs was because I thought I should keep some in a safe place that would generate returns
turns out the safe place was the dodgiest place I could think of...

Hahaha! I never considered it safe but I did consider a good short term investment. I just didn't accurately estimate how short that term was.
Annoyingly, I did in fact withdraw everything for a week at one point but decided to give it a month before calling it quits as I'd seen nothing to convince me it was 100% scam. What a fool I was.

The thing is it shouldn't have been short term. Successful HYIP's that pay 8% a day can pay for months. One of the best ones in past history I was in was Royalty7.

And btc-arbs was a variable low to mid interest rate program so they could even control the daily interest they decide to give. btc-arbs run by a decent admin could have lasted a year. Longer if a good admin, and who knows how long since a big part of its membership base did not even know it was a HYIP.

[FreeJack2k2]

I also didn't think it'd fold after just two months of operation, it seemed way too short of a time. I'm of the mind that it was probably like someone suggested elsewhere in the thread, that they had a number in mind and when they hit it, they "sold the business to a hedge fund nobody's ever heard of."

The thing that's most aggravating to me personally is that I had the urge to withdraw my funds about two weeks before Easter and I resisted it, because I had a number in my mind too. D'oh.

They just updated with 1% results for the day, basically about 12 hours after the last update for the 1st...and no legacy transfer with it, though they are claiming that it's all going swimmingly and they're on the right path to being "back on track." I dunno about anyone else, but having only received 3% of my money from the legacy funds, I don't feel like that says they're on a path to being back on track.

[yonce]

I also didn't think it'd fold after just two months of operation, it seemed way too short of a time. I'm of the mind that it was probably like someone suggested elsewhere in the thread, that they had a number in mind and when they hit it, they "sold the business to a hedge fund nobody's ever heard of."

The thing that's most aggravating to me personally is that I had the urge to withdraw my funds about two weeks before Easter and I resisted it, because I had a number in my mind too. D'oh.

They just updated with 1% results for the day, basically about 12 hours after the last update for the 1st...and no legacy transfer with it, though they are claiming that it's all going swimmingly and they're on the right path to being "back on track." I dunno about anyone else, but having only received 3% of my money from the legacy funds, I don't feel like that says they're on a path to being back on track.

It shouldn't have folded even on a basic ponzi principle. No ponzi game can get 30, 50, whatever bitcoin deposits in the first few weeks online, but btc-arbs did. They had the funds to keep the game going and growing, but that was just never their intention

[NullOp]

Under no circumstances should anyone deposit any funds to btc-arbs.com

It is a ponzi scam. They are prolonging the operation to obtain more deposits and have stolen previous deposits under the guise of a legacy account (that people can't withdraw from).