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

[riterrani]

I have been carefully considering all of the suggestions posted in this thread and will be implementing a variation on what has been suggested. Details will be posted this week. For now, more refunds have been sent.

It is also clear that some users do not understand the refund process. The refund amount is not the total amount including earnings. It is the total amount originally deposited minus any withdrawals.

Awesome, is good to see some feedback!
Because I can understand if you were hacked, but I can't understand the no communication, is very frustrating

[MrMateria]

Does anyone know if the return btc address has to be blockchain? I used coinbase for mine. It shouldn't matter, but I'm just checking to make sure. Thanks. (still waiting for my refund)

[chilly2k]

I have been carefully considering all of the suggestions posted in this thread and will be implementing a variation on what has been suggested. Details will be posted this week. For now, more refunds have been sent.

It is also clear that some users do not understand the refund process. The refund amount is not the total amount including earnings. It is the total amount originally deposited minus any withdrawals.

    This is great news.  Glad to see Mr BTC-Arbs taking steps to restore order in this mess.  I for one, would just like to see my claim acknowledged, and that we agree on the amount to be refunded.  It's nerve wracking not knowing it he received my email or PM, understood my ramblings and agrees with the amounts due. 
   How he decides to actually implement the payout process is secondary.  I still have faith in human nature that it will be fair on some level.  I only risked what I could lose, so it's not keeping me from putting food on the table or paying the rent.     

 
    On a side note.  I know for a fact that his site was hit by the heart bleed bug.  I had seven accounts on there (lots of kids).  Everyday I would log-on to each account after the interest for the day was posted.  Within an hour of my log-in someone made small withdrawal's from 3 of the accounts.  I noticed it the next day and implemented 2FA security.   (closing the door after the horse is out of the barn?)   Of the 3 accounts they all had pretty noticeable account names.  and the passwords were weak.  The others had more obscure names and passwords.  What I found strange was the accounts were not wiped out, just .02 -.04 withdrawals made. 

    Again glad to see progress being made.     

[lesnod11]

I have been carefully considering all of the suggestions posted in this thread and will be implementing a variation on what has been suggested. Details will be posted this week. For now, more refunds have been sent.

It is also clear that some users do not understand the refund process. The refund amount is not the total amount including earnings. It is the total amount originally deposited minus any withdrawals.

    This is great news.  Glad to see Mr BTC-Arbs taking steps to restore order in this mess.  I for one, would just like to see my claim acknowledged, and that we agree on the amount to be refunded.  It's nerve wracking not knowing it he received my email or PM, understood my ramblings and agrees with the amounts due. 
   How he decides to actually implement the payout process is secondary.  I still have faith in human nature that it will be fair on some level.  I only risked what I could lose, so it's not keeping me from putting food on the table or paying the rent.     

 
    On a side note.  I know for a fact that his site was hit by the heart bleed bug.  I had seven accounts on there (lots of kids).  Everyday I would log-on to each account after the interest for the day was posted.  Within an hour of my log-in someone made small withdrawal's from 3 of the accounts.  I noticed it the next day and implemented 2FA security.   (closing the door after the horse is out of the barn?)   Of the 3 accounts they all had pretty noticeable account names.  and the passwords were weak.  The others had more obscure names and passwords.  What I found strange was the accounts were not wiped out, just .02 -.04 withdrawals made. 

    Again glad to see progress being made.     

That's far from evidence that it was heart bleed. Heart bleed was specific to openssl and therefore was not even a security breach for servers not running openssl. You have no idea what ssl he was running. To boot, Joe-blow hacker who gets into a site, is not going to take .02 - .04, especially if it was heart bleed since heart bleed had a fix it already for several months that just needed to be applied, he doesn't have the time to linger around everyday to take small amounts of money and try to go un-noticed.

[chilly2k]

That's far from evidence that it was heart bleed. Heart bleed was specific to openssl and therefore was not even a security breach for servers not running openssl. You have no idea what ssl he was running. To boot, Joe-blow hacker who gets into a site, is not going to take .02 - .04, especially if it was heart bleed since heart bleed had a fix it already for several months that just needed to be applied, he doesn't have the time to linger around everyday to take small amounts of money and try to go un-noticed.

   That's true that I have no evidence, and have no idea whether or not he's using open SSL and what level he was at.  I don't even know if he's a male or female.  The only thing I do know is the heartbleed bug caused cached data to be available to non authorized users.  He's also eluded to the fact he was hit by it.  The fact that the breech of my accounts took place with a day of the announcement and also the fact that I logged into all of the accounts with in a very short time and the only accounts hit where the ones someone looking at raw data could easily figure out, leads me to believe it was that.  

    Again your absolutely correct that I don't know for sure.  The little with drawls bugs me too.   What would your theory be.  Given that in 1 hour 3 accounts were breached, and all had small withdrawals done.  This was a few days before the sale of the site (tongue in cheek).  Do you think someone just happened to figure out 3 userid/passwords?  do you think BTC-ARBS made the withdrawals?  At first I though either would be possible.   After I "somewhat" understood the HB Bug that seemed more plausible.    Again, I can only say what happened to me and my conclusions.  

Oh yea, There wasn't a lot in any of the accounts to begin with.  They may have had .1 BTC each.  Maybe that played into why they only took a small amount.   
            

[lesnod11]

That's far from evidence that it was heart bleed. Heart bleed was specific to openssl and therefore was not even a security breach for servers not running openssl. You have no idea what ssl he was running. To boot, Joe-blow hacker who gets into a site, is not going to take .02 - .04, especially if it was heart bleed since heart bleed had a fix it already for several months that just needed to be applied, he doesn't have the time to linger around everyday to take small amounts of money and try to go un-noticed.

   That's true that I have no evidence, and have no idea whether or not he's using open SSL and what level he was at.  I don't even know if he's a male or female.  The only thing I do know is the heartbleed bug caused cached data to be available to non authorized users.  He's also eluded to the fact he was hit by it.  The fact that the breech of my accounts took place with a day of the announcement and also the fact that I logged into all of the accounts with in a very short time and the only accounts hit where the ones someone looking at raw data could easily figure out, leads me to believe it was that.  

    Again your absolutely correct that I don't know for sure.  The little with drawls bugs me too.   What would your theory be.  Given that in 1 hour 3 accounts were breached, and all had small withdrawals done.  This was a few days before the sale of the site (tongue in cheek).  Do you think someone just happened to figure out 3 userid/passwords?  do you think BTC-ARBS made the withdrawals?  At first I though either would be possible.   After I "somewhat" understood the HB Bug that seemed more plausible.    Again, I can only say what happened to me and my conclusions.  

Oh yea, There wasn't a lot in any of the accounts to begin with.  They may have had .1 BTC each.  Maybe that played into why they only took a small amount.   
            

No idea, there are too many unanswered questions already, I just wouldn't start throwing out absolutes at this point.

[crypto1]

I have been carefully considering all of the suggestions posted in this thread and will be implementing a variation on what has been suggested. Details will be posted this week. For now, more refunds have been sent.

It is also clear that some users do not understand the refund process. The refund amount is not the total amount including earnings. It is the total amount originally deposited minus any withdrawals.

I thought that you didn't have any records of what people withdrew?  If you already have all the info, why does everyone have to send a request to withdraw their BTC with supporting blockchain info?

[lesnod11]

I have been carefully considering all of the suggestions posted in this thread and will be implementing a variation on what has been suggested. Details will be posted this week. For now, more refunds have been sent.

It is also clear that some users do not understand the refund process. The refund amount is not the total amount including earnings. It is the total amount originally deposited minus any withdrawals.

I thought that you didn't have any records of what people withdrew?  If you already have all the info, why does everyone have to send a request to withdraw their BTC with supporting blockchain info?

My guess is that he is gathering information based upon statements in this board and PM's he has gotten that have eluded to people not understanding..... but than again, that's a guess.

[brianbbad]

I have been carefully considering all of the suggestions posted in this thread and will be implementing a variation on what has been suggested. Details will be posted this week. For now, more refunds have been sent.

It is also clear that some users do not understand the refund process. The refund amount is not the total amount including earnings. It is the total amount originally deposited minus any withdrawals.

I thought that you didn't have any records of what people withdrew?  If you already have all the info, why does everyone have to send a request to withdraw their BTC with supporting blockchain info?

I don't think he specifically said we needed to send transaction IDs, I think that was just suggested by other posts on here. This thread is super long though, so I may be wrong.
Btc-arbs admin, if you read this and need additional info from me, just let me know.

[zimmah]

Does anyone know if the return btc address has to be blockchain? I used coinbase for mine. It shouldn't matter, but I'm just checking to make sure. Thanks. (still waiting for my refund)

a bitcoin address is a bitcoin address, it doesn't matter which wallet you use to access it.

[PanicBot]

Curious, what was the deal with that buyout thing that happened?

[tom14cat14]

Curious, what was the deal with that buyout thing that happened?

I am sure it was just a ploy to buy time.

[Vilepickle]

Added my amount to be refunded to the spreadsheet in the main thread.  Quite a bit of coin for me so it will affect the amount not refunded yet.

[pletharoe]

I've added my 72.7BTC.  From what I have seen this is the largest deposit he had so he shouldn't forget it.  I'm glad to see he's doing something about fixing the problem, even if it takes time.

For the record - I don't mind waiting for my coins as the longer btc-arbs has them to trade with, the faster he is able to recoup everyone's money.  I'm a long term holder, so I can wait.

[gise87]

I've added my 72.7BTC.  From what I have seen this is the largest deposit he had so he shouldn't forget it.  I'm glad to see he's doing something about fixing the problem, even if it takes time.

For the record - I don't mind waiting for my coins as the longer btc-arbs has them to trade with, the faster he is able to recoup everyone's money.  I'm a long term holder, so I can wait.

Wow, 72 Bitcoins. Why did you wait so long before posting here? I only had half a bitcoin in here but I still checked this thread every day, lol.

We maintain our own google docs spreadsheet to keep record of the refunds, I have added your details, could you please check and update them? The list is located at:

https://docs.google.com/spreadsheets/d/1lSUi0_1bqe0sv5XI4EvXWPcWI7fwnJbFQY-kMsYxp10
The list is -again- sorted to show the top amounts first, If you can't find your name on the list, please lookup your entry at the amount BTC owed.

I think it is indeed good to remind people that only the refund program does not cover any gains/interests, only the amount of bitcoins deposited minus the amount already withdrawn (if any)

With the addition of the 72 BTC of pletharoe and the 27 BTC of vilepickle, we are now closing in to 600 BTC total

[pletharoe]

Thanks for keeping the spreadsheet up to date.  I emailed btcarbsrefunds@safe-mail.net at 06:14 on 23rd June.

I've only just posted because I gave up hope.  I've only recently re-checked the message board and found that there is hope!

Do we have any idea how many BTC they have to work with at the moment?  If we know that and know that historically they returned 1% per day, then it would be possible to estimate how long it will take to refund everyone.

I am happy to delay my refund so they have more funds to 'play' with in order to get other people's refunds sooner.

[pletharoe]

I've been number crunching.

The average daily return was 1%.
It has been 25 days since the first refund (30th May)
Total refunded so far is 14.19BTC

So I reckon that the initial balance they have to work with is 11.065BTC.  Calculated as follows:

11.065*1.01^25 = 14.19
principal * (1+interest rate) ^ number of times compounded

People getting immediate refunds makes it take longer for everyone.  As gise87 says in his spreadsheet, at the current rate of return, it will take until mid January 2017.  That's 2.5 years!

If we allow them to keep the funds and compound the interest then:
11.065 * 1.01^396 = 569.14

So that's 396 days... just over a year.  Much better than 2.5.

Just a thought.

[dyask]

I've been number crunching.

The average daily return was 1%.
It has been 25 days since the first refund (30th May)
Total refunded so far is 14.19BTC

So I reckon that the initial balance they have to work with is 11.065BTC.  Calculated as follows:

11.065*1.01^25 = 14.19
principal * (1+interest rate) ^ number of times compounded

People getting immediate refunds makes it take longer for everyone.  As gise87 says in his spreadsheet, at the current rate of return, it will take until mid January 2017.  That's 2.5 years!

If we allow them to keep the funds and compound the interest then:
11.065 * 1.01^396 = 569.14

So that's 396 days... just over a year.  Much better than 2.5.

Just a thought.

You don't know that he is paying back everything earned.  It could be he is building already stake.   Also 1% return per day probably is too high.   

[s1m0n]

Wondeirng, if arbitrages is doing so well. why not reopen the investment program?
maybe with some more help of the initial investors we can make this a legit business...

[gise87]

I've been number crunching.

The average daily return was 1%.
It has been 25 days since the first refund (30th May)
Total refunded so far is 14.19BTC

So I reckon that the initial balance they have to work with is 11.065BTC.  Calculated as follows:

11.065*1.01^25 = 14.19
principal * (1+interest rate) ^ number of times compounded

People getting immediate refunds makes it take longer for everyone.  As gise87 says in his spreadsheet, at the current rate of return, it will take until mid January 2017.  That's 2.5 years!

If we allow them to keep the funds and compound the interest then:
11.065 * 1.01^396 = 569.14

So that's 396 days... just over a year.  Much better than 2.5.

Just a thought.

If he really only has 11 BTC to work with, he really messed up bad. Losing 500+ BTC, how is that even possible?

I think, the only way to refund all users in one batch in about 1 year is only possible with clear communication and transparency