C-Cex Has Frozen Your BTC! Not to be Trusted

[HyperToxic]

Can someone please explain why my BTC has been frozen.  All I did was deposit 30.56999433 DRK and trade it for 0.06266757 BTC.   How is it that my BTC is held?  

Why would many suffer for the acts of one?

C-CEX has not responded to my email or Skype chat.

[AMOjeda]

Did get the 76BTC?

[lojack]

.

[twalrus]

thanks lojack if you put up a donation address when all is clear i'll be happy to send a bit over as a reward.

[lojack]

.

[blajde]

Will you compensate my loss of 0.8btc?

[adhitthana]

My BTC were "on hold". I emailed them yesterday saying that I was pretty sure I hadn't traded DRK in the "big move". They  promptly released my BTC  (within minutes).

[TingCoin]

Ok...

I had to come here and say this, as soft and silly as it might seem - Fuck it. Lojack when I read about what you'd done and realised how much you could've profited from doing it... And the fact you decided to return it and the reason why you came to that decision it actually bought a tear to my eye a little bit lol.

It's just refreshing to know that such compassion and morality still exists, especially the fact that you've never even met any of these victims. I'm touched.

You'll be rewarded for this one way or another I'm sure. Spiritually I mean.

I suggest anyone who lost BTC in C-Cex if you get them back to reward this guy somehow. He didn't have to do this, I'm sure most wouldn't of.

Now if this is all part of some elaborate scheme like people are suggesting, I'm going to feel a bit of a f***ing mug. Haha. But oh well, it'd still be a nice thought.

[c-cex]

I'v just initiated a withdraw of 15k DRK and 5KK MINT from poloniex. Need e-mail confirmation.

[megges]

edit: nvm

[utuxia]

I just got the hold released. I'm all good now.

File a ticket, and give c-cex time to respond.

[blajde]

I just got the hold released. I'm all good now.

File a ticket, and give c-cex time to respond.

Did you trade during situated hours?

[trogdorjw73]

It's nice that lojack is trying to return the funds, but let's be clear: all the funds will never be returned. They can't be, not after what he did. Specifically, buying DRK up to 0.008 with a volume of 104K DRK, and then selling DRK on Poloniex for less than one fourth that amount (how many were sold and at what prices?) means if he basically "stole" 310 BTC we're looking at about one third to one fourth being returned, right?

It's great that he's willing to return what he can, but basically C-CEX lost at least 200 BTC due to a flaw in their code. Which is pretty freaking crazy -- how do you go live with code that has that big of a flaw? It sounds like lojack isn't even a "hacker" and simply had a deposit show up with the wrong amount? Anyway, C-CEX does how much volume? If they did 1000 BTC per day (and I don't think they do!) that would mean roughly 4 BTC in income off 0.2% trading fees (0.2% on the buyer and seller). About 40 days then to recover 200 BTC? Hopefully they stick it out.

I personally have a hold of 6+ BTC that I'm waiting to see what happens. I sold DRK at prices between 0.0025 and 0.003, which wasn't that far off the mark before all this craziness. That would be either ~2.5K DRK or ~6+ BTC. Guess I'll just have to pray it all works out.

[c-cex]

It's nice that lojack is trying to return the funds, but let's be clear: all the funds will never be returned. They can't be, not after what he did. Specifically, buying DRK up to 0.008 with a volume of 104K DRK, and then selling DRK on Poloniex for less than one fourth that amount (how many were sold and at what prices?) means if he basically "stole" 310 BTC we're looking at about one third to one fourth being returned, right?

It's great that he's willing to return what he can, but basically C-CEX lost at least 200 BTC due to a flaw in their code. Which is pretty freaking crazy -- how do you go live with code that has that big of a flaw? It sounds like lojack isn't even a "hacker" and simply had a deposit show up with the wrong amount? Anyway, C-CEX does how much volume? If they did 1000 BTC per day (and I don't think they do!) that would mean roughly 4 BTC in income off 0.2% trading fees (0.2% on the buyer and seller). About 40 days then to recover 200 BTC? Hopefully they stick it out.

I personally have a hold of 6+ BTC that I'm waiting to see what happens. I sold DRK at prices between 0.0025 and 0.003, which wasn't that far off the mark before all this craziness. That would be either ~2.5K DRK or ~6+ BTC. Guess I'll just have to pray it all works out.

No, first - we will reverse DRK transactions made by high rates so it will not be 300 BTC but less. Second - flaw made this possible were fixed fast. Third - yes we will not be refunded in full - but we are going to refund customers in full by our own funds.

And Again - I agree this happened by our fault. And we will compensate harm.

[utuxia]

I just got the hold released. I'm all good now.

File a ticket, and give c-cex time to respond.

Did you trade during situated hours?

I traded Gridcoin. Not Darkcoin. I'm not sure what hours this all went down.

But he was kind enough to respond to my Skype message.

[duazo]

No, first - we will reverse DRK transactions made by high rates so it will not be 300 BTC but less. Second - flaw made this possible were fixed fast. Third - yes we will not be refunded in full - but we are going to refund customers in full by our own funds.

And Again - I agree this happened by our fault. And we will compensate harm.

How will you decide what a "high rate" is?

It's impossible. You can't reverse people's transactions. DRK value has dropped since.

The price was 0.0022 before, now it's 0.0015. If someone sold 1,000 DRK at a rate of 0.005, for 5 BTC, and you reverse that transaction, then they've lost 0.7 BTC because they can now only sell for 1.5 BTC instead of 2.2 BTC.

The flaw was C-CEX's. If you reverse the transactions, then that's not fair. Nobody will use C-CEX again. And it's impossible for you to decide which rates were "too high".

[xorpheus]

Can someone please explain why my BTC has been frozen.  All I did was deposit 30.56999433 DRK and trade it for 0.06266757 BTC.   How is it that my BTC is held?  

Why would many suffer for the acts of one?

C-CEX has not responded to my email or Skype chat.

I see it like this...

Due to a bug in code on the c-cex exchange, someone found their account with a ton more bitcoin in it than there should be.  That user then made a conscious decision to trade the bitcoin which was not rightfully theirs.  Everyone on the other side of those trades were technically receiving stolen property.  The non-existent bitcoin (it's just a virtual exchange balance remember, not an actual bitcoin wallet) was converted into darkcoin by trading on the exchange, effectively transferring the non-existent bitcoin into other traders accounts.  The dirty darkcoin was then laundered (or tried to be) by trading for bitcoin on poloniex.

It seems both c-cex and the user who was consciously involved in this are making a great effort to retrieve lost funds.  Problem is, due to the trading at great loss, a large chunk of this bitcoin that never existed in the first place is now in the hands of everyone with whom they traded.  This is why your bitcoin balance at c-cex is frozen.

If authorities were involved, the accounts at poloniex would likely also be frozen during the investigation period.  If this were a bank error of similar scale which was deliberately taken advantage of, the person involved could end up with a prison sentence.

[xorpheus]

The flaw was C-CEX's. If you reverse the transactions, then that's not fair. Nobody will use C-CEX again. And it's impossible for you to decide which rates were "too high".

Yes the flaw was C-CEX's, but let's not forget that ultimate liability lies with the person who took advantage of it.  C-CEX is as much a victim as anyone else in this situation.  Yeah it sucks, but that's the way any legal system would see it.  If your car is stolen because you left the key in it, you made a stupid mistake, but you are not responsible for the loss - the theif is.  Any forex broker would reverse the transactions without question and you'd just have to suck it up.

[tugvarish]

I see it like this...

Due to a bug in code on the c-cex exchange, someone found their account with a ton more bitcoin in it than there should be.  That user then made a conscious decision to trade the bitcoin which was not rightfully theirs.  Everyone on the other side of those trades were technically receiving stolen property.  The non-existent bitcoin (it's just a virtual exchange balance remember, not an actual bitcoin wallet) was converted into darkcoin by trading on the exchange, effectively transferring the non-existent bitcoin into other traders accounts.  The dirty darkcoin was then laundered (or tried to be) by trading for bitcoin on poloniex.

It seems both c-cex and the user who was consciously involved in this are making a great effort to retrieve lost funds.  Problem is, due to the trading at great loss, a large chunk of this bitcoin that never existed in the first place is now in the hands of everyone with whom they traded.  This is why your bitcoin balance at c-cex is frozen.

If authorities were involved, the accounts at poloniex would likely also be frozen during the investigation period.  If this were a bank error of similar scale which was deliberately taken advantage of, the person involved could end up with a prison sentence.

+1

Yes the flaw was C-CEX's, but let's not forget that ultimate liability lies with the person who took advantage of it.  C-CEX is as much a victim as anyone else in this situation.  Yeah it sucks, but that's the way any legal system would see it.  If your car is stolen because you left the key in it, you made a stupid mistake, but you are not responsible for the loss - the theif is.  Any forex broker would reverse the transactions without question and you'd just have to suck it up.

... and another +1

[child_harold]

Crypto Monopoly

Community Crypto-Chest:

Bank error in your favor.
Collect 300 BTC