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mooncake
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March 22, 2014, 01:51:43 PM
 #781

I have the same problem... I send both email and PM to Kumala 03/19... still no respond  Undecided

Let's hope it is not a hack.
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March 23, 2014, 06:25:56 AM
 #782

Can't withdraw btc.

Quote
Error
Do you have a pop-up blocke active or did you manually change the URL?

Why fixing this issue is taking so long?

I have the same problem... I send both email and PM to Kumala 03/19... still no respond  Undecided
It doesn't seem like he's been very communicative with anybody recently,
and yeah this is getting pretty ridiculous.

I'm waiting another day before I trade to ppc and pull it out from there.
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March 23, 2014, 12:03:48 PM
 #783

Ok, a "Frozen Funds" notice has just gone up on Vircurex.

*Cry*

Quote
Frozen Funds

In preparation of the following, we have with immediate effect stopped the possibilities to withdraw BTC, LTC, FTC and TRC. All incoming deposits will also not be credited to the users accounts for the time being.

On 24th March 2014 we will be freezing the current BTC, LTC, TRC and FTC accounts, then perform the below distribution of the available coins and reenable deposits and withdrawals. This action will also require us to delete all open sell orders for BTC, LTC, FTC and TRC.

As you may very well be aware, we had two incidents last year that lead to a loss of a significant number of BTC, LTC, FTC, TRC. We had communicated at that time that we will be covering those losses from our income, which we have done so far. We had enough coin balances in our cold wallet to upkeep our platform and the positive cashflow enabled us to gradually refill the wallets.
Unfortunately we had large fund withdrawals in the last weeks which have lead to a complete depletion of our cold wallet balance and we are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that allows the exchange to continue to operate and gradually pay back the losses.
We have obviously chosen the later and hence are going to do the following:
1. We will introduce an additional balance type called "Frozen Funds". Funds in this balance type cannot be used to trade or withdraw. Those are the balances that the exchange will gradually pay back and hence transfer back to the available balance over time.
2. We will move all current balances for BTC, LTC, TRC and FTC to the "Frozen Balance", i.e. your balance will be set to 0.
3. We'll take the current available cold storage balance and distribute it based on the below described distribution logic.
4. Monthly we will take the net profit of the exhchange and credit back that amount distributed to the users based on the described distribution logic.

The freezing of the balances is a one-time action, it does not affect future deposits in any ways.

Distribution logic
50% of the amount will be distributed top down and the other 50% will be distributed bottom up.
Top down means: credit the amount from the largest account balance down to the smaller accounts Bottom up: credit the amount from the smallest account balance to the larger accounts.
Example
User 1: 5 BTC
User 2: 4 BTC
User 3: 3 BTC
User 4: 3 BTC
User 5: 3 BTC
User 6: 3 BTC
User 7: 1 BTC

Amount to distribute: 12 BTC:
Step 1: Top down distribute 6 BTC:
User 1: Credit 5 BTC
User 2: Credit 1 BTC, remaining frozen balance = 3 BTC

Step 2: Bottom up distribute 6 BTC:
User 7: Credit 1 BTC
User 6: Credit 3 BTC
User 5: Credit 2 BTC, remaining frozen balance = 1 BTC

This approach has the advantages that
all users will eventually receive their funds, though the timeframe depends on the monthly volume available
new deposits and users are not penalized, thus supporting the ongoing operations of the platform
fund withdrawals from the available funds are guaranteed, no surprises or unecessary delays

We believe that this is the best way forward and hope for your support and understanding.

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TookDk
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March 23, 2014, 12:15:43 PM
 #784

 Sad

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mooncake
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March 23, 2014, 12:56:50 PM
 #785

From Vircurex:

In preparation of the following, we have with immediate effect stopped the possibilities to withdraw BTC, LTC, FTC and TRC. All incoming deposits will also not be credited to the users accounts for the time being.

On 24th March 2014 we will be freezing the current BTC, LTC, TRC and FTC accounts, then perform the below distribution of the available coins and reenable deposits and withdrawals. This action will also require us to delete all open sell orders for BTC, LTC, FTC and TRC.

As you may very well be aware, we had two incidents last year that lead to a loss of a significant number of BTC, LTC, FTC, TRC. We had communicated at that time that we will be covering those losses from our income, which we have done so far. We had enough coin balances in our cold wallet to upkeep our platform and the positive cashflow enabled us to gradually refill the wallets.
Unfortunately we had large fund withdrawals in the last weeks which have lead to a complete depletion of our cold wallet balance and we are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that allows the exchange to continue to operate and gradually pay back the losses.
We have obviously chosen the later and hence are going to do the following:
1. We will introduce an additional balance type called "Frozen Funds". Funds in this balance type cannot be used to trade or withdraw. Those are the balances that the exchange will gradually pay back and hence transfer back to the available balance over time.
2. We will move all current balances for BTC, LTC, TRC and FTC to the "Frozen Balance", i.e. your balance will be set to 0.
3. We'll take the current available cold storage balance and distribute it based on the below described distribution logic.
4. Monthly we will take the net profit of the exhchange and credit back that amount distributed to the users based on the described distribution logic.

The freezing of the balances is a one-time action, it does not affect future deposits in any ways.

Distribution logic
50% of the amount will be distributed top down and the other 50% will be distributed bottom up.
Top down means: credit the amount from the largest account balance down to the smaller accounts Bottom up: credit the amount from the smallest account balance to the larger accounts.
Example
User 1: 5 BTC
User 2: 4 BTC
User 3: 3 BTC
User 4: 3 BTC
User 5: 3 BTC
User 6: 3 BTC
User 7: 1 BTC

Amount to distribute: 12 BTC:
Step 1: Top down distribute 6 BTC:
User 1: Credit 5 BTC
User 2: Credit 1 BTC, remaining frozen balance = 3 BTC

Step 2: Bottom up distribute 6 BTC:
User 7: Credit 1 BTC
User 6: Credit 3 BTC
User 5: Credit 2 BTC, remaining frozen balance = 1 BTC

This approach has the advantages that
all users will eventually receive their funds, though the timeframe depends on the monthly volume available
new deposits and users are not penalized, thus supporting the ongoing operations of the platform
fund withdrawals from the available funds are guaranteed, no surprises or unecessary delays

We believe that this is the best way forward and hope for your support and understanding.
medicine
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March 23, 2014, 01:02:41 PM
 #786

Wow, just wow.  I really wonder how many coins we are talking about here?

Another one bites the dust I guess.

I wonder how many other exchanges are operating under the same conditions right now.

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gustav
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March 23, 2014, 01:14:32 PM
 #787

i used it last days to trade some vtc and i am really not amused by what has happened. I have no idea why it should be ok that an exchange can steal my money at any moment. It is not. Vircurex is responsible for their security. They obviously can't handle security and i should pay now for them being unable to take care? Why should i pay for someone elses losses? I wasn't even on that exchange when the losses occured. No exchange gives back what they earn from fees - so why should they take from customers what they lost to hacks because they were incompetent? Winings occur - exchange keeps it. Losses occur - customers pay? Is it like that?
I will not come back.
Imagine this is the new fashion now. All exchanges start to steal money from customers. This is not funny. I feel violated.

What in effect is happening right now is that everybody buys all the coins they can withdraw and is out then. I feel sorry for the bagholders that are left there because they happen not to be online while everybody else buys all the withdrawable coins up 200% and leaves. Vircurex might not even be able to pay back those poor bastards left there in the end.


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TookDk
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March 23, 2014, 01:16:33 PM
 #788

I am getting pretty tired of giving my hard earned money away... for god sake I was only having the funds on the exchange briefly to cash my LTC... and now, gone.

Cryptography is one of the few things you can truly trust.
mooncake
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March 23, 2014, 01:22:41 PM
 #789

While you can, trade your holdings into other coins like VTC, NXT or DOGE, then withdraw everything. You will suffer loss but should still get back most of the value of your previous holdings.
TookDk
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March 23, 2014, 02:03:30 PM
 #790

Can anybody see their "frozen funds" in the interface yet?
My funds are still in floating in limbo...

Cryptography is one of the few things you can truly trust.
mooncake
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March 23, 2014, 02:11:14 PM
 #791

Can anybody see their "frozen funds" in the interface yet?
My funds are still in floating in limbo...

Fund is not frozen yet. You can still trade with the fund.
TookDk
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March 23, 2014, 02:15:28 PM
 #792

Fund is not frozen yet. You can still trade with the fund.

Well, that depends... I made a BTC redraw 19 Mar, was never executed completely (no tx id), I assume that the hot wallet was empty.  Those funds stuck there can certainly not be used for trading (else would I have got em far away long time ago).

Cryptography is one of the few things you can truly trust.
mhps
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March 23, 2014, 02:20:30 PM
 #793

Can anybody see their "frozen funds" in the interface yet?
My funds are still in floating in limbo...

My frozen fund is 0, with a BTC balance is less than 1. Since the frozen is supposed to take effect immediately, I assume I am the ones who got full credit. If that is true I will keep trading on vircurex.

Let's face it, there is almost no exchange these days that 1) has a history long enough to have climbed the learning curve to run a crypto-exchange 2) explains what happens to customers 3) not manipulate the market. I am trading on several places to reduce risks. Vircurex has stumbled before. I hope what didn't kill it has made it stronger.

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vilgem
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March 23, 2014, 02:27:00 PM
 #794

I'm sorry but it sounds like Vircurex owners are trying to solve their own promlems for our hard-earned money. I was wondering why some alts exchange rate went up recently (VTC for example). Now I see the reasons for this. If you are an exchange owner and you wanna an alt-coin exchange rate to go up to the sky, just stop withdrawing everything except for this alt-coin. Easy success formula.

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No_2
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March 23, 2014, 03:28:22 PM
 #795

Have anyone's funds actually been frozen, i.e. become untradeable on Vircurex? The announcement says the freezing of funds is effective from the 24th which is tomorrow for me (I'm on GMT).

I am still able to trade but cannot withdraw BTC, LTC or FTC. Have not tired TRC.

I'm wondering if it is even possible in most cases to make up for lost balances on a currency undergoing massive deflation, it simply may not be possible. I think any exchange trying to do this will only ever likely be able to pay back diminishing returns against losses...

Please Like or Follow MetaLair; we are promoting Bitcoin awareness and are building a decentralised exchange. We need your support.
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Rannasha
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March 23, 2014, 03:51:46 PM
 #796

The proposed distribution scheme for left-over funds is stupid. With their approach, the very large accounts and the very small accounts will get full refunds, while everyone in between won't get anything. With confidence unlikely to be restored, it's not just a matter of waiting for those in the middle of the pack. Why on earth not go with the fairest and most obvious approach of distributing remaining funds proportionally?

Note: I have no funds on this website and my statement is that of an outside observer.

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March 23, 2014, 04:11:05 PM
 #797

how could they make SEVERAL withdrawals from the cold wallet?? the cold wallet is offline. even if it's online to replenish the hot wallet, someone can hack and do ONE withdrawal without them realizing the steal. not a few, not many, not several. unbelievable. this is a new fashion, if the fat imbecile is going away with a 450+m heist, why not rob some peanuts here and there?'

the distribution method is also stupid. as someone said above, it leaves the middle account with nothing. I felt this was coming, but not on vircurex, one of the oldest exchange around. I trusted this guys. disappointed, massively.


EDIT: i read too quickly, ok, large withdrawals that were legit, not hack. so they were basically working under fractional reserve.
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March 23, 2014, 04:34:52 PM
 #798

The proposed distribution scheme for left-over funds is stupid. With their approach, the very large accounts and the very small accounts will get full refunds, while everyone in between won't get anything. With confidence unlikely to be restored, it's not just a matter of waiting for those in the middle of the pack. Why on earth not go with the fairest and most obvious approach of distributing remaining funds proportionally?

Because insiders have large balances, and they want to protect themselves.
By also protecting the smallest customers, you minimize the total number of affected customers, and therefore minimize the risk of lawsuits.

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LancienMaleAlpha
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March 23, 2014, 04:43:34 PM
 #799

I see we can Sell BTC for USD, is it easy to withdraw USD? I never deposit.
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March 23, 2014, 04:55:14 PM
 #800

funds are forzen 24th today is 23rd.
Those who can read have clear advantage Wink
And it is very clear to me that this will be the new fashion. Every other exchange one by one will claim to have been 'hacked' and steal your money. We should not let that happen. Because if we do they will repeat after round 1. Right now i am withdrawing about all coins from all exchanges. I am sick of this scammers party.  If they can't handle security, they have to raise fees to cover losses, but can't just take the funds like that! It is very close to stealing. The logic behind this is "we have been robbed so we rob someone else so that we don't have to take the losses". Every exchange that gives losses to customers should give winnings also to customers in the future. Everything else is not honest. How many percent do they cover? 100% losses goes to customer? Why not 100% tradingfees also back to customer? If they can just pass losses to customers like that why should they ever care about security?

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