Vicurex freezing withdrawals.

[Beta-coiner1]

This not only affects BTC,but also some alt-coins as well.
http://www.dcmagnates.com/ouch-now-vircurex-is-freezing-withdrawals-to-cover-last-years-losses/

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.

[1715120216]

1715120216

[roslinpl]

If this is true it is not good

I must check it.

[pungopete468]

That's what Gox should have done...

Hope it works out... I'm glad they are communicating with their customers. Hope they pull through it...

[Richard Branson]

"stolen" funds...

Bitcoin exchanges are free money generators.

[fcmatt]

Once again those in the know got out before the peasants.

[roslinpl]

https://vircurex.com/welcome/ann_reserved.html

[Hyena]

NOOOO!!! I have very much Doge coins there

[roslinpl]

NOOOO!!! I have very much Doge coins there

No stress, as I believe Vircurex is not MtGox

They need perhaps a day to make it up with withdraws again.

[roslinpl]

Once again those in the know got out before the peasants.

Once again those in the know never got in.

Like you want to say all of you know about Vircurex issues?

Make us smarter and share your knowledge


ps. I haven't got any coins there atm. :]

[UnDerDoG81]

Well, I have enough, getting (the rest of) my coins out of stamp later.

[Pruden]

NOOOO!!! I have very much Doge coins there

No stress, as I believe Vircurex is not MtGox

They need perhaps a day to make it up with withdraws again.

Can you read? You will only be able to withdraw what they unfreeze, and that's profit distributed on a monthly basis (and half for smallest accounts and the other half for biggest acounts).

And no problem with DOGE and most other currencies. That is, until those reserves run dry too of course.

[relm9]

That's not good at all, Vircurex doesn't have that much volume it'll take forever to pay these customers back from trading fees.

Expect to see the price of coins not affected on there to skyrocket as people try and get their BTC  out.

[Tzupy]

Goxing is now a contagion... Which one will be next?

[Wilhelm]

Although it is crappy news atleast they communicate upfront and with honest intentions of paying back.

Hope they don't end up goxxed.

P.S. Is bitcoinbuilder already running on this one 

[pungopete468]

Vircurex is handling it the right way.

The coins can't be traded. They are completely frozen...

Vircurex has identified the amounts, the users are all informed.

The losses weren't recent but a few large players exited and left the exchange high and dry. The remaining users benefit by remaining on the exchange in the future.

On another note, vircurex needs to consider a remittance for those affected. Perhaps they should include interest on the frozen balances.

[counter]

well this is rather interesting news.  I've got an account there that I lost the password to.  I'm hoping I can contact the staff and get back into my account as I've got some alts there and I'd like to check on the current value.  

This is not good news but I'm liking the way they chose to handle the matter seems very responsible on there part to make things so transparent and I hope people give them credit for that and there service to the community.

[relm9]

Vircurex is handling it the right way.

The coins can't be traded. They are completely frozen...

Vircurex has identified the amounts, the users are all informed.

The losses weren't recent but a few large players exited and left the exchange high and dry. The remaining users benefit by remaining on the exchange in the future.

On another note, vircurex needs to consider a remittance for those affected. Perhaps they should include interest on the frozen balances.

They haven't froze the balances yet you can still trade. Freezing will happen tomorrow.

[jbrnt]

So vircurex was on fractional reserve all these time, and they are running low on cash flow.
If they handle this properly, they could get out of this.

[pungopete468]

Vircurex is handling it the right way.

The coins can't be traded. They are completely frozen...

Vircurex has identified the amounts, the users are all informed.

The losses weren't recent but a few large players exited and left the exchange high and dry. The remaining users benefit by remaining on the exchange in the future.

On another note, vircurex needs to consider a remittance for those affected. Perhaps they should include interest on the frozen balances.

Yes maybe they should get a medal for losing their customers funds...

No.

The situation should be considered from every aspect and the focus should not fixate on the theft of the coins alone; it's old news anyways. Everybody there was informed about the theft when it happened. Good businesses are determined by the reaction to bad situations and the desire to succeed...

You can't stop all theft, it's a constant battle. You will win some and lose some... There's no such thing as theft immunity.

Bad things happen, if they weren't transparent and honest about it I would have an entirely different opinion on this matter. The manner in which they're approaching this is the best you can expect in this situation...

[piramida]

This is not good news but I'm liking the way they chose to handle the matter seems very responsible on there part to make things so transparent and I hope people give them credit for that and there service to the community.

this was handled definitely much better than the gox situation, where they lied until the very end (and didn't stop lying even after that)