How many LTC do you have frozen in [Vircurex]? Have they been unfrozen yet?

[Lyddite]

Let's try to map how many LTC we have frozen in Vircurex and post when and how much has been unfrozen.

When we get information about people having funds unfrozen, we can make better guesses about when others will have their funds unfrozen.

More info about the frozen funds here.
https://bitcointalk.org/index.php?topic=49383.msg5854634#msg5854634

-Lyddite

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[justmyname]

I should've trusted Vircurex and Kept all my coins up on their exchange for all that big interest they were offering. Not.

[DeathAndTaxes]

What kind of idiot came up with a 50% top down and 50% bottom up system?

It is a pretty simple concept even without lawyers or bankruptcy.  If the company owes 100 BTC and can today pay creditors 1 BTC it pays ALL CREDITORS 1% of their balance.  It now owes everyone 99 BTC and each individual has received 1% of what they are owed.  This continues until either the debt is paid off or the company fails.   An insolvent company paying one creditor ahead of another one (unless there was some seniority of debt) is illegal in most jurisdictions.

If losing the coins didn't prove their incompetence, then their scheme to return them certain does.   Maybe the operators should talk to legal counsel about the fraudulent conveyance act?  Creditors who believe they are in the middle (and thus most likely to receive absolutely nothing) should probable talk to a lawyer too.

[galbros]

This is a real tragedy.  I guess you have a slightly better chance of getting your LTC balance back than your BTC.

I don't think the freeze has happened yet, but it should go down soon.

EDIT:  Wow, I could not have been more wrong with that forecast!  Since LTC prices ticked up before the freeze I figured they might be safer, WRONG, my balance of just one LTC was frozen.  Condolences to everyone!

[agent725]

At the moment Vircurex has frozen all my Litecoins. This is 151 LTC.

[Pimpmycoin]

What kind of idiot came up with a 50% top down and 50% bottom up system?

It is a pretty simple concept even without lawyers or bankruptcy.  If the company owes 100 BTC and can today pay creditors 1 BTC it pays ALL CREDITORS 1% of their balance.  It now owes everyone 99 BTC and each individual has received 1% of what they are owed.  This continues until either the debt is paid off or the company fails.   An insolvent company paying one creditor ahead of another one (unless there was some seniority of debt) is illegal in most jurisdictions.

+1 this is so stupid

some guys got all your money and i have all my 165 ltc frozen

well done vircurex

applause

[Arbitrageur]

all frozen here. the distribution was done to hide the real % of holdings, which I assume to be like 1%. we are screwed.


kumala should admit his mistake and restore a proportional distribution. that 50% bottom up and down is totally idiotic. how many people got something?? just those who counts nothing, and those who are too big. he basically left all those in the middle that can keep the exchange alive with a big fucking zero. I hope he reconsiders the distribution method. he needs to leave something to everybody in order for them to keep on working on his platform. otherwise it'll go down and everybody will be screwed.

[galbros]

I had only one, yes 1, litecoin left on Vircurex and it is frozen.  My guess is they had no litecoins at all.  Totally bogus.

[Elanthius]

I had ~1BTC and ~40LTC on there. I got the BTC back and ~200USD. The USD was 100% available to trade, the BTC was completely unfrozen but I lost all the LTC.

[Arbitrageur]

so there was no ltc left. looks like this is a fact now. if you had 1 ltc and it's frozen it proves the point.
.

[lifesavings]

 

   I had 2926 Litecoins in Vircurex!!    Two Thousend Nine Hundred and Twentysix    My life savings!!          I am gutted


   I can imagine that I am one of the biggest holders there... so I should get coins back because they work with the drop down method to pay everybody back. So the highest balances should get first and also the lowest balances..  but I didn't see a single coin yet....

I can't believe this!!  Vircurex had a great reputation, also I really hope they will start to work together with another exchange !!   I was a member since around end of 2011. And always suported them on forums and so on...

[ope14]

More than 100 frozen, not much hope of getting them back either.
This kind of thing will kill cryptocurrency, and maybe that's the ultimate objective here in view of recent events.
I see oldtimers at this forum talking about coldwallets and private keys and shit...what they don't seem to realize is that the average joe doesn't want to deal with all that.
If someone decides to try bitcoin to buy some stuff online they will use the simplest method available. They will use an Exchange and every once in a while  they will have surprises like this....and they won't come back, or maybe they will just hear about this kind of stuff and never even try it in the first place.
My will as a small time investor is to convert all that i have on other exchanges back to fiat and hide it under the mattress.
I don't see much difference between this mtgox vircurex whatever shenanigans and the corrupt establishment on the banking and financial sector....and at least there i can take some legal action or just wait for my bank manager to step out of  the office and kick is ass...

[smoothie]

 

   I had 2926 Litecoins in Vircurex!!    Two Thousend Nine Hundred and Twentysix    My life savings!!          I am gutted


   I can imagine that I am one of the biggest holders there... so I should get coins back because they work with the drop down method to pay everybody back. So the highest balances should get first and also the lowest balances..  but I didn't see a single coin yet....

I can't believe this!!  Vircurex had a great reputation, also I really hope they will start to work together with another exchange !!   I was a member since around end of 2011. And always suported them on forums and so on...

Just because you are one of the bigger holders doesnt mean you should get preference. Wow just wow. 

[smoothie]

More than 100 frozen, not much hope of getting them back either.
This kind of thing will kill cryptocurrency, and maybe that's the ultimate objective here in view of recent events.
I see oldtimers at this forum talking about coldwallets and private keys and shit...what they don't seem to realize is that the average joe doesn't want to deal with all that.
If someone decides to try bitcoin to buy some stuff online they will use the simplest method available. They will use an Exchange and every once in a while  they will have surprises like this....and they won't come back, or maybe they will just hear about this kind of stuff and never even try it in the first place.
My will as a small time investor is to convert all that i have on other exchanges back to fiat and hide it under the mattress.
I don't see much difference between this mtgox vircurex whatever shenanigans and the corrupt establishment on the banking and financial sector....and at least there i can take some legal action or just wait for my bank manager to step out of  the office and kick is ass...

The average joe keeps all of his money in the bank. Remember that. It is just how the markets work. You have smart ones and dumb ones.

[pkobse]

28 and something LTC, they froze the whole balance on the account, had there 0.002 BTC, that was fully returned back after the process.

[clownius]

 

   I had 2926 Litecoins in Vircurex!!    Two Thousend Nine Hundred and Twentysix    My life savings!!          I am gutted


   I can imagine that I am one of the biggest holders there... so I should get coins back because they work with the drop down method to pay everybody back. So the highest balances should get first and also the lowest balances..  but I didn't see a single coin yet....

I can't believe this!!  Vircurex had a great reputation, also I really hope they will start to work together with another exchange !!   I was a member since around end of 2011. And always suported them on forums and so on...

Just because you are one of the bigger holders doesnt mean you should get preference. Wow just wow. 

I think he was suggesting under their claimed system of 50% going to the largest holders and 50% to the smallest holders he should have been a high chance of getting something back.  The system thats claimed to be in place.

[lifesavings]

yes indeed like they claim on their site...  bottom and down rule...

by the way still not a single litecoin back...  

[ope14]

More than 100 frozen, not much hope of getting them back either.
This kind of thing will kill cryptocurrency, and maybe that's the ultimate objective here in view of recent events.
I see oldtimers at this forum talking about coldwallets and private keys and shit...what they don't seem to realize is that the average joe doesn't want to deal with all that.
If someone decides to try bitcoin to buy some stuff online they will use the simplest method available. They will use an Exchange and every once in a while  they will have surprises like this....and they won't come back, or maybe they will just hear about this kind of stuff and never even try it in the first place.
My will as a small time investor is to convert all that i have on other exchanges back to fiat and hide it under the mattress.
I don't see much difference between this mtgox vircurex whatever shenanigans and the corrupt establishment on the banking and financial sector....and at least there i can take some legal action or just wait for my bank manager to step out of  the office and kick is ass...

The average joe keeps all of his money in the bank. Remember that. It is just how the markets work. You have smart ones and dumb ones.

That may be...the problem is we need the average joe.
If we want mass adoption that is.

[Zeke_Vermillion]

So basically, he must have only refunded people with LTC change, and maybe the single biggest LTC holder got some unfrozen. Everyone else is SOL.

[smoothie]

How many more example of people losing coins by keeping them on an exchange do we need before people wise up?

I get it, newbs will always fall for this unless forewarned. But this is retarded. Obviously anyone who did their research would know that Vircurex was insolvent about a year ago after a supposed "hack" where they lost a lot coins.