BitMarket.Eu has closed down

[M4v3R]

I see that some people (not talking about actual Bitmarket.eu users) have too much time on their hands, it's kind of sad.

Anyway, next round of payouts was sent. It's another 10% batch, which means 40% of the debt should be now refunded for most users. Since Mt. Gox is dead, I used the next biggest EUR exchange for valuation, which is Kraken. The valuation for sending BTC payments as of today is 420 EUR per BTC.

Funds were sent from the address: 3B74hHgrcU5jpUnHEMjoLLTxncCgUU2uCB. A total amount of 2940 3090 3480 EUR was refunded in this batch.

Again, if there is anyone I missed in this batch, please contact me via private message.

I'm sorry that it took so long. It was due some legal implications, both with setting up my legal entity in Poland (which is now fully operational as of 20th December 2013) and getting funds from Bitalo (who needed to go through some legal hoops before they could send be another payment). Also, I didn't respond here because I had virtually nothing more to add on top of what was already said, and I was tired answering the same people over and over again. I committed that I will refund everyone, and this will be done, even if with some delays.

Finally, here's a rough plan how the rest of refunds will proceed:
- starting from march, I will try to send 10% refunds every month
- this means that refunds should be complete before the end of october 2014
- I will always post an update here an on the site before end of each month, even if there's nothing to add, just to reassure everyone that I'm still here

In other news, Bitalo.com, the new Bitcoin exchange and secure wallet service is now in its first month of being fully operational. I invite you to check out the service, especially the introductory video at: http://www.youtube.com/watch?v=EcYHOZeb6LA

See you next month!

[ShadowOfHarbringer]

I see that some people (not talking about actual Bitmarket.eu users) have too much time on their hands, it's kind of sad.

What is sad is that you played with people's money on a Stock Market, lost it and expect that nobody cares.

I mean, WTF is wrong with you ?

Shut up and get some humility, since you currently are a fraud and con artist.

(I really hate insolent people).

[M4v3R]

I see that some people (not talking about actual Bitmarket.eu users) have too much time on their hands, it's kind of sad.

What is sad is that you played with people's money on a Stock Market, lost it and expect that nobody cares.

You just proved my point. No money lost, loudest of them all. Don't you really have anything better to do than posting insults here?

I don't expect that nobody cares about what happened. If I did I would be long gone and not send a bit cent to anyone. Instead, I'm still here, working hard for money that I will not receive but instead return to those who suffered from my actions. How's that for lack of humility?

Anyway, this is my final post on this matter because I have more important matters like, well, getting the money for refunds, you know.

[ShadowOfHarbringer]

I see that some people (not talking about actual Bitmarket.eu users) have too much time on their hands, it's kind of sad.

What is sad is that you played with people's money on a Stock Market, lost it and expect that nobody cares.

You just proved my point. No money lost, loudest of them all. Don't you really have anything better to do than posting insults here?

You still didn't get it. You are right, this post was a waste of time.

[mentore]

I see that some people (not talking about actual Bitmarket.eu users) have too much time on their hands, it's kind of sad.

Anyway, next round of payouts was sent. It's another 10% batch, which means 40% of the debt should be now refunded for most users. Since Mt. Gox is dead, I used the next biggest EUR exchange for valuation, which is Kraken. The valuation for sending BTC payments as of today is 420 EUR per BTC.

Funds were sent from the address: 3B74hHgrcU5jpUnHEMjoLLTxncCgUU2uCB. A total amount of 2940 3090 3480 EUR was refunded in this batch.

Again, if there is anyone I missed in this batch, please contact me via private message.

I'm sorry that it took so long. It was due some legal implications, both with setting up my legal entity in Poland (which is now fully operational as of 20th December 2013) and getting funds from Bitalo (who needed to go through some legal hoops before they could send be another payment). Also, I didn't respond here because I had virtually nothing more to add on top of what was already said, and I was tired answering the same people over and over again. I committed that I will refund everyone, and this will be done, even if with some delays.

Finally, here's a rough plan how the rest of refunds will proceed:
- starting from march, I will try to send 10% refunds every month
- this means that refunds should be complete before the end of october 2014
- I will always post an update here an on the site before end of each month, even if there's nothing to add, just to reassure everyone that I'm still here

In other news, Bitalo.com, the new Bitcoin exchange and secure wallet service is now in its first month of being fully operational. I invite you to check out the service, especially the introductory video at: http://www.youtube.com/watch?v=EcYHOZeb6LA

See you next month!

refund in March is ok ...

refund of April, when

[M4v3R]

As soon as next week, though I cannot promise anything for sure because I'm still uncertain when exactly I receive next batch of funds. I'll post an update as soon as this happens.

[mentore]

M4v3R :::::  is there any update?

[M4v3R]

Payment was sent to me, but I'm still waiting for it. Since its weekend banks don't work, it will probably reach me this tuesday.

[aepfel]

You are working for an cryptoexchange and get not paid in crypto?  Sounds funny to me.

[M4v3R]

Well, that's what you get when tax laws and everything are involved. Anyways, I've received the money and will commence to process the payouts today/tomorrow.

Update: Processing payouts right now.

[transientm]

I received a payment at the end of February (26th), but its been nearly 2 months since then and there's been no subsequent payments. Your last post states you're processing payments but there's no sign of one and there's been no update on the website

[M4v3R]

I am still processing this round of payouts (I had a brief pause due to the holiday period) as you can see on the blockchain, hence no update on the site yet. Your refund should arrive today.

Edit: Just posted an update on the site.

[ip669]

gj guys for trying to clear it up

[transientm]

Thanks maciej, the payment came through. Strangely tho, it doesn't give an address the coins came from, just a ? instead

[M4v3R]

It came from a multisig address. There are still wallets that don't handle them properly. Maybe you use an outdated version?

[Catmoonglow]

Hello all. I'm terrible sorry for not responding to this earlier. A mix of personal issues with searching for a solution prevented me from it.

Unfortunately, I have very bad news. I cannot currently proccess your withdrawals. The situation is very complicated and it's all my fault, that's why I feel terrible about it. I tried to make this up, to keep the site afloat and somehow recover the funds, but it's not possible anymore. Right now there are 1786 BTC pending withdrawal, which I can't honor...

Earlier this year, I had this "genius" idea which led me to making a fatal mistake. I thought I could provide a hedge fund service for Bitmarket users. There were other sites providing this service so I guesses that it could be successful. I had experience in trading before, all I needed is a platform. And there was one - Bitcoinica. I was so convinced with this idea (and sooo wrong in hindsight) that for a while I kept majority of "offline" Bitmarket funds there. What I didn't expect was that one day it could just dissapear - taking all the money with it. What's worse, the funds were shorted when it happened (converted to USD and sold) - and after Bitcoinica dissapeared BTC price rose by about 250% until now. So while there is still chance to recover the funds (there is an appointed liquidator assigned to this case and I've already sent in claims) it will be not enough to cover all people's funds. For the record - there are 20161 18787.72139217 BTC missing (edit: I subtracted my funds that also were deposited on Bitmarket), and Bitcoinica claims total for around 50K USD (the exact amount is uncertain because the liquidators haven't yet stated at what rate they will liquidate positions).

Sadly, I alone, I'm out of options. I don't have own money to pay for this loss (Bitmarket never made any real profit and I make up for a living by part-time web/mobile programming). The options for making this up for everyone as I see are:

- find an investor (or investors) that is willing to cover at least part of is debt. I would transfer all rights to the website software, servers and database to him and also work as a technician, possibly also implementing features he'd wanted. If you reading this have the funds necessary to make this work, PLEASE contact me on this.
- freeze all current funds and "start over" trading with explicit fees, implementing much-needed features like rating system and others. All profits from the fees would go directly to a fund for repaying the debt. I'm afraid that this option alone is not enough though - many people won't (and have full right to do so) trust the site again...
- something else?

Again, I would like to deeply apologize to everyone involved with this. I'm really sorry . I made a fatal mistake and I have to deal with it now. If you thinking about sueing me about this - you have full right to do so, but I don't think it's a good idea - I don't have any money so winning a case will get nothing for you and possibly ruin my life . It also would prevent me from doing anything to alleviate this situation, and I really want to make this up for everyone and I'm willing to do anything in my power to do this. I had many sleepless nights thinking about how I can make this tight. I just need some help with this.

Last, but not least...
If you have any bitcoin you can donate to help users that have locked funds, please send them here: 1Km5GFMat1DXcbvMTeH9ZvLGKvFCLBA9dM
All received Bitcoins will go directly to process withdrawals. I will update how much is left in this thread.

What I'd like to know is, was any user aware of this "hedge fund service"? If M4v3R was serious about providing a hedge fund service for his customers, what would have been the expected benefit? Was he going to pay funds to the users if the BTC price dropped or something?

My suspicion is that it was never on behalf of the users at all - that M4v3R got greedy, got tired of running a service for free, and wanted to use the massive amount of BTC he was holding on behalf of other users to make a profit for himself.

[disclaimer201]

No shit, Sherlock!

[mentore]

hello maver, when to get refund of May?

[M4v3R]

Just a quick announcement:

- Current status of payouts for most of users (basically everyone that contacted me with their payout addresses): 50%
- Payouts for May were suspended because unfortunately I couldn't gather enough funds to cover all users. Next payout will be sent in June.
- Currently Bitmarket.eu site is down due to being DDoS'ed (who would want to DDoS a dead exchange is beyond me). I'm working to restore the service as soon as possible. Sorry for the inconvenience.

[mentore]

Just a quick announcement:

- Current status of payouts for most of users (basically everyone that contacted me with their payout addresses): 50%
- Payouts for May were suspended because unfortunately I couldn't gather enough funds to cover all users. Next payout will be sent in June.
- Currently Bitmarket.eu site is down due to being DDoS'ed (who would want to DDoS a dead exchange is beyond me). I'm working to restore the service as soon as possible. Sorry for the inconvenience.

there is always a new excuse for not being on time with the refund