Aspects of the site began to break down and after a few days it became apparent that neither of the two admins were online and some two months later, the site was taken down *however* some person's on the bitcointalk page claim to be still able to log into the coinex.pw site with (what appears to be a scam-within-a-scam) selling other alt coins for BTC out of the goodness of their hearts that they will somehow be able to recover the BTC from coinex.pw later is alluded to but no plausible explanation of how then can recover these funds.
It is likely that I am the person Timelord2067 is referring to in this comment. If so, there are some things that are distorted beyond truthfulness in his presentation.
Regardless of who he is referring to, these are the actions that I took.
1. I pointed an Avalon mining rig to mine BTE on coinex before the theft announcement.
2. Following the announcement that 50% of the funds were replaced, I continued to point my miner at coinex.
3. Eventually, the BTE pool, wallet, deposits and withdrawals went dark.
4. I searched and found that the DEM pool, wallet, and withdrawals were still functional.
5. I pointed my miner to the DEM pool. I tested withdrawals.
6. I announced that I could mine and withdraw, and I posted TXiD documentation to the troll box and the bitcointalk forums.
7. I reasoned that those people who were panicked would welcome the opportunity to trade their coins for DEM and pay a premium price for them.
8. I reasoned that the TXiD would allow people to verify that the funds were still available in the hot wallet.
9. I replenished the DEM wallet many times, both through mining in the coinex pool, and also in DEM deposits to my coinex deposit address.
10. I announced the TXiD that documented these deposits, at first to individuals who registered on my Google survey, and later in the coinex troll box.
11. In this process, I acquired a BTC balance on coinex, and I allowed interested individuals to withdraw DEM. I sold through limit orders, and others in the community were free to offer their own DEM at a more attractive price than mine.
12. I did not sell directly to any individuals, and I did not take any action that required users to trust me. Everything was documented at the time of announcement.
All of the above actions are completely above-board actions in the alt-coin community. I mined, sold on the exchange, and attempted to make some profit at a level of risk that was acceptable to me. All my actions were honorable. Many people reported in the troll-box that they had successfully withdrawn DEM following my efforts and announcements.
Timelord began a campaign of FUD while the DEM coinex wallet was still working. I do not understand his motivation. I don't understand how he has been harmed, or believes he or anyone else could have been harmed. I believe that by crying scam that he caused some people to hesitate and lose funds when coinex shut down, when they could have cashed out through DEM. I believe that my actions were directly helpful to others, and gave me the possibility of high return for high risk.
While I don't think it is proper for him to ask for any explanation on how I hoped to profit, I did give such an explanation many times and it is completely inaccurate for him to say otherwise. My belief was that the exchange would re-open and my trading would turn out to be very profitable.
I would appreciate if Timelord would clarify that he does not mean me when he speaks of a scam within a scam.
