bter hacked and lost 50m nxt

[nikauforest]

Yea, I bet they are talking privately. A rollback for nxt would ruin confidence in it's blockchain. Possibly destroy the coin. This needs to get resolved in 24 hours .

[Este Nuno]

Child me would be happy to know that the future would read like some cyberpunk novel.

[hypersire]

Cryptoland is by far the best soap opera in the world.

[Vega]

Yea, I bet they are talking privately. A rollback for nxt would ruin confidence it it's blockchain. Possibly destroy the coin. This needs to get resolved in 24 hours .

I seriously doubt there would be a rollback no matter the outcome of this.
People may voted for it at first while panicking, but after a while very few people were for it.

[nikauforest]

Child me would be happy to know that the future would read like some cyberpunk novel.

I need to read Snow Crash again. Exciting times.

[schnötzel]

Cryptoland is by far the best soap opera in the world.

Agreed 

[coinsolidation]

The guy offering to buy the NXT at a higher price: https://bitcointalk.org/index.php?action=profile;u=259539 (renat0)

Source: https://nxtblocks.info/#section/txid/593167476329651351

I am sure this time.

[Bitcoins101]

Quote from BTER dev:

"Yes we have identified the issue.
We have all our email, dropbox etc protected by 2-factor auth from beginning but had this hosting account left.
That's why the hacker can get into the hosting account.
It's totally our fault.
We have already changed all passwords and enabled the 2-factor auth.

Thanks a lot for your support!"

So, looks like he hacked one of their hosting accounts.

[Quantumtangles]

The guy offering to buy the NXT at a higher price: https://bitcointalk.org/index.php?action=profile;u=259539 (renat0)

Source: https://nxtblocks.info/#section/txid/593167476329651351

I am sure this time.

It is still sinking in (what is happening here). You really cant make this stuff up. If I had not seen the blockchain with my own lying eyes, I would never have believed it.

[devphp]

So, here is what's going to happen.

In NXT, forgers decide what chain to forge on.

NXT is all for decentralization.

CfB is against a rollback, he said, but he sees not giving a choice to the community as a centralized decision on his part.

That's why he's going to put a modified release for download, which rolls back the chain.

If enough forgers download that release and forge with it and their chain is longer, then that chain wins and the hack is rolled back.

If enough forgers stay on the old chain and keep it the longest, then the hack is not rolled back.

That's how decentralization works in the PoS world.

The equivalent in PoW would be 51% of the miners mining on the longest chain, it's same in PoS.

Let's see how this drama unfolds

[sumantso]

Bter has so far sent 30 BTC then. They should get back at least 15m NXT for that, but fully expect the hacker to run away. Why give the thief more money when he said negotiations are over.

[Este Nuno]

So, here is what's going to happen.

In NXT, forgers decide what chain to forge on.

NXT is all for decentralization.

CfB is against a rollback, he said, but he sees not giving a choice to the community as a centralized decision on his part.

That's why he's going to put a modified release for download, which rolls back the chain.

If enough forgers download that release and forge with it and their chain is longer, then that chain wins and the hack is rolled back.

If enough forgers stay on the old chain and keep it the longest, then the hack is not rolled back.

That's how decentralization works in the PoS world.

The equivalent in PoW would be 51% of the miners mining on the longest chain, it's same in PoS.

Let's see how this drama unfolds

Right.

This is exactly what decentralisation is.

Like I was saying earlier in the thread.

[achimsmile]

The guy offering to buy the NXT at a higher price: https://bitcointalk.org/index.php?action=profile;u=259539 (renat0)

Source: https://nxtblocks.info/#section/txid/593167476329651351

I am sure this time.

It is still sinking in (what is happening here). You really cant make this stuff up. If I had not seen the blockchain with my own lying eyes, I would never have believed it.

No way. He has 17'798'408 Nxt and wants to buy stolen coins for cheap....

[Este Nuno]

Bter has so far sent 30 BTC then. They should get back at least 15m NXT for that, but fully expect the hacker to run away. Why give the thief more money when he said negotiations are over.

Who sent the other 80 BTC then?

[Quantumtangles]

So, here is what's going to happen.

In NXT, forgers decide what chain to forge on.

NXT is all for decentralization.

CfB is against a rollback, he said, but he sees not giving a choice to the community as a centralized decision on his part.

That's why he's going to put a modified release for download, which rolls back the chain.

If enough forgers download that release and forge with it and their chain is longer, then that chain wins and the hack is rolled back.

If enough forgers stay on the old chain and keep it the longest, then the hack is not rolled back.

That's how decentralization works in the PoS world.

The equivalent in PoW would be 51% of the miners mining on the longest chain, it's same in PoS.

Let's see how this drama unfolds

Interesting. A practical problem may be that most forgers automate, checking in maybe once or twice a month. Forgers should be actively notified of the position so that they download the release and forge the uncorrupted fork. I think this is right but by all means disagree with me if it is not.

[Viper1]

Bter has so far sent 30 BTC then. They should get back at least 15m NXT for that, but fully expect the hacker to run away. Why give the thief more money when he said negotiations are over.

Who sent the other 80 BTC then?

Bter sent the full 100BTC. Not sure about the other 10 or if there was another 10. There was a couple BTC in that account before all this started I think.

[Quantumtangles]

Bter has so far sent 30 BTC then. They should get back at least 15m NXT for that, but fully expect the hacker to run away. Why give the thief more money when he said negotiations are over.

Who sent the other 80 BTC then?

Bter sent the full 100BTC. Not sure about the other 10 or if there was another 10. There was a couple BTC in that account before all this started I think.

Mass migration of BTC by traders (maybe several hundred BTC) may have persuaded BTER to pay the ransom. I really feel for traders who had big positions in NXT. Rotten luck.

[MajidBC]

Apparently the best job in cryptocurrency world is "hacking". Hackers have been earning a lot bucks and never have been arrested in cryptocurrency world, as far as I'm aware of. Correct me, if I'm wrong.

[Bitcoins101]

Bter has so far sent 30 BTC then. They should get back at least 15m NXT for that, but fully expect the hacker to run away. Why give the thief more money when he said negotiations are over.

Who sent the other 80 BTC then?

Bter sent the full 100BTC. Not sure about the other 10 or if there was another 10. There was a couple BTC in that account before all this started I think.

BTER has not been paid 45,000,000 of the 50,000,000 NXT, though.

[Este Nuno]

Bter has so far sent 30 BTC then. They should get back at least 15m NXT for that, but fully expect the hacker to run away. Why give the thief more money when he said negotiations are over.

Who sent the other 80 BTC then?

Bter sent the full 100BTC. Not sure about the other 10 or if there was another 10. There was a couple BTC in that account before all this started I think.

That's what I thought as well.

I'm surprised they sent it even after he said the deal was off.

They're clearly panicking.