bter hacked and lost 50m nxt

[Este Nuno]

Hacker's btc moving

very stupid of them to give hackers the BTC. Giving a thief more money and hoping he will return when he has no obligation to do so.

They got 5M back, that's worth >300 btc. Bter won in that trade.

They traded only 10 BTC for the 5m NXT though. The hacker said the deal was off but they foolishly sent another 90 BTC to his address.

[timmyd]

The theif resides in poland i belive only a matter of time. those btc addys need looking at. there is history on those accounts and somewhere one tx will lead to info. imo the nxt should be returned before somebody gets hurt

[darlidada]

quoted from another thread:

Here is a question: If one had 1000 Bitcoins, today, and you wanted to hide any connection to yourself, using an altcoin how would one do it? Not that I only have 1000 BTC

You could launder it through Monero, but the slippage would be big or you'd have to take a little time. You'd have to have two disconnected profiles - you, and your mule. You would deposit the 1000 BTC on Poloniex and withdraw it to Monero (this withdrawal is cryptographically unlinkable and untraceable). In batches you'd trickle-deposit (these are also unlinkable and untraceable) into your mule's Poloniex account, selling and withdrawing the BTC. In terms of slippage, in the current market you'd buy 167 737 XMR at an average buy-in of 0.0059617 BTC. I'm terrible at TA, but you'd presumably want to wait and only sell above that price (it's traded above that at 3 points over the past 3 months, but past performance is not an indication of future results) to reduce your slippage. All in, to minimise slippage, you're probably looking at a 3 month exercise to wash the 1k BTC.

To any external observer, even one able to subpoena Poloniex, it would look like you deposited BTC and withdrew XMR. The XMR blockchain will reveal nothing about the movements of those funds thereafter, and I find it unlikely that any inference can be made (especially if you spread the return of funds over a few exchanges). Your mule account will appear to be an ordinary trader who occasionally dumps XMR and withdraws BTC.

tldr: the hackers could use XMR to launder the BTC he got from his 50M NXT sale and nobody would know about it. It would take some time tho!

[Jesse Livermore]

quoted from another thread:

Here is a question: If one had 1000 Bitcoins, today, and you wanted to hide any connection to yourself, using an altcoin how would one do it? Not that I only have 1000 BTC

You could launder it through Monero, but the slippage would be big or you'd have to take a little time. You'd have to have two disconnected profiles - you, and your mule. You would deposit the 1000 BTC on Poloniex and withdraw it to Monero (this withdrawal is cryptographically unlinkable and untraceable). In batches you'd trickle-deposit (these are also unlinkable and untraceable) into your mule's Poloniex account, selling and withdrawing the BTC. In terms of slippage, in the current market you'd buy 167 737 XMR at an average buy-in of 0.0059617 BTC. I'm terrible at TA, but you'd presumably want to wait and only sell above that price (it's traded above that at 3 points over the past 3 months, but past performance is not an indication of future results) to reduce your slippage. All in, to minimise slippage, you're probably looking at a 3 month exercise to wash the 1k BTC.

To any external observer, even one able to subpoena Poloniex, it would look like you deposited BTC and withdrew XMR. The XMR blockchain will reveal nothing about the movements of those funds thereafter, and I find it unlikely that any inference can be made (especially if you spread the return of funds over a few exchanges). Your mule account will appear to be an ordinary trader who occasionally dumps XMR and withdraws BTC.

tldr: the hackers could use XMR to launder the BTC he got from his 50M NXT sale and nobody would know about it. It would take some time tho!

Fuck off with your XMR, shill. Did the recent MintPal hacker hack into someone's MintPal account and sell their CLOAK, buy MyCoin at exorbitant mark-up and then transfer into XMR?! Fuck no! He transferred into Darkcoin because Darkcoin is the only legitimate anonymous coin out there. I'm sick of you shit-anon coins trying to put yourself up as king of the anonymous hill.

[Zebedee23]

The hackers BTC address
https://blockchain.info/address/13UZjKkhHWyTmQ4mx28WT5Wj1zw4pEByZw
received 2.3 btcs from https://blockchain.info/address/161repjr26Ymjf2AWssq3pz2jEFjwnC7dy   on 03/3
that address sent 27.2 BTCs to    https://blockchain.info/address/1LF9UYp5ffxu2rDMPwWJDAuEzUw2QKsASA  who sent 95 BTCS to
https://blockchain.info/address/14bEWH427XoQ3mkrx1tfBTxLQzDZF43JYq and this is BTCe.   http://www.walletexplorer.com/address/14bEWH427XoQ3mkrx1tfBTxLQzDZF43JYq


a lead but a load of steps away but still???

[Whoisthelorax]

Anyone concerned that bter does not have 1.5 million available to make up for this...

Arent they now a de facto fractional crypto operation?

[patapato]

It's a shame there are so many greedy people in the world. People who fight, scam, steal, etc. are missing the big picture. It's about cryptos vs. fiat. If Satoshi was still around, he would be disappointed at the current state of cryptocurrency.

I don't agree, it is not about cryptos vs. fiat, it is about freedom vs. governments impositions.
Only the cryptocoins and services that are able to work fine without needing protection from governments (police, judges, jail, ...) despite people who tries to fight, scam, steal, etc. will survive. You are missing the big picture.

[Este Nuno]

Anyone concerned that bter does not have 1.5 million available to make up for this...

Arent they now a de facto fractional crypto operation?

I'm concerned, yes. I've been advising people to get their funds out of BTER.

I hope they can recover from this. But personally I would not be taking a chance with my money by letting it sit around.

[joe 90]

Anyone concerned that bter does not have 1.5 million available to make up for this...

Arent they now a de facto fractional crypto operation?

I'm concerned, yes. I've been advising people to get their funds out of BTER.

I hope they can recover from this. But personally I would not be taking a chance with my money by letting it sit around.

Can we withdraw our Nxt from Bter? I have a small amount on there. What if Bter says nobody can have their Nxt back?

[Whoisthelorax]

Also, how does bter plan to repay its customers?

If by BTC, will they pay them at the price nxt was when the event occurred? If so, that would help bter but hurt their customers. The price of btc has dropped.

If they are going to buy back NXT to give them the exact amount of nxt in their accounts orginially, well that is short term bullish for nxt. Loooots of buy orders.

[sumantso]

There was a massive dump on NXT on Bter. I thought the market was disabled.

Wonder if they would roll back the trades.

[zolace]

Hacker's btc moving

very stupid of them to give hackers the BTC. Giving a thief more money and hoping he will return when he has no obligation to do so.

I feel the same way as you, as your just asking to get scammed twice, hackers are possible scammers, not all will be good and do hacking for fun, they do it for a living and if they see a weakness they will take it abuse it, like a worm hole.

[Chris001]

NXT is a social experiment as its founders like to say, devs give forgers a choice, so that forgers can exercise their right to vote with their forging power. That's the reason for this patched release. This goes to show the spirit of forgers and what they stand for. If they weren't offered a choice, it would be unknown what forgers stand for, and whether they truely support ideas of crypto currency. NXT forgers proved they do. You can keep trying to twist it as if it's not in NXT favor, but for all unbiased people it's clear to see what it's all about. But trolls gonna troll, it's their life.

So why don't they introduce this as a permanent feature? Give forgers the option to whitelist or blacklist every single transaction at will.
Maybe with a nice thumbs up button.   
Do you know why? Because this would be the shittiest of all alt-coins...

Actually forgers can do that on their own, NXT is open source, just like in Bitcoin miners can do that.
They can modify the software to include or not include txs.
If 51% (or 90% soon when Transparent Forging is enabled) of forging/mining power agrees to use the same modified software, then an alternative longer chain can be formed. That's the beauty of crypto currencies and that's basics of crypto currencies too

Well you just go ahead and live in fantasy land.

Luckily most prefer reality.

You are describing the worst altcoin ever.

What the ledger should show is WHAT REALLY HAPPENED IN REAL LIFE

THAT IS THE PURPOSE OF THE LEDGER

Not for us to pick and choose what public ledger suits us. lol smh gtfo!!  

[jwinterm]

It never occurred to me until this whole fiasco how "forging" can also have connotations of illicit activity, and not only refer to forging steel or something (which I think is the intended meaning). If all the forgers agree on a new fiction, then it shall be a reality, or something

How is it any different than "mining"?

How is it illicit activity?

Forging/forgery, like forging checks or other financial documents, is typically a felonious offense. Afaik there is no such illegal type connotations with mining (at least before the rise of botnets, but that is a stretch).

[NemNemNem]

Is BTER solvent ? anyone has a problem withdrawing btc ?

[Este Nuno]

NXT is a social experiment as its founders like to say, devs give forgers a choice, so that forgers can exercise their right to vote with their forging power. That's the reason for this patched release. This goes to show the spirit of forgers and what they stand for. If they weren't offered a choice, it would be unknown what forgers stand for, and whether they truely support ideas of crypto currency. NXT forgers proved they do. You can keep trying to twist it as if it's not in NXT favor, but for all unbiased people it's clear to see what it's all about. But trolls gonna troll, it's their life.

So why don't they introduce this as a permanent feature? Give forgers the option to whitelist or blacklist every single transaction at will.
Maybe with a nice thumbs up button.  
Do you know why? Because this would be the shittiest of all alt-coins...

Actually forgers can do that on their own, NXT is open source, just like in Bitcoin miners can do that.
They can modify the software to include or not include txs.
If 51% (or 90% soon when Transparent Forging is enabled) of forging/mining power agrees to use the same modified software, then an alternative longer chain can be formed. That's the beauty of crypto currencies and that's basics of crypto currencies too

Well you just go ahead and live in fantasy land.

Luckily most prefer reality.

You are describing the worst altcoin ever.

What the ledger should show is WHAT REALLY HAPPENED IN REAL LIFE

THAT IS THE PURPOSE OF THE LEDGER

Not for us to pick and choose what public ledger suits us. lol smh gtfo!!  

Actually I'd think you would be impressed with this. Their new technology requiring 90% of forgers to agree is much closer to what you want it to be than the standard >50%.

[Chris001]

I am impressed that the forgers made the right choice.

I feel bad for Bter, especially considering that they helped someone from the Nxt community by freezing someones acct.

I am even more impressed that in the near future it will take 90% to make a fake ledger. I don't ever see 9 out of 10 people choosing a fake ledger unless the life of the coin was actually on the line.

So everything turned out ok for Nxt. It passed a very big test and showed the world that it is the real deal.

[superresistant]

Is BTER solvent ? anyone has a problem withdrawing btc ?

No problem for me.

[josephliton]

Is BTER solvent ? anyone has a problem withdrawing btc ?

I withdrew and it was smooth.

[Jedelqu]

I don't have any nxt as I feel that it is as a complicated coin with very complex features and most of them are not so easy to use, and also random hacking things is really making me think negative about this coin.NXt DEV community should have a good marketing strategy,So that anyone one can easily understand its potentiality.