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Author Topic: BitPiggy - bank account locked (temporarily) - orders are being held up  (Read 1415 times)
BitPiggy
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April 26, 2012, 06:31:24 AM
 #1

Hi,

Current orders are being held up while our bank goes through the motions of investigating stolen funds sent our way. Apparently a customer on our site paid for orders via someone's hacked bank account. As a result our bank (UBank) has locked our account.

The breakdown of the situation is this:
- BitPiggy itself or our data was not hacked/stolen in any way.
- Current pending orders cannot be processed until our account is unlocked, as we cannot see who has paid (buy orders), nor send money out (sell orders). Besides that, the orders themselves should be fine, e.g. no data or money has been lost.
- We have turned off accepting of new orders until this is resolved.

In the meantime, we are talking to UBank to get the block lifted. They had originally assured us that this was being done, but has not occurred yet.

We will keep you posted, and our sincere apologies for the delay.

~Mat

http://BitPiggy.com: Australian Dollars (AUD) to BitCoin exchange
@bitpiggy

Me: Ruby on Rails developer, 12+ years programming experience.
@matholroyd, http://www.linkedin.com/in/matholroyd
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slothbag
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April 26, 2012, 07:06:30 AM
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Sorry to hear Mat, hope they get it sorted quickly.

I'm assuming since WBX shut down you have seen a substantial increase in legitimate trade.. and fraud.
BitPiggy
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April 26, 2012, 07:46:43 AM
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Sorry to hear Mat, hope they get it sorted quickly.

I'm assuming since WBX shut down you have seen a substantial increase in legitimate trade.. and fraud.


Thanks. And true- might have to prepare for more fraud coming my way.

~Mat

http://BitPiggy.com: Australian Dollars (AUD) to BitCoin exchange
@bitpiggy

Me: Ruby on Rails developer, 12+ years programming experience.
@matholroyd, http://www.linkedin.com/in/matholroyd
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April 26, 2012, 08:09:31 AM
 #4

The block on our account has been lifted, and hence we've started paying out pending sell orders.

Buy orders are still on hold unfortunately.  We cannot see any incoming payments in the last ~24 hours, which is highly unusual. Hence we suspect the bank has not processed those payments. We are chasing this up, but I suspect this will not be resolved until tomorrow Australia time.

~Mat

http://BitPiggy.com: Australian Dollars (AUD) to BitCoin exchange
@bitpiggy

Me: Ruby on Rails developer, 12+ years programming experience.
@matholroyd, http://www.linkedin.com/in/matholroyd
Jeremy West spendbitcoins.com
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April 26, 2012, 09:20:01 AM
 #5

Hi,

Current orders are being held up while our bank goes through the motions of investigating stolen funds sent our way. Apparently a customer on our site paid for orders via someone's hacked bank account. As a result our bank (UBank) has locked our account.

The breakdown of the situation is this:
- BitPiggy itself or our data was not hacked/stolen in any way.
- Current pending orders cannot be processed until our account is unlocked, as we cannot see who has paid (buy orders), nor send money out (sell orders). Besides that, the orders themselves should be fine, e.g. no data or money has been lost.
- We have turned off accepting of new orders until this is resolved.

In the meantime, we are talking to UBank to get the block lifted. They had originally assured us that this was being done, but has not occurred yet.

We will keep you posted, and our sincere apologies for the delay.

~Mat

Mat, that really sucks. You might want to consider opening accounts at brick and mortar banks like we have and accepting cash only. It's the only way I could figure to avoid this.

BitPiggy
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April 26, 2012, 09:25:21 AM
 #6

Mat, that really sucks. You might want to consider opening accounts at brick and mortar banks like we have and accepting cash only. It's the only way I could figure to avoid this.

Thanks Jeremy.

Yeah I've noticed how you guys do cash, and it became pretty obvious today the benefits of doing as much!

Seems a shame not to be able to accept online payments. Will have to think about it. Don't want to make it any more difficult for Australian's to buy bitcoins then it already is!

~Mat

http://BitPiggy.com: Australian Dollars (AUD) to BitCoin exchange
@bitpiggy

Me: Ruby on Rails developer, 12+ years programming experience.
@matholroyd, http://www.linkedin.com/in/matholroyd
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April 26, 2012, 10:26:02 PM
 #7

The BitPiggy bank account has been now been fixed and we have processed pending buy orders.

You can now make buy/sell orders as per normal at https://bitpiggy.heroku.com.

Note: In light of the recent fraud attack, I will be giving some thought to how BitPiggy can continue to offer the same service but discourage/avoid similar fraud.

If you have any suggestions, would love to hear them.

Cheers,
~Mat

http://BitPiggy.com: Australian Dollars (AUD) to BitCoin exchange
@bitpiggy

Me: Ruby on Rails developer, 12+ years programming experience.
@matholroyd, http://www.linkedin.com/in/matholroyd
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April 28, 2012, 12:32:59 PM
 #8

Sorry to hear that.

I'm loving BitPiggy very much. The sell rates are pretty good!

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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May 01, 2012, 04:44:18 AM
 #9

Love the service Matt please dont get discouraged.

The bank did the right thing and your clients were slightly inconvenienced while stolen funds were tracked down.
Were it my stolen funds, Id want the same - this in no way detracts from your service Smiley

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