Vircurex is *still* holding stolen coins. Where's the outrage?

[BittBurger]

I keep hearing about exchanges / fraud / nonsense going on in the Bitcoin world, and these companies are falling apart day after day.

Yet one company is still chugging along, doing absolutely NOTHING to release the funds it has stolen from its users, and nobody is saying a word.

---------

Vircurex announced basic insolvency back in March-ish, and started freezing hundreds of thousands of dollars in users Bitcoins and Litecoins, etc.

They're still frozen.

A friend of mine had just spent $10,000 on Litecoin and to this day, it is still frozen.

They claimed they would be slowly paying everyone back over time, but they've done nothing

They ignore emails.

------

And now there's this announcement on their site:

"Earn interest on BTC, LTC and PPC account balances
We now pay interest on BTC, LTC and PPC account balances, they are paid multiple times every day. Check out the help for details. "

How the fuck are they paying INTEREST on BTC and LTC balances when they haven't paid back the people whose coins they've stolen???

Why isn't anyone in law enforcement going after these guys?

No investigation, no outrage, nobody even posting about it.

-B-

[rampage101]

Maybe you should be more careful where you are placing your money, especially to some un-trusted site.

[BittBurger]

Maybe you should be more careful where you are placing your money, especially to some un-trusted site.

Dear Captain 20/20 hindsight irrelevant response person:  

Vircurex had been around a long time as a well-known reputable exchange.  When my friend purchased his coins, there was no indication to believe there would be a problem. So the advice to "not buy from an untrusted site" is not applicable to this thread.  Aside from being a generally unhelpful response.

-B-

[rampage101]

What about MT Gox, they had been around for a long time as well, and were the most trusted exchange on the market.

How much volume are they trading anyways? I have never seen them listed on BitcoinWisdom.

[BittBurger]

What about MT Gox, they had been around for a long time as well, and were the most trusted exchange on the market.

How much volume are they trading anyways? I have never seen them listed on BitcoinWisdom.

Can you stop hijacking this thread with off topic shit?   This thread is about a legit exchange that made promises and is not delivering on them.  And the fact that nobody is saying a word, though I am certain that several hundred or thousand people still have their funds frozen.  That was the goal of this thread.  Not to get into some pissing match about who you think is a dummy, when you don't even know who Vircurex is.

-B-

[rampage101]

So you do not know how much volume Vircurex does then?

CoinDesk already reported in March 2014, they were freezing coins. http://www.coindesk.com/exchange-vircurex-freezes-withdrawals-claims-lack-reserves/

Maybe if you had done more research, your friend would not have his coins stuck.

EDIT: I see you are talking about the coins frozen in March. Do people from Gox still expect to get their coins back?

[Walter Rothbard]

No investigation, no outrage, nobody even posting about it.

There was a ton of outrage and posting.  Upset posts continue to this day.

They can't release funds they don't have.

Some of us just decided to take our licks and move on.

You are welcome to investigate if you want to invest the energy involved.  The rest of us are under no obligation to subsidize the investigation.

The announcement about interest is not new at all.

[BitCoinNutJob]

I just moved the last tiny amount i had left out of there, got lucky i never got caught in the trap because i used to used them quite a bit.

They have almost no volume the whole giving interest thing looks like a trap like before.  Real shame.

[beaknuke]

and Crypto Stocks, the so-called sister site to Vircurex is failing apart rapidly

[Argwai96]

Maybe you should be more careful where you are placing your money, especially to some un-trusted site.

Dear Captain 20/20 hindsight irrelevant response person:  

Vircurex had been around a long time as a well-known reputable exchange.  When my friend purchased his coins, there was no indication to believe there would be a problem. So the advice to "not buy from an untrusted site" is not applicable to this thread.  Aside from being a generally unhelpful response.

-B-

They may have been around for a long time, however you should really never trust all of your money with any third party like this, trusted or not. If you are buying bitcoin then you should buy in tranches if you are using an exchange (sending a small amount to the exchange, buy the bitcoin, withdraw the bitcoin and repeat until you have purchased as much as you want/need).

[BitCoinNutJob]

Maybe you should be more careful where you are placing your money, especially to some un-trusted site.

Dear Captain 20/20 hindsight irrelevant response person:  

Vircurex had been around a long time as a well-known reputable exchange.  When my friend purchased his coins, there was no indication to believe there would be a problem. So the advice to "not buy from an untrusted site" is not applicable to this thread.  Aside from being a generally unhelpful response.

-B-

They may have been around for a long time, however you should really never trust all of your money with any third party like this, trusted or not. If you are buying bitcoin then you should buy in tranches if you are using an exchange (sending a small amount to the exchange, buy the bitcoin, withdraw the bitcoin and repeat until you have purchased as much as you want/need).

Some people make so much trading it might be worth the risk, i had a few $1k+ days when i was trading, since mtgox though im very dubious about holding coins in an exchange because it seems exchange owners can steal and not get punished with current regulations.

[Arbitrageur]

the thief, whoever he was, stole 125k litecoin and almost 1800 btc when ltc was worth north of 15$ and btc north of 600. Now let's take these prices and do some math. I believe the thief cashed at least 3M.

Now he could buy back everything today and spend less than 1M in order to give back all the coins to the rightful owners so that everybody would be (almost) happy.

Someone please tell Kumala to sort this out in the more elegant way he could have ever imagined.

[kickaha4]

I agree that Vircurex should be held to account for this and I am outraged that I have over 2 btc in a 'frozen' account -  I've had a few thousand Satoshi put back into my account, but still not enough to get to a withdrawal limit and nothing has been added since August.  It is a crime and if this was money in a bank the owner of Vircurex would be facing jail.  Like others have said there doesn't seem to be anything that I can do though - I've emailed but had no response and the owner of Vircurex obviously thinks he is above the law!

[galbros]

Vircurex still has my one litecoin and have not gotten anything back.  I was lucky and traded most of my balances for doge and got it out of there before the freeze.

The core problem is that since they are untrusted no one trades there so they can't repay all the coins they lost.  I'm amazed anyone has gotten anything.

I've basically written what I had there off, chalk it up to the dangers of leaving coins on sites be they "exchanges" or "dice" or "cloud mining."  Bitcoin is the wild west!

[SanMerryDro]

anyone still use vircurex?

[Lethn]

There was a clusterfuck of outrage, where have you been? I was one of the lucky ones that immediately withdrew it after they suddenly started having 'technical' difficulties and needed to do maintenance on the Bitcoin wallets, thing is though people aren't so easily fucked over like they were with MTGOX so everyone must have just spotted the signs and moved on.

Sucks for your friend though to have that much money stuck in their account.