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Author Topic: So, why did Bitstamp suspend fiat withdrawals?  (Read 2318 times)
exocytosis (OP)
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January 08, 2015, 02:10:45 AM
 #1

After all, this was just a small "hack" where some "hackers" stole a few bitcoins, right?

So, why did the Stamp guys suspend all fiat withdrawals?

No need to do that, or what?

Unless, of course, the Stamp guys actually have something to hide ... But that obviously can't be true!!! It's not like some Bitcoin exchange owner would ever tell a lie to his customers! That's impossible!
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xybersurfer
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January 08, 2015, 03:14:09 AM
 #2

if they enable fiat withdrawals and leave all the other things disabled, then all people can do is withdraw.

that would not be in their best interest.

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January 08, 2015, 03:25:39 AM
 #3

if they enable fiat withdrawals and leave all the other things disabled, then all people can do is withdraw.

that would not be in their best interest.

Maybe true, but I have a fiat withdrawal which I confirmed before the service was shut down, and nothing has been processed.  That is inexcusable.  Bitstamp is holding my fiat which I withdrew Jan 4th, 2015.

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celebreze32
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January 08, 2015, 03:30:33 AM
 #4

The first thing to do after a hack is shut the system down and take a forensic copy of all the hard drives. After that they would probably send all the physical hard drives to a laboratory to try to recover any deleted evidence.

Maybe they could have manually processed fiat withdrawals afterwards, but as xybersurfer commented, that would not be in their best interest.
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January 08, 2015, 03:38:59 AM
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It's normal to suspend all operations.  Can Bitstamp be sure only bitcoins were stolen?  Can they be sure no nasty surprises were left behind by the attackers, such as back doors that would allow further theft?
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January 08, 2015, 03:41:42 AM
 #6

Because the only time these exchanges actually realise they have had bitcoins stolen is when their fiat reserves are insufficient and banks bounce peoples withdrawals.

They're then like "umm fuck, our fiat doesn't match our coins" and shut everything down followed by quickly going insolvent.
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January 08, 2015, 04:47:42 AM
 #7

if they enable fiat withdrawals and leave all the other things disabled, then all people can do is withdraw.
that would not be in their best interest.
Maybe true, but I have a fiat withdrawal which I confirmed before the service was shut down, and nothing has been processed.  That is inexcusable.  Bitstamp is holding my fiat which I withdrew Jan 4th, 2015.
If you're in the UK, or have an address in the UK, you can file a statutory demand for payment. That starts a 21 day legal clock, and if they haven't paid after 21 days, you can start putting them into liquidation.

See: "Make and serve a statutory demand", published by the British government. The UK has tough collection laws.

Bitstamp's registered address is:

BITSTAMP LIMITED
5 NEW STREET SQUARE
LONDON
UNITED KINGDOM
EC4A 3TW
Company No. 08157033

Act now to avoid being caught in another Mt. Gox like situation.

If it turns out that Bitstamp is OK, they'll send you your funds, and you're done. It won't hurt them if they pay.
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January 08, 2015, 05:03:34 AM
 #8


Unless, of course, the Stamp guys actually have something to hide ... But that obviously can't be true!!! It's not like some Bitcoin exchange owner would ever tell a lie to his customers! That's impossible!
That was the lol that made my day no matter how Stomp makes its move.  Cool And, I hate your commentary.
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January 08, 2015, 08:44:10 AM
 #9

After all, this was just a small "hack" where some "hackers" stole a few bitcoins, right?

So, why did the Stamp guys suspend all fiat withdrawals?

No need to do that, or what?

Unless, of course, the Stamp guys actually have something to hide ... But that obviously can't be true!!! It's not like some Bitcoin exchange owner would ever tell a lie to his customers! That's impossible!

I gotta ask...are you ever happy?

This is a legitimate question.
Thats a really inappropriate question to ask . Looks like you think the op is trolling, but wouldn't you be worried if your money is stuck like that .

inca
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January 08, 2015, 09:01:37 AM
 #10

After all, this was just a small "hack" where some "hackers" stole a few bitcoins, right?

So, why did the Stamp guys suspend all fiat withdrawals?

No need to do that, or what?

Unless, of course, the Stamp guys actually have something to hide ... But that obviously can't be true!!! It's not like some Bitcoin exchange owner would ever tell a lie to his customers! That's impossible!

I gotta ask...are you ever happy?

This is a legitimate question.
Thats a really inappropriate question to ask . Looks like you think the op is trolling, but wouldn't you be worried if your money is stuck like that .


OP is a known troll.

A curious breed. He thinks that buying bitcoin in the scenario of a giant crash to double digits will lead to riches, rather than the end of bitcoin as a viable asset class for the next decade. Odd bitter man.

It seems quite reasonable in the context of a minor loss of funds for stamp to want to restart their business after a short operating pause - rather than allow it to be destroyed by losing their entire user base to a rushed withdrawal of all funds.



carlosiness
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January 08, 2015, 09:39:45 AM
 #11

if they enable fiat withdrawals and leave all the other things disabled, then all people can do is withdraw.

that would not be in their best interest.

fully agree, it already affected many bitstamp users..

MY ACCOUNT WAS HACKED, BUT THIS ASSHOLE DIDN'T CHANGE THE PASSWORD. I DON'T USED THIS FORUM FOR AGES. YOU COULD SEE IT FROM MY ACTIVITY. I USED THIS FORUM FOR FUN AND TO GET SOME BTC FROM SIGNATURES.. NOW I SEE TERRIBLE POSTS AND CRIMINAL OFFENSE FROM MY ACCOUNT. I FEEL VERY SORRY FOR ALL WHO HARMED FROM THIS LAYER ASSHOLE.. I exported my outbox when he was doing dirty jobs.. OUTBOX HERE FOR DOWNLOAD
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January 08, 2015, 10:24:55 AM
 #12

I am thinking about filing that statutory demand - but they even refuse to inform me about the exact balance of my account:

"Unfortunately, we are unable to check your account balance at the moment. This is because of the reasons, already stated in our previous response."

the previous response was:

"For the time being, you cannot withdraw bitcoins held in our wallet. This is because we have temporarily suspended our services in an attempt to make sure that all of our customers’ Bitcoin and personal information remain safe. We are working to restore our full services in the coming days, at which time you’ll be able to resume withdrawals, deposits, and other Bitstamp services."
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January 08, 2015, 10:53:17 AM
 #13

to prevent him from cashout there at least
exocytosis (OP)
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January 08, 2015, 12:09:45 PM
 #14


I gotta ask...are you ever happy?

This is a legitimate question.


Yes. I'm happy right now. Smiley I'm happy that I didn't have any fiat or BTC on Stamp, which will declare insolvency and bankruptcy soon.

Sorry for your loss, btw. 
celebreze32
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January 08, 2015, 01:17:49 PM
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I gotta ask...are you ever happy?

This is a legitimate question.


Yes. I'm happy right now. Smiley I'm happy that I didn't have any fiat or BTC on Stamp, which will declare insolvency and bankruptcy soon.

Sorry for your loss, btw. 

What exchange do you use if you trade?
freedomno1
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January 08, 2015, 01:21:23 PM
 #16


Unless, of course, the Stamp guys actually have something to hide ... But that obviously can't be true!!! It's not like some Bitcoin exchange owner would ever tell a lie to his customers! That's impossible!

Points to you for that gem
But of course anyways would trade with caution and withdraw till issue is resolved this looks more than suspicious and well seen enough of them collapse mumble.

Believing in Bitcoins and it's ability to change the world
NUFCrichard
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January 08, 2015, 01:21:46 PM
 #17

After all, this was just a small "hack" where some "hackers" stole a few bitcoins, right?

So, why did the Stamp guys suspend all fiat withdrawals?

No need to do that, or what?

Unless, of course, the Stamp guys actually have something to hide ... But that obviously can't be true!!! It's not like some Bitcoin exchange owner would ever tell a lie to his customers! That's impossible!
Didn't they have a recent audit? What are they trying to hide, in your opinion?
NotLambchop
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January 08, 2015, 01:27:32 PM
 #18

...
They're then like "umm fuck, our fiat doesn't match our coins" and shut everything down followed by quickly going insolvent.

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January 08, 2015, 01:44:48 PM
 #19

They are protecting their own interests at the expenses of yours.

Fortune cannot take away what she has not given.
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January 08, 2015, 01:47:11 PM
 #20

The suspected RNG attack on, and the resulting service halt, of leading bitcoin exchange platform BitStamp. There are another more reasons, Please read full news here: http://newsbtc.com/2015/01/05/bitstamp-update/
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