796 lost 1,000 bitcoin

[nextblast]

I am currently unable to withdraw from 796

1000 coins are not too big deal for 796.
They've profited enough to cover this lost, even if the incident was true as announced.

[deluxeCITY]

I am currently unable to withdraw from 796

1000 coins are not too big deal for 796.
They've profited enough to cover this lost, even if the incident was true as announced.

Do you have anything to back this up? My understanding is that 796 is not that large of an exchange which would imply that a 1,000 BTC loss would result in a large (probably >100%) percentage of their equity.

[innocent93]

I am currently unable to withdraw from 796

1000 coins are not too big deal for 796.
They've profited enough to cover this lost, even if the incident was true as announced.

Do you have anything to back this up? My understanding is that 796 is not that large of an exchange which would imply that a 1,000 BTC loss would result in a large (probably >100%) percentage of their equity.

796 covered the lost itself and the problem seems to be dealt.

Yes, 1000 is a big amount but not really big for an exchange. 796 is the largest futures exchange in China with a lot of income from trading fee, they're rich enough to cover the lost.

[deluxeCITY]

I am currently unable to withdraw from 796

1000 coins are not too big deal for 796.
They've profited enough to cover this lost, even if the incident was true as announced.

Do you have anything to back this up? My understanding is that 796 is not that large of an exchange which would imply that a 1,000 BTC loss would result in a large (probably >100%) percentage of their equity.

796 covered the lost itself and the problem seems to be dealt.

Yes, 1000 is a big amount but not really big for an exchange. 796 is the largest futures exchange in China with a lot of income from trading fee, they're rich enough to cover the lost.

Most Chinese exchanges do not have any trading fees. AFAIK it is not known how they actually make their money, although some speculate they make it via interest on margin trades, however I don't think this would be sufficient to cover all their expenses (plus the 1k loss)

[nextblast]

I am currently unable to withdraw from 796

1000 coins are not too big deal for 796.
They've profited enough to cover this lost, even if the incident was true as announced.

Do you have anything to back this up? My understanding is that 796 is not that large of an exchange which would imply that a 1,000 BTC loss would result in a large (probably >100%) percentage of their equity.

796 covered the lost itself and the problem seems to be dealt.

Yes, 1000 is a big amount but not really big for an exchange. 796 is the largest futures exchange in China with a lot of income from trading fee, they're rich enough to cover the lost.

Most Chinese exchanges do not have any trading fees. AFAIK it is not known how they actually make their money, although some speculate they make it via interest on margin trades, however I don't think this would be sufficient to cover all their expenses (plus the 1k loss)

Futures trading in Chinese exchanges is not without fee. In fact it is where the core profit comes from.
As BTCChina recently announced they'll provide futures trading, now almost all exchanges in China (try to survive and) make profit from that.

[nextblast]

I am currently unable to withdraw from 796

1000 coins are not too big deal for 796.
They've profited enough to cover this lost, even if the incident was true as announced.

Do you have anything to back this up? My understanding is that 796 is not that large of an exchange which would imply that a 1,000 BTC loss would result in a large (probably >100%) percentage of their equity.

796 covered the lost itself and the problem seems to be dealt.

Yes, 1000 is a big amount but not really big for an exchange. 796 is the largest futures exchange in China with a lot of income from trading fee, they're rich enough to cover the lost.

innocent93 was right. 796 is ranked top 2 (if not top 1) exchange for futures exchange in China, and it does exactly only that business.
And they are not distributing profits to stakeholders just to cover incidents like this time.
So I think 1000 coins lost can still be ok for 796.

[LordSonjai]

That's probably gonna cripple the exchange. 
Why exactly 1000 bitcoins though? 

Inside job of course

I always assume it was an inside job unless proven otherwise,cant trust these exchanges,I even took mine out of coinbase. I don't care about what they tell me about them having insurance and having the best security blah blah blah suck a horses dick. That is exactly what Mt Gox said before they went MIA.

[LordSonjai]

and no offense guys but if you are still like how I was 2 months ago you need to get it together,take your coin out of these exchanges and store them into a paper wallet. Purchase a new computer and run bitaddress on it not connected to the internet,when you are done,burn the laptop. I used a little 300 dollar laptop if you have as much coin as I do you don't mind throwing 300 to save 30000.

[koelen3]

Atleast someone (HAckers) are being attracted to bitcoins !
not funny though 
THese exchanges are going down slowly

Maybe soon in the future a centralized exchange would come up.

Really hope so too

[deluxeCITY]

I am currently unable to withdraw from 796

1000 coins are not too big deal for 796.
They've profited enough to cover this lost, even if the incident was true as announced.

Do you have anything to back this up? My understanding is that 796 is not that large of an exchange which would imply that a 1,000 BTC loss would result in a large (probably >100%) percentage of their equity.

796 covered the lost itself and the problem seems to be dealt.

Yes, 1000 is a big amount but not really big for an exchange. 796 is the largest futures exchange in China with a lot of income from trading fee, they're rich enough to cover the lost.

Most Chinese exchanges do not have any trading fees. AFAIK it is not known how they actually make their money, although some speculate they make it via interest on margin trades, however I don't think this would be sufficient to cover all their expenses (plus the 1k loss)

Futures trading in Chinese exchanges is not without fee. In fact it is where the core profit comes from.
As BTCChina recently announced they'll provide futures trading, now almost all exchanges in China (try to survive and) make profit from that.

What fees do they charge for futures trading? Is it a similar to how exchanges charge a trading fee when BTC is traded? or is it some other fee structure?

It is news to me that Chinese exchanges are charging a fee

[Jybrael]

Considering the profit the site has made..they should be able to reimburse the users that lost their btc due to the hackers. But wow it took them so long to find that out and then announce it...meh...

[bitkilo]

Surprised i haven't seen this story on any of the coin news site, eg. Coindesk always love running a good hack story.

[hl5460]

Isn't that one of the Chinese exchanges that pays interest? This should have been expected if so.

No, 796 didn't pay interest.

[lucullus]

More drama in the bitcoin world!

[AtheistAKASaneBrain]

What does this mean? A little lost here

After translation from google, seems that a Chinese exchange called 796 was hacked out of 1,000 BTC, by hackers switching the deposit (or withdrawal) address.. or something to that effect.

"... after detailed analysis of various logs and audit records, we found the system to update a few days ago the existence of sub-module exploited by hackers, causing the user to mention the current address has been tampered with, coupled with hackers deliberately used a similar address with the original withdrawals address to confuse users and our manual review."

Here is the google translation link I used.
https://translate.google.com/translate?hl=en&sl=zh-CN&tl=en&u=http%3A%2F%2F8btc.com%2Fthread-13689-1-1.html&sandbox=1

You never know in cases like this, if the exchange was really hacked/stolen by a third party or if we are talking about a yet another inside job covered with the excuse of a security flaw. Cant wait for the Gemini exchange to arrive to move all of my shit over there.

[gatecoin]

and no offense guys but if you are still like how I was 2 months ago you need to get it together,take your coin out of these exchanges and store them into a paper wallet. Purchase a new computer and run bitaddress on it not connected to the internet,when you are done,burn the laptop. I used a little 300 dollar laptop if you have as much coin as I do you don't mind throwing 300 to save 30000.

Even better: get yourself a Ledger Wallet nano https://gatecoin.com/ledger
You will be glad you did! It's a small price to pay for your peace of mind when it comes to securing your coins!

You can buy it online or save shipping cost by buying it in-store from our office in Wan Chai, Hong Kong.

[Bitcoinerist]

I don't understand Chinese, but one thing I know is that some of them have japanese anime character profile picture.

[monsanto]

Yes, 1000 is a big amount but not really big for an exchange.

It's nothing; only 1/10th of a pizza.

[onewiseguy]

isn't all (hacking) in any bitcoin exchange seem suspicious? 

this just sounds like this too me, " well we lost X amount of bitcoins But! we will for pay out of our pocket in time but charge you a small higher fee for every BUY,SELL transaction to pay back all your bitcoin.

when it might look like this we needed that bitcoin, because well it was there and easy to take and blame it on a hack and promise to pay back. MTGOX any one?

with so much bitcoin on these exchanges you would think they can control the hacks but I guess not.

BITCOIN LOST FOR EVER!

[bitnanigans]

Yeah, it seems very suspicious. You'd think with all the news of hacking going on, exchanges would focus more on security at this point.