The Bter Exchange Cold Wallet return to zero....

[verdun2003]

Will they be refunding all the stolen bitcoins or will declare bankcruptcy ?

Well, it's nearly 2 million USD that are "supposedly" stolen here.

Last time I checked, they were running 400 BTC daily volumes and had, if my memory serves, 0.5% trading fee
==> 2 BTC/day of turnover on their end to which you have to remove employee salaries, server costs, taxes etc...

Assuming generously that they have a 1 BTC/day net profit, this means 365 BTC per year, at current prices this is not even 100k USD.

Therefore, they will never refund the bitcoins they stole for themselves.

[Whitehouse]

Will they be refunding all the stolen bitcoins or will declare bankcruptcy ?

They will not be able to realistically return those coins even if they wanted to. They're done as an exchange now. Nobody will use them.

[mishax1]

How the fuck can you lose 7000 bitcoins from a cold storage, and why on earth would you keep all the funds in 1 wallet ? who taught them to do security ?

[haggis]

I just hope they'll send the people responsible for this into prison this time...

[BitCoinNutJob]

7k Bitcoin minimum stolen 'by Bter' the shady exchange no one should have trusted 

wow 7k hacked that is pretty insane im guessing this is why the market dropped so hard today, people expecting dumps.

[redsn0w]

7k Bitcoin minimum stolen 'by Bter' the shady exchange no one should have trusted 

wow 7k hacked that is pretty insane im guessing this is why the market dropped so hard today, people expecting dumps.

The various exchanges should start to use the multi-Sig function, an example of wallet that is using multiSing : GreenAddress ( this is their official thread here in the forum : https://bitcointalk.org/index.php?topic=521988.0).


I'm very impressive that a lot of exchanges are not using it.

[BitCoinNutJob]

7k Bitcoin minimum stolen 'by Bter' the shady exchange no one should have trusted 

wow 7k hacked that is pretty insane im guessing this is why the market dropped so hard today, people expecting dumps.

The various exchanges should start to use the multi-Sig function, an example of wallet that is using multiSing : GreenAddress ( this is their official thread here in the forum : https://bitcointalk.org/index.php?topic=521988.0).


I'm very impressive that a lot of exchanges are not using it.

Makes you start thinking these hacks are staged if multisig is so easy to implement. 

[redsn0w]

7k Bitcoin minimum stolen 'by Bter' the shady exchange no one should have trusted 

wow 7k hacked that is pretty insane im guessing this is why the market dropped so hard today, people expecting dumps.

The various exchanges should start to use the multi-Sig function, an example of wallet that is using multiSing : GreenAddress ( this is their official thread here in the forum : https://bitcointalk.org/index.php?topic=521988.0).


I'm very impressive that a lot of exchanges are not using it.

Makes you start thinking these hacks are staged if multisig is so easy to implement. 

I think it will be impossible to "send" coin from a multiSig bitcoin address, if you don't know at least 2 of the 3 private keys. If they will use the multiSig  (for their cold/hot wallet) I think this type of situation could be avoided.

[mishax1]

At least we know that the alts are in place therefore we should at least get those back. 

[Soul_eater_123]

How the fuck can you lose 7000 bitcoins from a cold storage, and why on earth would you keep all the funds in 1 wallet ? who taught them to do security ?

Someone went in and stole the piece of paper with the private key for their cold storage on it:)

[Soul_eater_123]

At least we know that the alts are in place therefore we should at least get those back. 

That's not guaranteed.  It didn't happen with Mintpal - some people got their other coins back but many didn't.  For all we know the thieves may have access to other hot or "cold" wallets and just may be shifting the bitcoins first.  Or the people at BTER may be desperately selling what they have left in other wallets so they can get away with some money and start again (assuming it wasn't an inside job anyway).  Would be interesting to know how long they knew something was wrong.

[Jukulangi]

Will they be refunding all the stolen bitcoins or will declare bankcruptcy ?

Well, it's nearly 2 million USD that are "supposedly" stolen here.

Last time I checked, they were running 400 BTC daily volumes and had, if my memory serves, 0.5% trading fee
==> 2 BTC/day of turnover on their end to which you have to remove employee salaries, server costs, taxes etc...

Assuming generously that they have a 1 BTC/day net profit, this means 365 BTC per year, at current prices this is not even 100k USD.

Therefore, they will never refund the bitcoins they stole for themselves.

by your statement
it is impossible for them back to bussiness

[mamamae]

sure thing after the last hacked nxt they had to rebuy them for 200btc and it was over 6-8 month ago
this is a little more difficult to regain control, they will pay as paycoin is doing
in 120 years or so is doable.

[Glucose]

Will they be refunding all the stolen bitcoins or will declare bankcruptcy ?

Well, it's nearly 2 million USD that are "supposedly" stolen here.

Last time I checked, they were running 400 BTC daily volumes and had, if my memory serves, 0.5% trading fee
==> 2 BTC/day of turnover on their end to which you have to remove employee salaries, server costs, taxes etc...

Assuming generously that they have a 1 BTC/day net profit, this means 365 BTC per year, at current prices this is not even 100k USD.

Therefore, they will never refund the bitcoins they stole for themselves.

by your statement
it is impossible for them back to bussiness

That's insane.. 7k BTC.. They are out of business for sure and it's probably an inside job. As long as bitcoin will be full of scammers and thieves it will be impossible for it to go mainstream.. BTC need some regulation..

[nomad13666]

How the fuck can you lose 7000 bitcoins from a cold storage, and why on earth would you keep all the funds in 1 wallet ? who taught them to do security ?

You can't. Which is why everything points it to be an inside job.

Embezzlement 

[funnycoin]

7k Bitcoin minimum stolen 'by Bter' the shady exchange no one should have trusted 

wow 7k hacked that is pretty insane im guessing this is why the market dropped so hard today, people expecting dumps.

The various exchanges should start to use the multi-Sig function, an example of wallet that is using multiSing : GreenAddress ( this is their official thread here in the forum : https://bitcointalk.org/index.php?topic=521988.0).


I'm very impressive that a lot of exchanges are not using it.

Where I can find a list of exchanges that have already implemented multiSig?

[sgk]

How is possible to stole btc from cold wallet?

Insider job?

[fran2k]

Someone said is time for the decentralized exchanges?

[tss]

Or someone discovered the private key !

yep.  discovered it in their lock box and decided to move the coin to another place, claim hacked, shutdown, profit.. woo hoo.  send you btc to another exchange you greedy fools.

[acsonline]

Once again lose of 18 btc + alt i am finished first matgox, then bfl, then gaw, then chris, then due to fucking scamer  its last time i am dealing with international exchanges. Now i will try to find out local exchange