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Author Topic: BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE |  (Read 118904 times)
redsn0w
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February 15, 2015, 02:53:46 PM
 #1

 
Bter Announcement: Continue to operate and pay back to users 2015-03-11 21:02:24



 Why shouldn't you never keep your coin on an exchange? Here the answer : https://bitcointalk.org/index.php?topic=945881.0





7170 btc stolen - https://bter.com/




Here some interesting articles about this bad situation :

- http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack
- http://www.coindesk.com/bter-unable-to-repay-customers-following-alleged-exchange-heist/  NEWS
- https://www.cryptocoinsnews.com/breaking-bter-freezes-accounts-7170-bitcoin-theft-offering-10-bounty/
- http://www.ibtimes.co.uk/bter-cryptocurrency-exchange-loses-1-1m-worth-bitcoin-suspected-hack-1488103


Here the discussions on reddit :

- http://www.reddit.com/r/Bitcoin/comments/2vz1zq/its_now_officialbtercom_was_hackedlost_7170_btc/
- http://www.reddit.com/r/Bitcoin/comments/2w00yo/three_exchanges_hacked_in_24_hours/
- http://www.reddit.com/r/Bitcoin/comments/2w0iz8/wake_up_bter_hack_an_inside_job/
- http://www.reddit.com/r/Bitcoin/comments/2w5az8/rumors_from_china_bter_told_lies_and_they_never/
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February 15, 2015, 03:03:17 PM
 #2

I'll check in my pocket if I chase them back

LISK
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redsn0w
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February 15, 2015, 03:06:53 PM
 #3

I'll check in my pocket if I chase them back

Now what will happen? Will they refund all their "customers"? What do you think?   
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February 15, 2015, 03:09:27 PM
 #4

Can someone explain how is it possible to hack cold wallet? I thought cold wallet means offline and secure Undecided

I'll check in my pocket if I chase them back

Now what will happen? Will they refund all their "customers"? What do you think?   

I don't think they'll do a full refund. Sorry for anyone who had stored their funds there.
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February 15, 2015, 03:09:55 PM
 #5

I'll check in my pocket if I chase them back

Now what will happen? Will they refund all their "customers"? What do you think?  
I dunno, but the story teach us the some exchanger have lost more than 7k btc, and none of their customers have lost anything. So we need to wait news by bter.

LISK
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Madness
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February 15, 2015, 03:12:02 PM
 #6

I never heard of this website before to be total honest with you , what are they ? some kinda of Bitcoin exchange website or something ?
If that's the case how come that the Bitcoin price didn't drop , not even a little , it seems stable those last couple of days .

~ Madness

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February 15, 2015, 03:13:52 PM
 #7

Can someone explain how is it possible to hack cold wallet? I thought cold wallet means offline and secure Undecided

Two days ago I had been trying to withdraw about 1.7 BTC from Bter and had to wait  for almost two hours for the exchange to finally process my withdrawal (yeah, writing on the wall). As I got it, they were gutting their cold wallet... Cool

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February 15, 2015, 03:15:53 PM
 #8

So bad.

That's why we need decentralization exchanges.
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February 15, 2015, 03:18:07 PM
 #9

omg Shocked  Shocked Sad stolen money is nearly equal to Rs.10,75,55,000 (indian rupees)
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February 15, 2015, 03:20:24 PM
 #10

--snip
some exchanger have lost more than 7k btc, and none of their customers have lost anything.
--snip

Which exchange was that?

Cryptography is one of the few things you can truly trust.
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February 15, 2015, 03:21:53 PM
 #11

I never heard of this website before to be total honest with you , what are they ? some kinda of Bitcoin exchange website or something ?
If that's the case how come that the Bitcoin price didn't drop , not even a little , it seems stable those last couple of days .

Why should it drop actually? Thousands of bitcoins are frozen right now (and other altcoins as well), the wallet of the thief is "dirty" now, so as soon as he begins spending, he will be tracked down pretty easily (read he won't be able to spend the stolen coins any time soon, if ever)... Cool

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February 15, 2015, 03:22:31 PM
 #12

Oh I lost my BTC Sad

Anyway to get them back?

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February 15, 2015, 03:24:30 PM
 #13

This is bad news for my deposit 0.00753 now see what happens Huh
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February 15, 2015, 03:24:39 PM
 #14

What if the thief destroys the stolen coins? Would it be better or worse than keeping them for the later use?

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February 15, 2015, 03:26:15 PM
 #15

--snip
some exchanger have lost more than 7k btc, and none of their customers have lost anything.
--snip

Which exchange was that?

I think he meant bitStamp, but maybe I'm wrong. However , this is a really bad situation. Why  do the exchanges not use the multiSig function ?
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February 15, 2015, 03:27:56 PM
 #16

Like I posted in another thread, at least 5 private keys was compromised from so called "cold storage".
When you trace back, these "cold" addys, they where clearly not cold at all, they had 7K in their hot wallet!
 
A first year grad student in Information Security can do better than that.
At least bitstamp did not have all the freaking coins in their hot wallet.

Cryptography is one of the few things you can truly trust.
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February 15, 2015, 03:28:12 PM
 #17

The big question now is whether they got their altcoins stolen too or not. Most of my funds were in NuShares and I only had like 6 bitcoins in bter. Did the thief also steal altcoins? Will customers get their altcoins back intact?

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February 15, 2015, 03:29:35 PM
 #18

--snip
some exchanger have lost more than 7k btc, and none of their customers have lost anything.
--snip

Which exchange was that?

I think he meant bitStamp, but maybe I'm wrong. However , this is a really bad situation. Why  do the exchanges not use the multiSig function ?

7k? isnt that one of the china exchanger?

how do someone chase that coin back? even if we trace it back, we cant do anything , only the one with the private key will be able to get into the wallet isnt it?

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& .38,000 STORES. are
accepting MOZO TOKENS

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February 15, 2015, 03:29:53 PM
 #19

The big question now is whether they got their altcoins stolen too or not. Most of my funds were in NuShares and I only had like 6 bitcoins in bter. Did the thief also steal altcoins? Will customers get their altcoins back intact?

I assume the intruders got root access, I do not see how else they could get 5 different private keys at the same time.

Cryptography is one of the few things you can truly trust.
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February 15, 2015, 03:30:17 PM
 #20

I never heard of this website before to be total honest with you , what are they ? some kinda of Bitcoin exchange website or something ?
If that's the case how come that the Bitcoin price didn't drop , not even a little , it seems stable those last couple of days .

Why should it drop actually? Thousands of bitcoins are frozen right now (and other altcoins as well), the wallet of the thief is "dirty" now, so as soon as he begins spending, he will be traced down (read he won't be able to spen stolen coins any time soon)... Cool

What , they can track him to his home once he start sending Bitcoins ? I guess that Bitcoin isn't that annonymus after all , is it ?
Personally I don't buy it anyway , I mean any exchanger can simply take time developping a website , run it for couple of years , get trust of people then simply and at the end of the day , he make an HTML page that says "oh we got hacked , bye bye" . I mean ... It could simply be an inside job and no one will know anything about it at all.

~ Madness

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