BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE |

[olcaytu2005]

Less they try to pay users fund. İs there anyone here who got payment from mtgox, bitstamp or another service which hacked?

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[abyrnes81]

Less they try to pay users fund. İs there anyone here who got payment from mtgox, bitstamp or another service which hacked?

You are right, no one has received payment from bitstamp or mt.gox but bitstamp.net has offered 0% fee ...

[Lauda]

I've wanted to stay away from the drama here, as we've had this multiple times just with different exchanges/services. We can partly blame Bter here. They've left quite a good portion of coins vulnerable, but there is only so much that they can do about the security. Over time we should see this improve, until it reaches a plateau.
On the other hand people should have known better! We've had multiple exchanges and services being hacked. So why keep your Bitcoin on un-secure websites? You don't own the coins held on an address to which you do not own the private keys.

Has anyone tried tracing the coins?

[bhokor]

Do you think we will recover the btcś? can they afford his payment compromise?

[HI-TEC99]

I've wanted to stay away from the drama here, as we've had this multiple times just with different exchanges/services. We can partly blame Bter here. They've left quite a good portion of coins vulnerable, but there is only so much that they can do about the security. Over time we should see this improve, until it reaches a plateau.
On the other hand people should have known better! We've had multiple exchanges and services being hacked. So why keep your Bitcoin on un-secure websites? You don't own the coins held on an address to which you do not own the private keys.

Has anyone tried tracing the coins?

The coins were sent through a mixer so they are impossible to trace now. Some people tried but gave up once they went through the mixer. Bter even offered a reward to anyone who could trace where they went.

[randy8777]

I've wanted to stay away from the drama here, as we've had this multiple times just with different exchanges/services. We can partly blame Bter here. They've left quite a good portion of coins vulnerable, but there is only so much that they can do about the security. Over time we should see this improve, until it reaches a plateau.
On the other hand people should have known better! We've had multiple exchanges and services being hacked. So why keep your Bitcoin on un-secure websites? You don't own the coins held on an address to which you do not own the private keys.

Has anyone tried tracing the coins?

The coins were sent through a mixer so they are impossible to trace now. Some people tried but gave up once they went through the mixer. Bter even offered a reward to anyone who could trace where they went.

offering a reward won't bring the coins back at this stage. as you say they had plenty of time to mix the coins.

[abyrnes81]

Do you think we will recover the btcś? can they afford his payment compromise?

No I don't think they can recover all the loss .

[cshelswell]

Has anyone had their lost BTC returned yet? Or is it still the BTC-B they're dishing out?

[mishax1]

Has anyone had their lost BTC returned yet? Or is it still the BTC-B they're dishing out?

I got part of my BTC balance (the btc that was on orders). the rest is on btc_b

[HI-TEC99]

Has anyone had their lost BTC returned yet? Or is it still the BTC-B they're dishing out?

I got part of my BTC balance (the btc that was on orders). the rest is on btc_b

IMO the best we can hope for is they will continue regularly paying back a small percentage of bitcoins and deducting it from our btc_b balances. That was the model Poloniex used after being hacked. Eventually everyone was fully refunded, but it took a long time.

[Btcvilla]

Any news on the hack? It really seems like an inside job since its a COLD wallet, unless someone screwed up the concept of a cold wallet.

[redsn0w]

Any news on the hack? It really seems like an inside job since its a COLD wallet, unless someone screwed up the concept of a cold wallet.

We have already discussed about that thing, and you (care) to search in this thread you will find a lot of information . I little suggestion, don't waste your time, use the search function!

[tee-rex]

I've wanted to stay away from the drama here, as we've had this multiple times just with different exchanges/services. We can partly blame Bter here. They've left quite a good portion of coins vulnerable, but there is only so much that they can do about the security. Over time we should see this improve, until it reaches a plateau.
On the other hand people should have known better! We've had multiple exchanges and services being hacked. So why keep your Bitcoin on un-secure websites? You don't own the coins held on an address to which you do not own the private keys.

People keep coins on exchanges since they are trying to trade them. There is not much sense to keep your money in a wallet if you don't get paid an interest on it and don't see your currency appreciate in time, which would make up for the absence of interest. I don't think that there are many people that actually use exchange accounts as wallets. To me, such question is pretty much unfounded.

[fox19891989]

It is said that Bter exchange is under investigation by Chinese police. Bter might be involved in scam accusations, because many victims reported to Chinese police before.

Bter is notorious in the crypto community. I don't recommend you guys to trade here, although it's one of the oldest exchange.   

[tee-rex]

Has anyone had their lost BTC returned yet? Or is it still the BTC-B they're dishing out?

I got part of my BTC balance (the btc that was on orders). the rest is on btc_b

IMO the best we can hope for is they will continue regularly paying back a small percentage of bitcoins and deducting it from our btc_b balances. That was the model Poloniex used after being hacked. Eventually everyone was fully refunded, but it took a long time.

If I remember correctly, poloniex had been robbed off only for 77 bitcoins (50k dollars at the time), which is two orders of magnitude less. Besides, they took a fraction of everyone's account to even out the toll. I guess many who suffered losses at bter wished eagerly that bter would have gone that route (I mean altcoins too), but it wouldn't give much credit to the exchange (if there is any left), as it hadn't done to poloniex.

[Lauda]

People keep coins on exchanges since they are trying to trade them. There is not much sense to keep your money in a wallet if you don't get paid an interest on it and don't see your currency appreciate in time, which would make up for the absence of interest. I don't think that there are many people that actually use exchange accounts as wallets. To me, such question is pretty much unfounded.

One should keep a few coins and trade. Trading a lot, means you're risking it all. I guess if people are into high risk-high gain circumstances then it is okay. One shouldn't be trading with all of his/hers money if they can't afford to lose it.

The coins were sent through a mixer so they are impossible to trace now. Some people tried but gave up once they went through the mixer. Bter even offered a reward to anyone who could trace where they went.

offering a reward won't bring the coins back at this stage. as you say they had plenty of time to mix the coins.

Wrong. A mixer isn't a final step for privacy. Yes, a mixer does help but it can be traced. It is just very difficult(!), so hopefully Bter gets lucky.

[tee-rex]

People keep coins on exchanges since they are trying to trade them. There is not much sense to keep your money in a wallet if you don't get paid an interest on it and don't see your currency appreciate in time, which would make up for the absence of interest. I don't think that there are many people that actually use exchange accounts as wallets. To me, such question is pretty much unfounded.

One should keep a few coins and trade. Trading a lot, means you're risking it all. I guess if people are into high risk-high gain circumstances then it is okay. One shouldn't be trading with all of his/hers money if they can't afford to lose it.

It may appear as nice as it sounds, but the devil is in the detail. In real life, though, bitcoin price declined from 650$ to 250$ during the last year. So you would have lost two thirds of bitcoin value even if you had been allegedly risking nothing. Therefore, it is hard to tell who is actually losing.

[cshelswell]

One should keep a few coins and trade. Trading a lot, means you're risking it all. I guess if people are into high risk-high gain circumstances then it is okay. One shouldn't be trading with all of his/hers money if they can't afford to lose it.

That makes no sense. Just before the hack I was trading 10 btc worth at a time. It meant (if) the trade swung my way I stood to make some money. I was prepared to take the loss if it didn't. Are you saying though that I should only trade small amounts to mitigate the risk of an exchange being hacked?

What's the point of trading then if I'm only supposed to make satoshi at a time?

[Lauda]

That makes no sense. Just before the hack I was trading 10 btc worth at a time. It meant (if) the trade swung my way I stood to make some money. I was prepared to take the loss if it didn't. Are you saying though that I should only trade small amounts to mitigate the risk of an exchange being hacked?

What's the point of trading then if I'm only supposed to make satoshi at a time?

This discussion will never end if we go into this direction. You're supposed to invest all you want, but don't come whining (not saying that you are) once a hack happens. I,myself have never kept coins on exchanges yet I've been actively (more or less) trading for months. When I feel like it I send the coins, trade and withdraw.
Obviously what I meant was never keep all/most (?) of your balance online. If they aren't safe in your own wallets (they're not), they definitely aren't in someone else's.

[mishax1]

Didn't get my MSC deposit on BTER for 10 days now, some lame excuses via email..  service is shit.