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

[Borisz]

WoW, Bter back online! 

Haven't checked for a few days, but it's good news right?

[1714613137]

1714613137

[tee-rex]

They have to open Bitcoin withdrawals immediately. People patiently waiting for days.

My friend told me he can't withdraw his btc, can you confirm ? Do you have the same problem ?

All their bitcoin were hacked. What would they have for you to withdraw?!

They have at least 160 bitcoins in their hot wallets. Besides that, they have 4.5 billion dogecoins in their cold wallet, which was last debited (i.e. doges withdrawn from it) in September, almost half a year ago. Thus they could sell some doges to get a few bitcoins (actually, quite a few).

And I don't mention other altcoins.

[redsn0w]

They have to open Bitcoin withdrawals immediately. People patiently waiting for days.

My friend told me he can't withdraw his btc, can you confirm ? Do you have the same problem ?

All their bitcoin were hacked. What would they have for you to withdraw?!

Wrong they still own  ~ hundreds of bitcoins in their hot wallet, it is their choice if repay all the bitcoin or at least a percentual. They can also convert their "cold wallets of their various altcoin" and repay the costumers, it is a "difficult" scenario/story.

[readysalted89]

They have to open Bitcoin withdrawals immediately. People patiently waiting for days.

My friend told me he can't withdraw his btc, can you confirm ? Do you have the same problem ?

All their bitcoin were hacked. What would they have for you to withdraw?!

Wrong they still own  ~ hundreds of bitcoins in their hot wallet, it is their choice if repay all the bitcoin or at least a percentual. They can also convert their "cold wallets of their various altcoin" and repay the costumers, it is a "difficult" scenario/story.

Their twitter says they will first enable USD, CNY, and NXT withdrawals before anything else so it doesn't seem like they are planning on selling the alts to pay back people's bitcoin losses. I tried withdrawing NXT and I got the message below. There's a similar message for bitcoin (although the balances page is not showing any bitcoin balances).



We will have to wait a while until we can withdraw.

[Cassius]

Ok, I stand corrected. They have a few bitcoins. What are they going to do, offer them on a 'first come, first served' basis? What they have (~160) is about 2% of what they need to pay depositors.
And selling alts to pay for BTC to give back to those who lost BTC is a world of problems. Even if it isn't illegal or unethical, you can't sell such large amounts of illiquid alts without crashing the market, thereby 1) making it impractical and almost pointless, since you don't get the BTC you need, and 2) really annoying the alt depositors who just got their coins stolen by you because you got someone else's BTC stolen, and 3) really annoying the coin communities whose cryptos have just crashed in price.
Just not that simple for BTER.

[tee-rex]

Ok, I stand corrected. They have a few bitcoins. What are they going to do, offer them on a 'first come, first served' basis? What they have (~160) is about 2% of what they need to pay depositors.

I specifically added emphasis on at least. We pretty much don't know how many bitcoins they have in the stash.

And selling alts to pay for BTC to give back to those who lost BTC is a world of problems. Even if it isn't illegal or unethical, you can't sell such large amounts of illiquid alts without crashing the market, thereby 1) making it impractical and almost pointless, since you don't get the BTC you need, and 2) really annoying the alt depositors who just got their coins stolen by you because you got someone else's BTC stolen, and 3) really annoying the coin communities whose cryptos have just crashed in price.
Just not that simple for BTER.

In fact, they wouldn't need to actually sell the alts, they could just pay the debts with altcoins from their cold wallets. The best way out of this turmoil for them would be to sell the exchange, though (unless they have thousands of bitcoins at their disposal indeed).

[Cassius]

Ok, I stand corrected. They have a few bitcoins. What are they going to do, offer them on a 'first come, first served' basis? What they have (~160) is about 2% of what they need to pay depositors.
And selling alts to pay for BTC to give back to those who lost BTC is a world of problems. Even if it isn't illegal or unethical, you can't sell such large amounts of illiquid alts without crashing the market, thereby 1) making it impractical and almost pointless, since you don't get the BTC you need, and 2) really annoying the alt depositors who just got their coins stolen by you because you got someone else's BTC stolen, and 3) really annoying the coin communities whose cryptos have just crashed in price.
Just not that simple for BTER.

Wait, are they sellign alts ? I thought people who had alts on the site are safe from the hack.

Don't worry, it was a hypothetical question. They're not selling alts, to my knowledge. It just wouldn't work, for the reasons above.
And I don't see them making 7k BTC from any sale, either. Maybe 2k if they're lucky.

[Kn_os]

They have to open Bitcoin withdrawals immediately. People patiently waiting for days.

My friend told me he can't withdraw his btc, can you confirm ? Do you have the same problem ?

All their bitcoin were hacked. What would they have for you to withdraw?!

They have at least 160 bitcoins in their hot wallets. Besides that, they have 4.5 billion dogecoins in their cold wallet, which was last debited (i.e. doges withdrawn from it) in September, almost half a year ago. Thus they could sell some doges to get a few bitcoins (actually, quite a few).

And I don't mention other altcoins.

It's not exchange's doge coins it is users doge coins :||| With such logic they should use customs cny and usd to buy btc :|

[tee-rex]

They have to open Bitcoin withdrawals immediately. People patiently waiting for days.

My friend told me he can't withdraw his btc, can you confirm ? Do you have the same problem ?

All their bitcoin were hacked. What would they have for you to withdraw?!

They have at least 160 bitcoins in their hot wallets. Besides that, they have 4.5 billion dogecoins in their cold wallet, which was last debited (i.e. doges withdrawn from it) in September, almost half a year ago. Thus they could sell some doges to get a few bitcoins (actually, quite a few).

And I don't mention other altcoins.

It's not exchange's doge coins it is users doge coins :||| With such logic they should use customs cny and usd to buy btc :|

How do you know? In your opinion, an exchange can't have their own money at all? Did you forget, for example, that bter (yes, bter) was the exchange behind nxt creation, and after 50 million nxt's got stolen in August they were going to reverse the transaction?

Do you know what happened after poloniex got thrashed (there is a thread here)?

[nakaone]

I have some CNY on that account - but live in the European Union. Is it possible to withdraw them to europe?

[redsn0w]

Someone has tried again to request a withdrawal ? I don't have any bitcoins in the site so I can't prove.  However why cny, usd & nxt for first ?

[tee-rex]

I have some CNY on that account - but live in the European Union. Is it possible to withdraw them to europe?

If you have a bank account open in CNY, I think you will be able to withdraw once you provide the corresponding info. And when they actually allow withdrawals, which they don't right now.

Someone has tried again to request a withdrawal ? I don't have any bitcoins in the site so I can't prove.  However why cny, usd & nxt for first ?

I have already explained the reasons somewhere in this thread. You don't read your own thread?

[redsn0w]

I have some CNY on that account - but live in the European Union. Is it possible to withdraw them to europe?

If you have a bank account open in CNY, I think you will be able to withdraw once you provide the corresponding info. And when they actually allow withdrawals, which they don't right now.

Someone has tried again to request a withdrawal ? I don't have any bitcoins in the site so I can't prove.  However why cny, usd & nxt for first ?

I have already explained the reasons somewhere in this thread. You don't read your own thread?

No I don't read all the posts // Sarcasm.

Maybe I've missed your post, now I will search it on your latest posts. Thanks.

[tee-rex]

I have some CNY on that account - but live in the European Union. Is it possible to withdraw them to europe?

If you have a bank account open in CNY, I think you will be able to withdraw once you provide the corresponding info. And when they actually allow withdrawals, which they don't right now.

Someone has tried again to request a withdrawal ? I don't have any bitcoins in the site so I can't prove.  However why cny, usd & nxt for first ?

I have already explained the reasons somewhere in this thread. You don't read your own thread?

No I don't read all the posts // Sarcasm.

Maybe I've missed your post, now I will search it on your latest posts. Thanks.

In short, withholding CNY and USD is fraught with a threat of legal prosecution, withholding NXT is just not worth it.

[stdset]

In short, withholding CNY and USD is fraught with a threat of legal prosecution, withholding NXT is just not worth it.

Maybe withholding for example MSC is worth it?

[blueshoe]

I like centralized exchange offices. Maybe it would be a good idea if you outsource the Cold wallets. I mean a trust company that insured the money 100%. A company doing nothing but credit to manage safely. You can do nothing to save as Bitcoins. There, a currency exchange desk could store their money. That would cost money though. But we should remember mtgox ... A currency exchange facility, has verifiable outsourced their money for each would be trustworthy. Anyway, as it is now, when no currency exchange ensures credible their money, it goes no further for Bitcoin.
(Sorry for my english. its Googletranslate.)

[tee-rex]

In short, withholding CNY and USD is fraught with a threat of legal prosecution, withholding NXT is just not worth it.

Maybe withholding for example MSC is worth it?

Who is behind MSC? When bter had been robbed of 50 million nxt coins in August last year, they were going to roll back the blockchain and exclude the offending transaction from it... Did you ever wonder why nxt developers would agree to this if they were not affiliated with bter?

Message from the hacker to bter "Okay, so I'll send everything back right now, if I get compensated".

[Cassius]

In short, withholding CNY and USD is fraught with a threat of legal prosecution, withholding NXT is just not worth it.

Maybe withholding for example MSC is worth it?

Who is behind MSC? When bter had been robbed of 50 million nxt coins in August last year, they were going to roll back the blockchain and exclude the offending transaction from it... Did you ever wonder why nxt developers would agree to this if they were not affiliated with bter?

Message from the hacker to bter "Okay, so I'll send everything back right now, if I get compensated".

BTER wanted to rollback. Nxt community voted decisively against it. BTER eventually paid 400 BTC to regain 43 million NXT.

[stdset]

In short, withholding CNY and USD is fraught with a threat of legal prosecution, withholding NXT is just not worth it.

Maybe withholding for example MSC is worth it?

Who is behind MSC? When bter had been robbed of 50 million nxt coins in August last year, they were going to roll back the blockchain and exclude the offending transaction from it... Did you ever wonder why nxt developers would agree to this if they were not affiliated with bter?

Message from the hacker to bter "Okay, so I'll send everything back right now, if I get compensated".

NXT developers have no power over community and stakeholders. It's the only right way of making such decisions, only community and stakeholders can decide to rollback or not. In the case of August Bter hack community opinion was overwhelmingly against rolling back.

[tee-rex]

In short, withholding CNY and USD is fraught with a threat of legal prosecution, withholding NXT is just not worth it.

Maybe withholding for example MSC is worth it?

Who is behind MSC? When bter had been robbed of 50 million nxt coins in August last year, they were going to roll back the blockchain and exclude the offending transaction from it... Did you ever wonder why nxt developers would agree to this if they were not affiliated with bter?

Message from the hacker to bter "Okay, so I'll send everything back right now, if I get compensated".

BTER wanted to rollback. Nxt community voted decisively against it. BTER eventually paid 400 BTC to regain 43 million NXT.

It is not only bter who wanted to rollback. It was nxt's chief developer Jean-Luc Picard's offer to do a "hard fork", but the nxt community indeed didn't bend in.

Well, the rollback is cancelled. Dunno if it's good or bad coz I wanted to see what share of the stake would decide to rollback the changes. Taking into account that only small part of the nodes upgraded to 1.2.5b I can guess that only a small part agreed to play this game. But still...

You (and stdset) seem to be missing my point. Bter had developers on their side, and now they are saying that nxt's will be withdrawn first (alongside with dollars and yuanies)... How come?