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

[Hfleer]

anyone even bothered with the bounty? or a thread that has everyone helping out?

Yes, according to Lin ( CEO i think) many many hints were mailed to them. Not sure if anything was found out though.

[Kn_os]

I have read this tweet on their twitter page :

500 BTC  has been distributed to support the existing orders and another 500 BTC has been distributed to all users' balances based BTC_B.

| https://twitter.com/btercom/status/575696122540240898
From their article :

5) Bter has received 1000 BTC from its partner JUA.COM to speed the payback process.

so now the bitcoin to repay is not more 7170 but 6170 , or am I wrong?

No it is not right. They used only 500 btc to pay customers so they need to repay 6670 btc. Rest 500 they used for buy alt coins on own markets.. Guess they did it for fill orderbook, but since half markets still not work, most deposite/withdraw still not works and nobody actualy trading becourse of it, it was a bit seneless waisting of btc, better they would refund users :|

[mishax1]

Damn those Chinese are serious about the Bitcoin and its future, if I were you, I would hold those bits tight.. 

[bri912678]

I have read this tweet on their twitter page :

500 BTC  has been distributed to support the existing orders and another 500 BTC has been distributed to all users' balances based BTC_B.

| https://twitter.com/btercom/status/575696122540240898
From their article :

5) Bter has received 1000 BTC from its partner JUA.COM to speed the payback process.

so now the bitcoin to repay is not more 7170 but 6170 , or am I wrong?

No it is not right. They used only 500 btc to pay customers so they need to repay 6670 btc. Rest 500 they used for buy alt coins on own markets.. Guess they did it for fill orderbook, but since half markets still not work, most deposite/withdraw still not works and nobody actualy trading becourse of it, it was a bit seneless waisting of btc, better they would refund users :|

I thought their combined orderbooks must have more than 500 btc worth of buy orders on them. Though after looking at a few I'm not sure.

[Hfleer]

I have read this tweet on their twitter page :

500 BTC  has been distributed to support the existing orders and another 500 BTC has been distributed to all users' balances based BTC_B.

| https://twitter.com/btercom/status/575696122540240898
From their article :

5) Bter has received 1000 BTC from its partner JUA.COM to speed the payback process.

so now the bitcoin to repay is not more 7170 but 6170 , or am I wrong?

No it is not right. They used only 500 btc to pay customers so they need to repay 6670 btc. Rest 500 they used for buy alt coins on own markets.. Guess they did it for fill orderbook, but since half markets still not work, most deposite/withdraw still not works and nobody actualy trading becourse of it, it was a bit seneless waisting of btc, better they would refund users :|

I thought their combined orderbooks must have more than 500 btc worth of buy orders on them. Though after looking at a few I'm not sure.

I checked it too and there are some amazingly huge orders up. Like for DRK or DOGE. So they might have already allowed BTC deposits for whales or something is fishy.

[Hazir]

So Bter will continue to operate and pay back to users? I seriously think it is not a elaborate ruse by Bter. I remember similar situation with MtGox in the past, they said the same exact thing: "we are fine, we recovered from that attack, and we have full liquidity now" - and the truth was they never recover and just masked it - people believed them send them coins and money. Rest of the story is known to us all. So I hope that is not the same story all over again.

[Hfleer]

So Bter will continue to operate and pay back to users? I seriously think it is not a elaborate ruse by Bter. I remember similar situation with MtGox in the past, they said the same exact thing: "we are fine, we recovered from that attack, and we have full liquidity now" - and the truth was they never recover and just masked it - people believed them send them coins and money. Rest of the story is known to us all. So I hope that is not the same story all over again.

Well, atleast BTER doesn't claim to have the full funds. They basically switched the missing BTC for a token called BTC_B and promise to exchange them for real BTC, but only time will tell if they can and want to do this.

Right now everyone got about 7% back.

[Kn_os]

Well... right now we got nothing back since btc withdraw still dissabled and all we can do with that 7% of btc is buy another not withdrawable coins but yeh things looks much better than before. Hope they woke up already and continue to rebuild exchange and open new markets and coins for withdraw.

[tee-rex]

Well... right now we got nothing back since btc withdraw still dissabled and all we can do with that 7% of btc is buy another not withdrawable coins but yeh things looks much better than before. Hope they woke up already and continue to rebuild exchange and open new markets and coins for withdraw.

Despite dogecoin withdrawals still being disabled, I finally got mine back. They seem to have sent the money manually after my persistent requests through email. Lost around 20% with the recent downturn of many altcoins.

Now thinking what to do with them.

[SockPuppetAccount]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

[grzem]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

No, withdrawals BTC and other alt's first, they losing trust every minute by minute without withdrawals.

[tersagun]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

No, withdrawals BTC and other alt's first, they losing trust every minute by minute without withdrawals.

BTC_B <> BTC market will create BTC flow to the market; people will deposit BTC in order to get "virtual" BTC. That's good for everyone.

On top of that, they started with withdraws. They are just advancing slowly

[Kn_os]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

Fully support idea of btc_b/btc market.

[cshelswell]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

That's a really good idea. I guess it's similar to people still buying GHs on cex.io in the hope that they might become worth more if cex start mining again. Bit of a gamble I reckon. I think there's more chance of BTER making good on repaying than cex becoming profitable.

[SockPuppetAccount]

Yeah, obviously they need to have withdrawals fully up first, but once they are up it gives those who need their BTC now the option of passing the risk and the wait onto someone else.  They will end up losing a portion of their BTC obviously.  How much they lose depends on how much the market is willing to pay.  It creates another market that I imagine could draw in some decent volume and help Bter start to earn back the losses, it gives speculators and traders a new toy to play with, and it gives those that just want to get the hell out of dodge ASAP an exit.  Everyone wins.

[tee-rex]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

Fully support idea of btc_b/btc market.

It may turn out in the end that bter may like the idea of these virtual bitcoins, and their total amount will be higher than the number of actually stolen btc. If it increases turnover, raises liquidity and brings profit, why dispose of a working device?

[mishax1]

"Most markets are re-enabled now and we are making withdrawals work for more and more coins."

BTC and XCP withdrawals are working.   MSC and PPC not.

[tee-rex]

"Most markets are re-enabled now and we are making withdrawals work for more and more coins."

BTC and XCP withdrawals are working.   MSC and PPC not.

Dogecoin withdrawals are still disabled as of yet. I injected back some 250K doges out of my 6 millions that I had managed to withdraw previously. Wanna see how things pan out with this new kid on the block, bter virtual bitcoins.

[SockPuppetAccount]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

Fully support idea of btc_b/btc market.

It may turn out in the end, that bter may like the idea of these virtual bitcoins, and their total amount will be higher than the number of actually stolen btc. If it increases turnover, raises liquidity and brings profit, why dispose of a working device?

Valid point.

It could become so successful, that Bter may purposely delay further repayments simply to milk the market for more trading fees.  Also, rather than directly paying back all the BTC, it would be advantageous of them to secretly buy up BTC_B at a discount on the open market.  Now that I start to think about it, there are a plethora of ways a system like this could be abused by Bter.   It would require trusting them, and trust is not exactly a commodity they are holding in abundance at the moment.

What if the BTC_B were made into a token on Counterparty or NXT?  It would allow trading to be trustless and completely transparent.  

I've got no skin in this.  I just wandered in here because the GAW thread has been a bit slow lately.  So it's up to you guys really.  If you demand a way to make BTC_B liquid so you can sell off the risk to speculators, there are ways to make it happen but demand it loud and clear so Bter can't avoid listening.

EDIT : There really isn't a way to stop Bter from buying up BTC_B on a decentralized market either.  I don't know, it sounded like a good idea at first but it may be an unworkable solution.

[tee-rex]

They should open a BTC_B/BTC market.  Customers with coins lost in the hack can sell their BTC_B at a discount to speculators banking on Bter making good on repaying them eventually.

Fully support idea of btc_b/btc market.

It may turn out in the end, that bter may like the idea of these virtual bitcoins, and their total amount will be higher than the number of actually stolen btc. If it increases turnover, raises liquidity and brings profit, why dispose of a working device?

Valid point.

It could become so successful, that Bter may purposely delay further repayments simply to milk the market for more trading fees.  Also, rather than directly paying back all the BTC, it would be advantageous of them to secretly buy up BTC_B at a discount on the open market.  Now that I start to think about it, there are a plethora of ways a system like this could be abused by Bter.   It would require trusting them, and trust is not exactly a commodity they are holding in abundance at the moment.

I think that 1000 btc that a wallet custodian service allegedly granted to bter is actually the price the exchange has been sold for. But there is no doubt this is better than nothing or had Lin decided to just run away with our money.