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Author Topic: Statement about the suspect of recent Bitcoinica hack  (Read 124681 times)
zhoutong
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July 29, 2012, 10:29:38 AM
 #381

I have sent 15,000 BTC to an address provided by Patrick Murck.

He or one of his clients will later confirm the receipt of the funds and also the escrow/representation relationship.

Thanks Zhou. It is a far cry from the 40K BTC / 40K USD stolen, but it is a start. Can you please share the transaction id?


Status: 4/unconfirmed, broadcast through 8 nodes
Date: 29/07/12 19:54
To: 1FqqBZnemCrcCDbz57Nk7LHLCN42hCHXEV
Debit: -15000.00 BTC
Net amount: -15000.00 BTC
Transaction ID: b87922d693b3d3b66da385592a07147cf0b8f31f78057ebb212eb60745b58cf9

Currently I can recover at most 20,000 BTC and $140,000 from Chen Jianhai.

If AurumXchange can reimburse the laundering fees for the Mt. Gox code (about $2,320.31) then it will be even better.

AFAIK he used Blockchain's mixing service, but we don't expect the fees to be returned because it's impossible to identify the funds anyway. (Also Blockchain has offered a 0.5% bonus for those people who facilitated the laundering.)

The average price he sold at should be around $7.2, including the exchanging fees. At this price point we are short $42,000. I'll see if it's possible to get this from Chen Jianhai, but quite unlikely. I doubt the effectiveness of Chinese police as well, because he's very likely to have "Guanxi" to deal with his financial activities (which I can't decide whether legal or not). In any case, he has been acting in a very naive way and I assume he still has freedom today because of his guanxi, not technical sophistication.

I'm not sure about Bitcoinica's real solvency before the hack at the moment. The information is insufficient for me to give a definitive answer.

My 5,000 BTC is entirely separate from the hack, but it more or less covers a large part of the shortfall.

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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JoelKatz
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July 29, 2012, 10:35:56 AM
 #382

Only guilty people fear the law.
I will bet you that everyone involved in this fiasco has at least arguably broken at least one law. Heck, the average American commits three felonies a day, and nobody is really sure how to run a Bitcoin exchange 100% legally.

I am an employee of Ripple.
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zhoutong
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July 29, 2012, 10:50:54 AM
 #383

Only guilty people fear the law.
I will bet you that everyone involved in this fiasco has at least arguably broken at least one law. Heck, the average American commits three felonies a day, and nobody is really sure how to run a Bitcoin exchange 100% legally.

I guess this is a major reason that no one has filed a police report yet. The police is likely to question the legality of the exchange itself.

Singapore has one of the least strict financial laws in the world and Bitcoinica has not meet the minimum amount for compulsory licensing of a stored value facility operator (only companies holding over S$20m need license), so holding money is fine. For exchange activities, it depends on whether Bitcoin is considered as a commodity or currency. Both Mt. Gox and Bitcoinica specifically define Bitcoin as a virtual commodity. The commodity market operator in Singapore has a much lower qualifying criteria than other financial products. If it's commodity then it's not a big problem either. For money transfer activities, almost everyone can easily operate a money changer or remittance service provider in Singapore with minimal capital.

Also, Singapore doesn't declare any currency as "illegal". It's legal to use any currency other than Singapore Dollar provided both parties agree to (i.e. you can't refuse accepting Singapore Dollar in Singapore).

I have carefully analyzed Singapore financial laws concerning Bitcoinica's operation, and even though I can't say it's completely legal (because I'm not a lawyer anyway), it shouldn't break the laws seriously.

I'm not sure about Bitcoinica's 2nd stage of operation in New Zealand though. The dispute resolution scheme has been a debate point.

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July 29, 2012, 11:08:25 AM
 #384

I guess this is a major reason that no one has filed a police report yet. The police is likely to question the legality of the exchange itself.
That's a really depressing thought.

Quote
I have carefully analyzed Singapore financial laws concerning Bitcoinica's operation, and even though I can't say it's completely legal (because I'm not a lawyer anyway), it shouldn't break the laws seriously.
One big issue is laws in other countries. For example, the United States could probably find at least three Federal laws you'd be violating, and the United States is not shy about pursuing foreign businesses. They'll argue that by accepting United States dollars from people located inside the United States, you are intentionally targeting your service at the United States. I'm sure there are other countries that would try this as well. Heck, the United States continues to pursue executives of overseas web-based Poker sites even though they aren't violating any US law.

I always hear that there's no reward without risk, and I agree with that sentiment. But I didn't really factor into that equation that problem that if you fear you might not be fully legal, that restricts your ability to use governments when you need them.

I am an employee of Ripple.
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July 29, 2012, 11:21:54 AM
 #385

Transaction ID: b87922d693b3d3b66da385592a07147cf0b8f31f78057ebb212eb60745b58cf9

so let us start tracking! is there a tool which illustrate the money flow?

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July 29, 2012, 11:38:41 AM
 #386

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Look at this liar!

I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can).

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July 29, 2012, 11:51:03 AM
 #387

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Look at this liar!

I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can).

Look at the date. It is possible Zhou used these BTC already as part of his earlier 5000 BTC donation. However if the funds are coming from Chen Jianhai and he is really a multi-millionaire he should have no troubles compensating for the laundering & mixing fees etc. Maybe he can even sell a relic or two?
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July 29, 2012, 11:52:25 AM
 #388

please make all the information about chen jianhai public as soon as all the money is out of his hands. Especially any personal information such as home address or business addresses. Also all your correspondances with him, especially emails where he incriminates himself. Any chance you recorded any of your conversations with him? If not make sure you do it from now on, and make sure you get a recorded "confession" (if needed try to trick him to go through exactly how he stole the money).
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July 29, 2012, 11:58:13 AM
 #389

Reviewing the threads every time I see more people who do not remember seeing in the original thread and do not seem to have any relationship with bitcoinica, but should they attack, judge and comment on the interests of others that we have frozen funds in bitcoinica.

It would be appreciated less fuel to the fire, if you're not part of the solution, you are only a problem.

I trust in Zhou and that all this can come to good causes, if allowed.

Sorry for my bad english Wink
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Gyrsur
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July 29, 2012, 12:01:37 PM
 #390

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Look at this liar!

I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can).

Look at the date. It is possible Zhou used these BTC already as part of his earlier 5000 BTC donation. However if the funds are coming from Chen Jianhai and he is really a multi-millionaire he should have no troubles compensating for the laundering & mixing fees etc. Maybe he can even sell a relic or two?

if ZT still sacrificed his 1k gold coin I would very surprised but let him speak for himself. he can show the community what a honest guy he is but only with reproducible evidence not only shit out of his mouth!

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July 29, 2012, 12:02:35 PM
 #391

Transaction ID: b87922d693b3d3b66da385592a07147cf0b8f31f78057ebb212eb60745b58cf9

so let us start tracking! is there a tool which illustrate the money flow?
https://bitcointalk.org/index.php?topic=31662.0
https://bitcointalk.org/index.php?topic=46297.0

You will need some programming skills to sift the dump.

For Bitcoin to be a true global currency the value of BTC needs always to rise.
If BTC became the global currency & money supply = 100 Trillion then ⊅1.00 BTC = $4,761,904.76.
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zhoutong
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July 29, 2012, 12:04:37 PM
 #392

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Look at this liar!

I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can).

1,000 BTC is definitely not enough to compensate the shortfall if Bitcoinica still insolvent. Also it won't make my financial condition any better. My tuition fees are A$30,000 per year. By my estimation I won't be able to survive without any income until mid-2013.

Also I planned to invest majority of my bank savings into Australian shares (Telstra is climbing... :-( ), and it seems that this plan has to be pulled off as well. (I made the plan when I received about $10,000 from Bitcoinica every month. The salary lasted for only 2 months.)

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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July 29, 2012, 12:06:39 PM
 #393

I trust in Zhou and that all this can come to good causes, if allowed.

Sure, that is also my feeling at the moment but only with constantly pressure against the involved persons coming from the whole community which fear the bad reputation on bitcoin because of such criminal acts!

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July 29, 2012, 12:10:41 PM
 #394

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Look at this liar!

I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can).

1,000 BTC is definitely not enough to compensate the shortfall is Bitcoinica still insolvent. Also it won't make my financial condition any better. My tuition fees are A$30,000 per year. By my estimation I won't be able to survive without any income until mid-2013.

Also I planned to invest majority of my bank savings into Australian shares (Telstra is climbing... :-( ), and it seems that this plan has to be pulled off as well. (I made the plan when I received about $10,000 from Bitcoinica every month. The salary lasted for only 2 months.)

We have noticed  that it is much more effective when you target friends and family. Xavier is not going to be happy with you Zhou. This is my FINAL WARNING. Send to: 1HJc5VLMpFCQJg2maP9wGuCo3NAgwaCJQj

Maria. 17,000 BTC
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July 29, 2012, 12:14:34 PM
 #395

1,000 BTC is definitely not enough to compensate the shortfall if Bitcoinica still insolvent. Also it won't make my financial condition any better. My tuition fees are A$30,000 per year. By my estimation I won't be able to survive without any income until mid-2013.

Also I planned to invest majority of my bank savings into Australian shares (Telstra is climbing... :-( ), and it seems that this plan has to be pulled off as well. (I made the plan when I received about $10,000 from Bitcoinica every month. The salary lasted for only 2 months.)



Poor guy.  Roll Eyes

zhoutong
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July 29, 2012, 12:16:42 PM
 #396

please make all the information about chen jianhai public as soon as all the money is out of his hands. Especially any personal information such as home address or business addresses. Also all your correspondances with him, especially emails where he incriminates himself. Any chance you recorded any of your conversations with him? If not make sure you do it from now on, and make sure you get a recorded "confession" (if needed try to trick him to go through exactly how he stole the money).

I'll definitely co-operate with any police investigation by providing such information. However releasing the information in public isn't a good choice.

Even though as a community we can determine Chen Jianhai to be the hacker, he hasn't been proven guilty legally yet. That will only happen when he faces a criminal charge.

Also consider the irrationality of some community members I should refrain from posting anything that can potentially induce violence and personal attacks. It won't be good for Bitcoin's image and legal status (if you concern about it at all). I'll have to take into account my personal security as well.

I have his real information only because we were working on a legitimate business. He was introduced to me by a friend who works in a Shenzhen-based information security company (which does penetration tests for large corporations and government agencies). I have never considered Chen Jianhai as a "friend".

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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zhoutong
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July 29, 2012, 12:20:06 PM
 #397

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Look at this liar!

I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can).

1,000 BTC is definitely not enough to compensate the shortfall is Bitcoinica still insolvent. Also it won't make my financial condition any better. My tuition fees are A$30,000 per year. By my estimation I won't be able to survive without any income until mid-2013.

Also I planned to invest majority of my bank savings into Australian shares (Telstra is climbing... :-( ), and it seems that this plan has to be pulled off as well. (I made the plan when I received about $10,000 from Bitcoinica every month. The salary lasted for only 2 months.)

We have noticed  that it is much more effective when you target friends and family. Xavier is not going to be happy with you Zhou. This is my FINAL WARNING. Send to: 1HJc5VLMpFCQJg2maP9wGuCo3NAgwaCJQj

Maria. 17,000 BTC

LOL. A true friend believes in your integrity and supports you even when others don't. He knows my situation well enough that he can completely make his own judgement.

Also, you have never been "effective" in scamming me, where does the "more" come from?

EDIT:

I have cried twice in phone calls with a friend (not Xavier btw), because of the pressure from this community. I told him everything and I was highly motivated to continue with my life. I almost wanted to grab the money from Chen Jianhai and run away, but he told me not to.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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July 29, 2012, 12:21:02 PM
 #398

I'm trying to squeeze funds to see if I can compensate more personally, but I'm not in a very good financial condition. If NameTerrific is profitable in the future, I will be happy to contribute more personal funds to help Bitcoinica customers.

Look at this liar!

I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can).

1,000 BTC is definitely not enough to compensate the shortfall is Bitcoinica still insolvent. Also it won't make my financial condition any better. My tuition fees are A$30,000 per year. By my estimation I won't be able to survive without any income until mid-2013.

Also I planned to invest majority of my bank savings into Australian shares (Telstra is climbing... :-( ), and it seems that this plan has to be pulled off as well. (I made the plan when I received about $10,000 from Bitcoinica every month. The salary lasted for only 2 months.)

We have noticed  that it is much more effective when you target friends and family. Xavier is not going to be happy with you Zhou. This is my FINAL WARNING. Send to: 1HJc5VLMpFCQJg2maP9wGuCo3NAgwaCJQj

Maria. 17,000 BTC
shut up bitch! nobody is affariad of you, you have said the words FINAL WARNING more then 100 times on this forum, you are a liar, a scammer, and not really entertaining anymore. go back to your kitchen.

btw. you own me 5 btc.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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July 29, 2012, 12:21:56 PM
 #399

Also consider the irrationality of some community members I should refrain from posting anything that can potentially induce violence and personal attacks. It won't be good for Bitcoin's image and legal status (if you concern about it at all). I'll have to take into account my personal security as well.

Some valuable insight at last...

Matthew N. Wright
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July 29, 2012, 12:22:03 PM
 #400

btw. you own me 5 btc.

I'll take it! Where do I send the 5BTC?

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