BTER Unable to Repay Customers

[pawel7777]

http://www.coindesk.com/bter-unable-to-repay-customers-following-alleged-exchange-heist/

Defunct cryptocurrency exchange BTER claims it doesn't have enough funds to reimburse all its users, following an alleged seven-figure hack.

The Chinese exchange closed earlier this week, issuing a statement via its website that 7,170 BTC had disappeared from its offline wallet – around $1.75m at press time.

Speaking to CoinDesk, a BTER spokesperson claimed CNY and USD withdrawals would resume within a week. However, the company said it is still exploring different options to make all its customers whole, including selling the platform.

Any buyers?

[newIndia]

http://www.coindesk.com/bter-unable-to-repay-customers-following-alleged-exchange-heist/

Defunct cryptocurrency exchange BTER claims it doesn't have enough funds to reimburse all its users, following an alleged seven-figure hack.

The Chinese exchange closed earlier this week, issuing a statement via its website that 7,170 BTC had disappeared from its offline wallet – around $1.75m at press time.

Speaking to CoinDesk, a BTER spokesperson claimed CNY and USD withdrawals would resume within a week. However, the company said it is still exploring different options to make all its customers whole, including selling the platform.

Any buyers?

Like Mt. Gox ?

Any news about how the hack took place ? What they really meant by Cold Wallet ?

[BTCtalkScammerDetective]

Thats a shame to much of this going on now

[Abbey_j]

Chinese are having the new year, there won't be more details new before the end of Chinese new year.

[keyscore44]

Well that sucks, hardly used BTER and after all these hacks I'm just going to stick with well known exchanges (not that it guarantees they wont 'get hacked')

[irfan_pak10]

Well that sucks, hardly used BTER and after all these hacks I'm just going to stick with well known exchanges (not that it guarantees they wont 'get hacked')

As its already said many times that dont save your btc in exchange, because we dont have any idea when they will scam us any time they can scam his customers, read the topic of this thread: https://bitcointalk.org/index.php?topic=956738.0

[btc-facebook]

Defunct cryptocurrency exchange BTER claims it doesn't have enough funds to reimburse all its users, following an alleged seven-figure hack.

The Chinese exchange closed earlier this week, issuing a statement via its website that 7,170 BTC had disappeared from its offline wallet – around $1.75m at press time.

Speaking to CoinDesk, a BTER spokesperson claimed CNY and USD withdrawals would resume within a week. However, the company said it is still exploring different options to make all its customers whole, including selling the platform.

Will they get into jail for not paying back to customer ?

Well that sucks, hardly used BTER and after all these hacks I'm just going to stick with well known exchanges (not that it guarantees they wont 'get hacked')

I still save my most altcoin on POLONIEX & Bittrex

[pawel7777]

Will they get into jail for not paying back to customer ?

No idea how the Chinese law works in such matters. I reckon there will be some Chinese users who will report them for fraud. I'm guessing if authorities believe the hack was genuine, they might get away with it.

[admissions]

i did not use this but its incedible how much this is happening and its the only down fall that bitcoin has at the moment.

[ranochigo]

A cold storage shouldn't be hacked so easily. I highly suspect that it is a inside job. For a cold storage to be hacked, the RNG must first be compromised. If the RNG is indeed compromised, it implies that the exchange hasn't verified the source code themselves and risk customer's funds.

[keyscore44]

i did not use this but its incedible how much this is happening and its the only down fall that bitcoin has at the moment.

Fairly sure it's only temporary. Apart from the inside jobs it wouldn't be surprising if some of these hacks were by a certain 3-letter agency to disrupt bitcoin's adoption?

[feryjhie]

http://www.coindesk.com/bter-unable-to-repay-customers-following-alleged-exchange-heist/

Defunct cryptocurrency exchange BTER claims it doesn't have enough funds to reimburse all its users, following an alleged seven-figure hack.

The Chinese exchange closed earlier this week, issuing a statement via its website that 7,170 BTC had disappeared from its offline wallet – around $1.75m at press time.

Speaking to CoinDesk, a BTER spokesperson claimed CNY and USD withdrawals would resume within a week. However, the company said it is still exploring different options to make all its customers whole, including selling the platform.

Any buyers?

it really sad for all customer that save btc in the website

[unamis76]

Most probably no buyers. And that cold storage... Looks like the ice on that storage has been melting, not that cold after all.

Also, they apparently started allowing CNY, USD and NXT withdrawals, let's see how this goes.

[enryk]

BTER is back now. I see no message regarding it on the site. What happens , when people log in to the site. Can they withdraw their funds ?

[unamis76]

BTER is back now. I see no message regarding it on the site. What happens , when people log in to the site. Can they withdraw their funds ?

As they said on their twitter feed, they're working on withdrawals, starting with CNY, USD and NXT

https://twitter.com/btercom/status/568944687257530368

[readysalted89]

BTER is back now. I see no message regarding it on the site. What happens , when people log in to the site. Can they withdraw their funds ?

As they said on their twitter feed, they're working on withdrawals, starting with CNY, USD and NXT

https://twitter.com/btercom/status/568944687257530368

Thanks, Yeah saw their tweet right after posting this. Best to get your coins out of there

I tried withdrawing NXT but you can't withdraw them yet. You get a message saying "NXT withdrawal is disabled" when you try. The balances page only shows USD, CNY, and NXT and it looks like they will be the first withdrawals available as it says on twitter..

[bitcoinmar]

I believe like Mintpal Bter is also not paying any one we all lost money and Bter team enjoying new year celebrations  

[calme]

Hope you're happy to see your hard-earned USD/Euro/CNY going toward ppl enjoying quality western wine along with some tiger penis and shark fin soup!

[deepestfear]

buyer if the news leads to a price decline, doubt it though

[uvt9]

a bit off-topic question: did Mintpal repay all their customer's fund ?