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Author Topic: BTC-e Hacked by Russians!! Price hits $60/BTC!!!  (Read 3333 times)
mc_lovin
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July 31, 2012, 02:09:42 AM
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You guys watching this right now?  EPIC.

btc-e.com

edit: locking my thread, there's others like it.

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mc_lovin
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July 31, 2012, 02:11:41 AM
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terrytibbs
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July 31, 2012, 02:12:27 AM
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YEAH LET'S MAKE ANOTHER THREAD

EDIT: IN THE CURRENCY EXCHANGE SECTION
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July 31, 2012, 02:16:03 AM
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YEAH LET'S MAKE ANOTHER THREAD

EDIT: IN THE CURRENCY EXCHANGE SECTION
Isn't it.. a currency exchange?

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July 31, 2012, 02:24:04 AM
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The categories on bitcointalk make no sense.. I post about a Currency Exchange in Currency Exchange and get moved to Service Discussion, when the discussion on this currency exchange service is taking place in speculation?

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July 31, 2012, 02:31:37 AM
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The categories on bitcointalk make no sense.. I post about a Currency Exchange in Currency Exchange and get moved to Service Discussion, when the discussion on this currency exchange service is taking place in speculation?
Discussion about BTC-E takes place in the general marketplace section, which is perfectly valid: https://bitcointalk.org/index.php?topic=40889.0
The thread in speculation is about the recent huge buy/hack/whatchamacallit.
This section is for actual OTC trading, not layman speculation.
mc_lovin
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July 31, 2012, 02:33:28 AM
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The categories on bitcointalk make no sense.. I post about a Currency Exchange in Currency Exchange and get moved to Service Discussion, when the discussion on this currency exchange service is taking place in speculation?
Discussion about BTC-E takes place in the general marketplace section, which is perfectly valid: https://bitcointalk.org/index.php?topic=40889.0
The thread in speculation is about the recent huge buy/hack/whatchamacallit.
This section is for actual OTC trading, not layman speculation.

The Service Discussion section is for OTC trading?

unclemantis
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July 31, 2012, 02:35:08 AM
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Bwaa ha ha ha! BTC-E is going DOWN BITCHES!

I knew it wouldn't last!

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terrytibbs
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July 31, 2012, 02:35:40 AM
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The categories on bitcointalk make no sense.. I post about a Currency Exchange in Currency Exchange and get moved to Service Discussion, when the discussion on this currency exchange service is taking place in speculation?
Discussion about BTC-E takes place in the general marketplace section, which is perfectly valid: https://bitcointalk.org/index.php?topic=40889.0
The thread in speculation is about the recent huge buy/hack/whatchamacallit.
This section is for actual OTC trading, not layman speculation.

The Service Discussion section is for OTC trading?
Sorry, I meant Currency Exchange. Somehow I disregarded the fact that the thread was moved when making that post. You get my point, though.
mc_lovin
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July 31, 2012, 02:39:45 AM
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The categories on bitcointalk make no sense.. I post about a Currency Exchange in Currency Exchange and get moved to Service Discussion, when the discussion on this currency exchange service is taking place in speculation?
Discussion about BTC-E takes place in the general marketplace section, which is perfectly valid: https://bitcointalk.org/index.php?topic=40889.0
The thread in speculation is about the recent huge buy/hack/whatchamacallit.
This section is for actual OTC trading, not layman speculation.

The Service Discussion section is for OTC trading?
Sorry, I meant Currency Exchange. Somehow I disregarded the fact that the thread was moved when making that post. You get my point, though.

I totally get your point, I was just being a smartass Wink

AndyRossy
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July 31, 2012, 03:45:55 AM
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A block with 94k BTC of trades just after the hack 191622, gut feeling the money's gone AWOL.
casascius
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July 31, 2012, 04:02:08 AM
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When Gox got hacked in June 2011, the media frequently reported as fact that the value of BTC's dropped to a penny.

What will happen when the media reports as a matter of fact that the value of BTC's just eclipsed their all-time high?  That alone will make a lot of people say "holy shit" and take a double-take, even if it's total bullshit.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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July 31, 2012, 04:07:03 AM
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When Gox got hacked in June 2011, the media frequently reported as fact that the value of BTC's dropped to a penny.

What will happen when the media reports as a matter of fact that the value of BTC's just eclipsed their all-time high?  That alone will make a lot of people say "holy shit" and take a double-take, even if it's total bullshit.

If Bitcoin had a PR department you could spin this as "USD suffer a massive hack today* and in the flight to safety Bitcoin spiked to an all time high.  Bitcoin the new reserve currency for the world's reserve currency?"

* Technically the hackers actions could be best described as counterfeiting USD dollars.  Those counterfeit USD were then used to buy BTC.

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July 31, 2012, 04:17:37 AM
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* Technically the hackers actions could be best described as counterfeiting USD dollars.  Those counterfeit USD were then used to buy BTC.

This argument is a good one for getting LE involved in the US... but I doubt you can make the theft=counterfeiting argument successfully enough in this case.

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
DeathAndTaxes
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July 31, 2012, 04:19:36 AM
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They didn't steal any USD.  They added fake USD to their account and used that to purchase goods (BTC) leaving the victims stuck with counterfeit USD.  

I agree the Secret Service likely won't investigate it because a) nobody will ask them to and b) the exchange in is another country.

Gerald Davis  CEO, Tangible Cryptography Inc.
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July 31, 2012, 04:27:02 AM
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I didn't realize that everyone's USD account balances were untouched... interesting. Are you aware of any case law relating to exploiting electronic representations of dollars elsewhere? I'd be interested... I think such things would probably have bearing on the eventual regulation of exchanges.

-bgc

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
DeathAndTaxes
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July 31, 2012, 04:40:31 AM
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I didn't realize that everyone's USD account balances were untouched... interesting. Are you aware of any case law relating to exploiting electronic representations of dollars elsewhere? I'd be interested... I think such things would probably have bearing on the eventual regulation of exchanges.

No idea but I am sure someone somewhere has falsified their USD balance on a brokerage account, or other non bank financial entity (like PayPal).  My guess is that despite these not being banks the Secret Service would investigate.  That would be your precedent.  Maybe some lawyer type can find something. 

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mobile4ever
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July 31, 2012, 04:52:07 AM
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No idea but I am sure someone somewhere has falsified their USD balance on a brokerage account, or other non bank financial entity (like PayPal).  My guess is that despite these not being banks the Secret Service would investigate.  That would be your precedent.  Maybe some lawyer type can find something. 


I am going to guess stolen credit cards.
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July 31, 2012, 04:57:19 AM
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I didn't realize that everyone's USD account balances were untouched... interesting. Are you aware of any case law relating to exploiting electronic representations of dollars elsewhere? I'd be interested... I think such things would probably have bearing on the eventual regulation of exchanges.

No idea but I am sure someone somewhere has falsified their USD balance on a brokerage account, or other non bank financial entity (like PayPal).  My guess is that despite these not being banks the Secret Service would investigate.  That would be your precedent.  Maybe some lawyer type can find something. 

At least for this recent case of fraud: http://www.arabnews.com/prosecutor-iowa-based-ceo-carried-out-200m-fraud, the FBI investigated and it was viewed as embezzlement/fraud not counterfeiting. Here it was an insider, I'm curious how an external attacker's actions would be prosecuted.

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
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July 31, 2012, 05:08:16 AM
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I believe the U.S. Secret Service only gets involved when the physical paper currencies are involved. So say, someone is printing counterfeit Greenbacks in their basement, stuffing them into envelopes and mailing them out to purchase bitcoins from unsuspecting forum users.

Eventually, those counterfeits will provide the agents a nice collection of fingerprints and DNA to start busting down doors.

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