[2017-08-04] Australian Trader Loses $430K at BTC-e: Nothing illegal is tied to

pearlmen

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Quote from: joshy23 on August 04, 2017, 11:21:29 PM

This week news.Bitcoin.com spoke with Jack Kingston, a cryptocurrency trader from Melbourne, Australia, who lost $430,000 USD worth of bitcoins at the exchange BTC-e. Mr. Kingston was quite surprised when he tried to log in one day, and the exchange was “under maintenance.” However, the Australian trader was even more astonished to find out the U.S. government painted all of the platform’s users as criminals and took his money.

https://news.bitcoin.com/australian-trader-loses-430k-at-btc-e-nothing-illegal-tied-to-my-funds/

Unfortunately, Mr Jack cannot do anything about the branding rather can he get his money back unless the management of BTC-e keep to their promise of refunding those whose money was trapped or stolen as the case maybe. Although I feel for Mr Jack but he wouldn't have been in this situation if he had learn from the past never to keep all his funds on an exchange sites because of the vulnerability they are exposed to from hackers and government.

richardsNY

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Quote from: Netnox on August 05, 2017, 05:15:01 AM

BTC-e users can't be made to pay for the crimes of someone else, with whom they had no direct connection.

That's always how things go, this isn't only related to the Bitcoin world. I am amongst the people being victimized by the authorities. Major problem/concern is whether or not people have been cashing out the stolen Mtgox coins on a massive scale. If that turns out to be reality, it means that we as users have been used to launder these dirty coins. From there it's pretty easy to assume that the authorities will mark even innocent users as criminals (if they haven't already done that).

Gleb Gamow

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I'm just gonna leave this here: https://www.sunshinecoastdaily.com.au/news/student-an-australian-champ-muay-thai-gladstone/2184105/ Wink

(make sure to color within the lines after you astute readers independly connect the dots)

1Referee

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Quote from: Kemarit on August 05, 2017, 01:21:00 AM

If BTC-e came back and refunded my money, I would continue to use them. I would trade with them after everything they’ve been through for them to be loyal to customers. There’s no reason why I wouldn’t use them.

Oh man, what were you thinking? Are you sure that you will go back to a suspected exchanges that laundered money? You can't be stupid and intelligent at the same time. To be honest, I don't know if the funds could be refunded, if it is then it will took a lot of time before the authorities will release the money.

I was pretty shocked too when I read that. It's mind boggling how stupid certain people can be. If I end up getting anything back from that exchange, I will then never ever make use of it again. I initially made the mistake to deposit large sums of funds on an unlicensed exchange platform, but I definitely won't make the same mistake again.

Quote from: aso118 on August 05, 2017, 03:58:58 AM

Yet another reason why you shouldn't leave money lying at an exchange. If they are competent enough not to get hacked, there is always the risk of the government stepping in to steal your coins.

You're absolutely right, but the thing is that when you're trading (have open orders and such), there is no way you can withdraw everything. Essentially you can, but you would then break through your trading session, and for a profitable trader from that size, that means missing out on thousands of dollars in profits, even if it is just for a few hours. It's definitely a huge loss that he has suffered, but there are people with millions worth of crypto that are now in the same position.

Netnox

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Quote from: Kemarit on August 05, 2017, 01:21:00 AM

Oh man, what were you thinking? Are you sure that you will go back to a suspected exchanges that laundered money? You can't be stupid and intelligent at the same time. To be honest, I don't know if the funds could be refunded, if it is then it will took a lot of time before the authorities will release the money.

Do you believe 100% of what the FBI is saying? I don't trust them even 0.01%. I am not a fan of Alexander Vinnik. If he had any involvement in the Mt Gox robbery, then he should burn in hell. But what is happening to the BTC-e users is something very serious. BTC-e users can't be made to pay for the crimes of someone else, with whom they had no direct connection.

aso118

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★Nitrogensports.eu★

Yet another reason why you shouldn't leave money lying at an exchange. If they are competent enough not to get hacked, there is always the risk of the government stepping in to steal your coins.

illinest

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Quote from: Kemarit on August 05, 2017, 01:21:00 AM

Oh wow. Another sad story born out of the BTC-e drama. That is a very huge amount of money and lose it because BTC-e has a shady owner connection. I just by now we are all aware that funds in an exchange is not safe anymore. Although BTC-e said that they are returning the money by Sept. but I think it would not be very easy.

BTC-e was easy, and that was the only reason why I traded there, and the rest is sort of history man.

I think this what attracts more investors to go with BTC-e. Having a account in there is very easy to begin with very little verification if I'm correct.

If BTC-e came back and refunded my money, I would continue to use them. I would trade with them after everything they’ve been through for them to be loyal to customers. There’s no reason why I wouldn’t use them.

Oh man, what were you thinking? Are you sure that you will go back to a suspected exchanges that laundered money? You can't be stupid and intelligent at the same time. To be honest, I don't know if the funds could be refunded, if it is then it will took a lot of time before the authorities will release the money.

While unlikely, there is some hope that the exchange owners can work out a deal with the US authorities, in exchange for dropped charges and reduced fine. One reason that this may happen is that the US government seemed unable to seize much in the way of funds (or at least they are being very quiet about it). This would allow them to operate (likely, they would have to prohibit US customers), but it is probably contingent on the authorities believing that Vinnik isn't involved in the operation. That seems unlikely given what was written in the indictment.

Kemarit

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Oh wow. Another sad story born out of the BTC-e drama. That is a very huge amount of money and lose it because BTC-e has a shady owner connection. I just by now we are all aware that funds in an exchange is not safe anymore. Although BTC-e said that they are returning the money by Sept. but I think it would not be very easy.

BTC-e was easy, and that was the only reason why I traded there, and the rest is sort of history man.

I think this what attracts more investors to go with BTC-e. Having a account in there is very easy to begin with very little verification if I'm correct.

If BTC-e came back and refunded my money, I would continue to use them. I would trade with them after everything they’ve been through for them to be loyal to customers. There’s no reason why I wouldn’t use them.

Oh man, what were you thinking? Are you sure that you will go back to a suspected exchanges that laundered money? You can't be stupid and intelligent at the same time. To be honest, I don't know if the funds could be refunded, if it is then it will took a lot of time before the authorities will release the money.

joshy23

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This week news.Bitcoin.com spoke with Jack Kingston, a cryptocurrency trader from Melbourne, Australia, who lost $430,000 USD worth of bitcoins at the exchange BTC-e. Mr. Kingston was quite surprised when he tried to log in one day, and the exchange was “under maintenance.” However, the Australian trader was even more astonished to find out the U.S. government painted all of the platform’s users as criminals and took his money.

https://news.bitcoin.com/australian-trader-loses-430k-at-btc-e-nothing-illegal-tied-to-my-funds/

Topic: [2017-08-04] Australian Trader Loses $430K at BTC-e: Nothing illegal is tied to (Read 4965 times)