Topic: [ANN][BETA][EXCHANGE][REALTIME] CoinEX realtime exchange - page 41. (Read 283777 times)

Got all my coins out. I withdrew BTC, MOON and CTM.

You placed it based on information that's nearly two weeks old. That may be okay with you, but the right thing to do would be to wipe out the order books before resuming trading.

My balances also seem right.

Welcome back o7

I had no BTC or LTC on coinex.  All of my Altcoin balances seem to be correct at this time and all of my open orders are still there.

Welcome back and I hope everything works out this time.

What about withdrawls that never processed/got stuck with invalid txid from before the site went down, I have a withdrawl from about 5 days before the site went down that I never got.

They did a good job getting up and running so soon after the hack.

I placed an order, it may get filled, it may stand & wait.  How does that screw me?

THIS is important. Unless He's doing it to catch deposits of those trying to take advantage.

Shouldn't you have wiped the orderbooks though? The people not paying attention or sleeping will get screwed.

Did your withdraws actually work?  All my coins seem to still be here, how exactly was it hacked again? Anyway... I want to get out too I dont like having how much I do on coinEX.   Only way I would trade is sending it before a trade.

I got out!  I have no idea if that's all of it, but I got everything that was showing in the balances!!!!

btw... I'll NEVER GO BACK to that RAT HOLE!!!!!

trading works already

when trading will open?

This is a good sign. Did you mean "Only BTC & LTC withdrawals will work" when you said "Only BTC & LTC withdrawals will work yet"?

CoinEx is online. Only BTC & LTC withdrawals will work yet, rest will come next week.
Please note that we don't have enough funds for *all of you* to withdraw *all of your funds* so please only do so if you really need it.
We have security audit pending with nccgroup.com, will post more details as it goes on.

Thanks for your patience,
- erundook

Noble, but probably pointless. "Yet Another Exchange" will likely get hacked like all other small exchanges unless you have the resources or $ to vigilantly secure it. And then there's the issue of trust: you are just someone else users are forced to trust if they want to publicly trade coins. The banking system works because we are all slaves to it. This is what we're trying to eliminate.
 If you want to do something good, make the crypto world a better place, go out and create a decentralized exchange based on the blockchain technology and free us all of this corruptible dependence. I can't do it because I lack the skills and funds, and in fact I don't know if it can actually be done. But I can guarantee if you did make it work, you would be a hero in the community and greatly rewarded if not only in coins. I believe this is the ultimate solution to these vulnerable exchanges. Until then, bitching at some guy to fix his broken business model is kind of pointless in my mind. As the saying goes, put up or shut up.

Apparently you didn't read the link. "In Canada, the federal government announced that it was going to regulate Bitcoin under its anti-money laundering and counter-terrorist financing legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act." "On 5 December 2013, China Central Bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency." "US Treasury authorities subject Bitcoin to money transmitter regulations, which imposes fairly high regulatory burden on any entity that would envisage, for instance, to operate an ATM for Bitcoin." And that's just a few places where the article actually used the term "regulat[]". (It also includes the US and China, two of the biggest markets for Bitcoin.)


What does "taking on the sole risk and consequences" have to do with whether or not there is regulation?

I obviously do not understand what you think "regulation" means.

You obviously do not understand what "Regulation" means. Every one of those countries has taken an off hand approach to cryptocurrencies. The only regulation they enforce is in regards to their tax laws. They take no responsibility or action towards the risks in the use of cryptocurrencies. The owner is on his/her own when it comes to dealing with cryptocurrencies. The governments only want their taxable liabilities that are due when it is exchanged for real fiat currencies or used as real payment for goods and services.

If the exchange was actually dealing with fiat currencies then they may look into the matter. But even then, you are still taking on the sole risk and consequences in the use of cryptocurrencies.

All the idiots that have been posting that they can't find out anything about where the servers are, to me are now just hacks.  In two minutes on a google search, I got the following info.  Please click the link to see what I found.  http://urlquery.net/report.php?id=1396034094782  Please scroll down towards the bottom to where it says Intrusion Detection Systems and Last 5 reports on domain.  You will see that there has been some intrusions and it looks like that it is ongoing and they are trying to get the hackers out of the site code.  There must be something wrong at the hosting company.  The interesting thing I find, is that the hosted server is in Costa Rica.  Sounds to me like the ones talking crap absolutely don't know what they are talking about.  They didn't do a basic search and only relied on information that can be controlled.  All information can be found out one way or another legally.  Its just a matter of how serious someone looks.  To me, the idiots are just full of themselves and have no idea whats really going on and are trying to control the prices as much as possible.  It almost sounds like the ones dumping on Coinex is the pumpers and dumpers because they lost a forum to do their scams in. 

To Capt and Erundock:  Please provide us some information as to when we can have access to our coins.  Just post something daily even if it is that you are still working on it.  Any communication is better than nothing or having to wait 5 days for you to post something.  If things are going to be delayed, let us know.  This poor communication setup is only hurting your cause more than helping.  What you have done in the past is losing its luster because of the lack of communication from you.  All I ask is you keep us informed.  I actually was pushing all my mining to you guys because I felt safe.  Why not just add Authy to the site?  That will give everyone a 2FFA setup if they choose to take it or not.  If they don't then the loss is on them if you are offering it. 

In the end, some are full of it and others are waiting patiently.  While Coinex is taking its time, I am mining elsewhere and moving my coins to a more secure setup outside of Coinex.  Too bad that information is lacking otherwise I would have held off.

Vircurex did this:
Is a lot more serious, and always could login and trade on the website.




Frozen Funds


Update
We will regularly publish updates here on the number of accounts affected

All in all we have a bit over 90,000 registered users and accounts. Due to the freeze and the subsequent distribution of the available funds, a large number of accounts have been restored to their rightfull account balance, some unfortunately remain frozen for the time being and will over time be released as and when funds become available. Here the number of accounts with a frozen balance:

As of 25. March 2014:
BTC: 355 accounts
LTC: 1,563 accounts
TRC: 77 accounts
FTC: 42 accounts


Announcement

In preparation of the following, we have with immediate effect stopped the possibilities to withdraw BTC, LTC, FTC and TRC. All incoming deposits will also not be credited to the users accounts for the time being.

On 24th March 2014 we will be freezing the current BTC, LTC, TRC and FTC accounts, then perform the below distribution of the available coins and reenable deposits and withdrawals. This action will also require us to delete all open sell orders for BTC, LTC, FTC and TRC.

As you may very well be aware, we had two incidents last year that lead to a loss of a significant number of BTC, LTC, FTC, TRC. We had communicated at that time that we will be covering those losses from our income, which we have done so far. We had enough coin balances in our cold wallet to upkeep our platform and the positive cashflow enabled us to gradually refill the wallets.

Unfortunately we had large fund withdrawals in the last weeks which have lead to a complete depletion of our cold wallet balance and we are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that allows the exchange to continue to operate and gradually pay back the losses.

We have obviously chosen the later and hence are going to do the following:

    1. We will introduce an additional balance type called "Frozen Funds". Funds in this balance type cannot be used to trade or withdraw. Those are the balances that the exchange will gradually pay back and hence transfer back to the available balance over time.
    2. We will move all current balances for BTC, LTC, TRC and FTC to the "Frozen Balance", i.e. your balance will be set to 0.
    3. We'll take the current available cold storage balance and distribute it based on the below described distribution logic.
    4. Monthly we will take the net profit of the exhchange and credit back that amount distributed to the users based on the described distribution logic.


The freezing of the balances is a one-time action, it does not affect future deposits in any ways.

Distribution logic

50% of the amount will be distributed top down and the other 50% will be distributed bottom up.

Top down means: credit the amount from the largest account balance down to the smaller accounts Bottom up: credit the amount from the smallest account balance to the larger accounts.
Example
User 1: 5 BTC
User 2: 4 BTC
User 3: 3 BTC
User 4: 3 BTC
User 5: 3 BTC
User 6: 3 BTC
User 7: 1 BTC

Amount to distribute: 12 BTC:
Step 1: Top down distribute 6 BTC:

    User 1: Credit 5 BTC
    User 2: Credit 1 BTC, remaining frozen balance = 3 BTC


Step 2: Bottom up distribute 6 BTC:

    User 7: Credit 1 BTC
    User 6: Credit 3 BTC
    User 5: Credit 2 BTC, remaining frozen balance = 1 BTC


This approach has the advantages that

    all users will eventually receive their funds, though the timeframe depends on the monthly volume available
    new deposits and users are not penalized, thus supporting the ongoing operations of the platform
    fund withdrawals from the available funds are guaranteed, no surprises or unecessary delays


We believe that this is the best way forward and hope for your support and understanding.