This whole entire situation is just ridiculous. Coinex gets all of their coins stolen for a second time and people are mostly responding things like, "Thanks for the update" and "I love you Erundook, you're such an honest and sexy man" The fact Coinex have lost everyone's coins once, let alone twice should be enough of a warning that the exchange was being run by people more concerned with pocketing the profits off of transactions than they were concerned with paying someone else to audit their site.
And then there is the alarming admission by Erundook in the first few pages of this thread that Coinex have silently covered several losses on the site, presumably because of being hacked and failed to tell their own users the hacks took place. Does that sound like an exchange run by an honest guy?
The fact Erundook tried to erase himself from the Internet in a fit of panic also says a lot about his character. Why should people trust a word Vitaly says when his actions seem to indicate someone who is afraid to tell the truth.
Then a further admission they're working out how to cover all of the losses on the site, then asking people to buy Crypto stock which is the equivalent of saying, "Hey, we lost all of your coins, can you please help us buy spending more of your money so we can refund everyone the lost coins" — this is alarm bell #15.
The fact Erundook in the space of 1 month had a trade volume of over 150BTC on Localbitcoins is another alarm bell. He proclaims this is BTC he bought from fees collected and maybe he's telling the truth, that's a high trading volume for someone who had an account for one month, isn't it? The fact he created this account one month prior to the site being "hacked" also sets off more alarm bells.
And then you start talking of insurance for Bitcoin exchanges. How does that help the countless people who have lost real money on your exchange? Insurance can't help you after the fact and you know this. What happens when your grand schema Bitcoin insurer gets hacked and their Bitcoins are stolen as well? Who insures the insurer?
And to the people who seem to be okay with the stalling and lies, lack of action or explanation, you're making the situation worse. Money has been seemingly lost here and no matter who's fault it is, it is not okay. Saying things like, "Oh, thanks for the update", "Looking forward to seeing the exchange come back", "We trust you"
Coinex is not coming back. Some people if they're lucky might get their coins back and we all know if losses are covered, Bitcoin, Litecoin and maybe Dogecoin might be the only ones covered. Logistically, Erundook won't be able to recoup all lost cryptos.
Oh, and in case you're wondering Vitaly, I was the person who wrote the blog post that outed your public details of which you called FUD: http://ilikekillnerds.com/2014/03/looks-like-coinex-pw-might-have-been-hacked/ — in a sign of good faith and trust, I hid all of the details I found on you including a full-length photo you took of yourself I found.
Some questions you've failed to answer:
1. What coins were stolen? Was it just Bitcoin, or were all coins stolen?
2. What kind of security did you have in place to prevent this?
3. Why were all coins sitting in hot wallets?
4. How was the site hacked? you don't need to reveal detailed specifics, but simply saying it was an attack is not good enough. SQL injection, server compromise, phishing email, rogue employee?
5. How were all coins stolen so quickly?
6. If Crypto Stocks fail to bring in the required funds to cover the losses, what is the plan? Where is the money coming from to cover the losses?
I don't like the fact I had to go digging up details about your identity or anything of the sort, but you've failed to keep people updated, you've done very dishonest things and all you keep doing is stalling. All I did was give people piece of mind that you couldn't escape so easily, and if it weren't for my blog post, I fear you would have tried doing a runner.
If you do not release a plan this week like you promised, as I promised, I will permanently reinstate the details of the blog post. And this isn't a threat, it's delivering on a promise I made. "Next week" is slowing coming to a close and if there is no resolution or just another excuse, you can suffer whatever consequences may come your way.
And then there is the alarming admission by Erundook in the first few pages of this thread that Coinex have silently covered several losses on the site, presumably because of being hacked and failed to tell their own users the hacks took place. Does that sound like an exchange run by an honest guy?
The fact Erundook tried to erase himself from the Internet in a fit of panic also says a lot about his character. Why should people trust a word Vitaly says when his actions seem to indicate someone who is afraid to tell the truth.
Then a further admission they're working out how to cover all of the losses on the site, then asking people to buy Crypto stock which is the equivalent of saying, "Hey, we lost all of your coins, can you please help us buy spending more of your money so we can refund everyone the lost coins" — this is alarm bell #15.
The fact Erundook in the space of 1 month had a trade volume of over 150BTC on Localbitcoins is another alarm bell. He proclaims this is BTC he bought from fees collected and maybe he's telling the truth, that's a high trading volume for someone who had an account for one month, isn't it? The fact he created this account one month prior to the site being "hacked" also sets off more alarm bells.
And then you start talking of insurance for Bitcoin exchanges. How does that help the countless people who have lost real money on your exchange? Insurance can't help you after the fact and you know this. What happens when your grand schema Bitcoin insurer gets hacked and their Bitcoins are stolen as well? Who insures the insurer?
And to the people who seem to be okay with the stalling and lies, lack of action or explanation, you're making the situation worse. Money has been seemingly lost here and no matter who's fault it is, it is not okay. Saying things like, "Oh, thanks for the update", "Looking forward to seeing the exchange come back", "We trust you"
Coinex is not coming back. Some people if they're lucky might get their coins back and we all know if losses are covered, Bitcoin, Litecoin and maybe Dogecoin might be the only ones covered. Logistically, Erundook won't be able to recoup all lost cryptos.
Oh, and in case you're wondering Vitaly, I was the person who wrote the blog post that outed your public details of which you called FUD: http://ilikekillnerds.com/2014/03/looks-like-coinex-pw-might-have-been-hacked/ — in a sign of good faith and trust, I hid all of the details I found on you including a full-length photo you took of yourself I found.
Some questions you've failed to answer:
1. What coins were stolen? Was it just Bitcoin, or were all coins stolen?
2. What kind of security did you have in place to prevent this?
3. Why were all coins sitting in hot wallets?
4. How was the site hacked? you don't need to reveal detailed specifics, but simply saying it was an attack is not good enough. SQL injection, server compromise, phishing email, rogue employee?
5. How were all coins stolen so quickly?
6. If Crypto Stocks fail to bring in the required funds to cover the losses, what is the plan? Where is the money coming from to cover the losses?
I don't like the fact I had to go digging up details about your identity or anything of the sort, but you've failed to keep people updated, you've done very dishonest things and all you keep doing is stalling. All I did was give people piece of mind that you couldn't escape so easily, and if it weren't for my blog post, I fear you would have tried doing a runner.
If you do not release a plan this week like you promised, as I promised, I will permanently reinstate the details of the blog post. And this isn't a threat, it's delivering on a promise I made. "Next week" is slowing coming to a close and if there is no resolution or just another excuse, you can suffer whatever consequences may come your way.
Pretty much sums this thread up in a nutshell.
I'm convinced they'll never re-open or refund coins as promised.
I fully expect another twitter update at 11:59pm on Saturday evening stating 'we are sorry but we underestimated the full scope of the situation and measures that need to take place. Thus we will need more time. Carry on buying our stock and don't panic.'
Vitaly's details are out there and people will find him eventually. You can erase your public details as much as you want, but once posted on the internet, it's part of history and people will re-discover it eventually. So hope he has a great escape plan should this go down as everyone pretty much sees it will.
