Unlikely to be a suprise to anyone but BTER has appears to have chosen to be a full scam now with a plan to legitimize the theft of BTC owed to their users. They admit they are unable to cover their losses from being hacked 2 years and will issue worthless BTRX tokens in their exchange like bitfinex did to try to bail themselves out. They will not even credit users tokens to the current value of BTC, instead using the value of BTC at the time of the hack which is alot less and complete insult after depriving their users of their BTC for over 2 years now.
BTC-B’ Reimbursement and Buyback Plan
2017-03-26 14:50:36 Author: BTER Category: Tags:BTC,ETH，DASH,ETC,LTC
7170 BTC was hacked from Bter on Feb 14 2015 (
https://blockchain.info/tx/f5b0363f03e1ed8bb812c135361ea93590c831ce9f13a3750be1b93575baccc6) and we probed and tracked the stolen BTC flowing into a dark network BitcoinFog. A reward of 700 BTC was offered for recovery the stolen BTC and the bounty is still valid today.
In March, 2015, when Bter re-opened, the stolen BTC was recorded as BTC-B in affected users’ accounts; Bter began to reimburse and have repaid 10% of the stolen BTC.
However, as BTC’s price surges, Bter cannot afford to repay the BTC_B.
To continue the reimbursement and allow the affected users to receive their assets sooner, Bter has consulted lawyers and decided to start a new reimbursement plan referring to that of BitFinex- which was stolen of 120, 000 BTC in 2016 and has solved the problem satisfactorily.
The new reimbursement plan is as follows:
1) BTC-B in the affected users’ accounts is converted to BTRX tokens at the price of BTC in CNY when it was stolen
2) Open BTRX market so that users can exchange BTRX freely.
3) Bter will buy back BTRX monthly at the price of 1CNY/BTRX
4) BTRX holders receive 10% of Bter’s profit every month (Profit is distributed in CNY )
Bter will release the details of buyback every month and complete the buyback as soon as possible
The BTRX trade is going to open a week later, that is April 2, 2017.
Once the stolen BTC is recovered, Bter will repay immediately.
We are appreciated if any analyst or expert in Blockchain technology is going to work with us to recover the stolen asset.
Thank you for your understanding and support
Bter
March 26, 2017
They are also in bed with the QTUM scam, another grab for money by the scammer now known as "Patrick Dai" who they also helped scam with Bitbay ICO -
Patrick Dai, the founder of Qtum, has admitted to using another name and running another cryptocurrency before Qtum. He left the currency after it faced controversy involving himself and did not reveal his past to potential investors. He admitted to his past after being confronted with irrefutable evidence.
