Another exchange goes bust. Bitcurrex loses ~2300 BTC - page 2.

mogrith

legendary

Activity: 1470

Merit: 1001

Use Coinbase Account almosanywhere with Shift card

Try bitsquare. not an exchange exactly more of a list of bid ask and multisig secure escrow.

No central server so no one can hack and take coins or inside person to steal coins.

Coins or fiat are only moved when both sides have proven themselves

Quote

That’s where Bitsquare comes in. https://bitsquare.io

We have developed a solution which is based on pure P2P infrastructure. While the transfer of national currency requires the involvement of traditional payment channels like banks or payment processors, we are not dependent on any particular one. Their role is limited to what it should be: They transfer national currency. No power of censoring, confiscating, monitoring or controlling your financial interaction.

croutonhexagon

full member

Activity: 238

Merit: 100

This type of news awaken fear in me because I had invested $200 in trading cum exchange site and I think this will not happen with me but if it happens then I might to have forget about getting back my money. And if i loss my 200$ then i will be never able to recover that amount and my financial life will ruin

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Another day, another bitcoin exchange being “hacked” I’m starting to worry but not about the hacks but about the fact that I am no longer surprised by this and by the fact that I no longer get worried about it.

Shiroslullaby

sr. member

Activity: 434

Merit: 250

If this took place on the 13th of October, they only mentioned it within the last few days?
That seems very suspicious.
Like a Ponzi scheme that ran out of funds when people tried to make withdraws after they ran away with the loot.

eternalgloom

legendary

Activity: 1792

Merit: 1283

Quote from: JeffBrad12 on October 28, 2016, 12:28:27 AM

Quote from: bigfryguy on October 27, 2016, 11:20:53 PM

It is time for decentralized exchanges to take the forefront..... the whole exchange scam has become such a load of rubbish.

Not enough demand in the decentralized exchange site are made the people are not interested with it, they just think about how to gain money and money not careful about the security of the system, please correct me if I'm wrong.

There already is an open source decentralized exchange, check out https://bitsquare.io/
Plus, I don't think there has to be specific demand for this, the functionality should be the same as any other exchange, so all it needs it promotion by word of mouth and people making money on it.

And it's strange that Bitcurrex kept this hidden for so long, just makes everything seem all the more suspicious.
Luckily it's just a small exchange, but still bad publicity for Bitcoin.

I personally just hope this never happens with Poloniex, it's the only exchange I use and even then, I don't keep a lot of funds on it.
But I can imagine that professional traders often don't really have a choice and just have to hold a lot of funds on exchanges.

mastica

hero member

Activity: 938

Merit: 500

Never see anything about those exchange and looks like it werent a legal or recognized exchange, soo they should were brand new into the business, and 2300 bitcoins went away, coins enought for the most retire, this is getting more popular, looks like hackers do wanna steall all the bitcoins wow.

Sniper44

hero member

Activity: 714

Merit: 501

Quote from: pawel7777 on October 27, 2016, 04:57:31 PM

http://www.razor-forex.com/2016/10/polish-exchange-bitcurex-looses-2300.html

The hack (?) took place on 13 October, they blame 3rd party interference in their data systems, in their statement they don't use term 'hack' or 'theft' but 'damage to the IT systems'.

Site is down with vague statement and some service opt out/refund request form https://bitcurex.com/ (in Polish)

Their official btctalk thread: https://bitcointalksearch.org/topic/bitcurexcom-new-official-thread-792350

just another exchange to add to the list of scammers who was either the robbers themselves or were to incompetent to secure their own platform and prevent the robbery in the first place.

xdrpx

hero member

Activity: 616

Merit: 603

It's bad that it's the 2nd time that they were hacked and this time they've lost a lot more. Blaming third-party applications is not the way to go, it would have been better if they had heavily invested in securing their platform and informed their users via newsletters to not store their Bitcoins or altcoins on the exchange. This would encourage users to safely withdraw their funds as soon as they've placed an exchange. I'm sure those locked in the process of exchange would be less under the users control, and they may be the unlucky ones.

European Central Bank

legendary

Activity: 1288

Merit: 1087

sad that it has to happen. i dunno if this means exchanges will consolidate into bulletproof ones or whether that leaves the exchanges standing even juicier targets.

i hope they're taking their opsec ever more seriously.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

Quote from: bigfryguy on October 27, 2016, 11:20:53 PM

It is time for decentralized exchanges to take the forefront..... the whole exchange scam has become such a load of rubbish.

yes this should be done immediately. we should immediately implement a system to maintain the strength of bitcoin wallet. today will grow back those people who are worried save their money in bitcoin. This is something that should be rectified as soon as possible.

BitHodler

legendary

Activity: 1526

Merit: 1179

People saying it's better to keep all their coins off the exchanges are definitely right, but when people are doing their trading, the coins have to stay there for a while as long as people aren't done trading.

In that aspect it's very difficult to blame people for storing coins on an exchange while it's not really storing that they do as their only purpose is to trade with them.

That's assuming people will cash out their coins back to their wallet as soon as they are done trading.

If people after their completed trading sessions still keep their coins on that exchange, then it's of course their fault as you should directly cash out everything.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Another proof that it isn't wise to keep your coins on exchangers. They are simply vulnerable and very attractive for hackers no matter to all precausion measures. If there are any.
This is a lot of money it was stolen, I don't know how will they reimburse the users.

davis196

hero member

Activity: 3206

Merit: 940

Quote from: pawel7777 on October 27, 2016, 04:57:31 PM

http://www.razor-forex.com/2016/10/polish-exchange-bitcurex-looses-2300.html

The hack (?) took place on 13 October, they blame 3rd party interference in their data systems, in their statement they don't use term 'hack' or 'theft' but 'damage to the IT systems'.

Site is down with vague statement and some service opt out/refund request form https://bitcurex.com/ (in Polish)

Their official btctalk thread: https://bitcointalksearch.org/topic/bitcurexcom-new-official-thread-792350

This is bad news,if it`s true.

This isn`t a major bitcoin player, so it won`t affect btc price that much,i guess.

CoinBreader

hero member

Activity: 672

Merit: 500

And even after that "accident" the btc price is rising... everything is well organized ! lol

mindrust

legendary

Activity: 3276

Merit: 2442

2300btc is nearly 1.400.000$. That's not going to move the charts suddenly. We may expect a slow dump session but it will get recovered easily and those 1.4m$ will just melt away.

I hope they didn't have many users btw.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: Daffadile on October 27, 2016, 05:44:06 PM

I have never heard of them. How will the refund anyone ? They can't. This seems to be a thing going around where exchanges suddenly lose a whole lot of volume. Makes you wonder if it's on purpose or not.

Anyway an interesting read none the less.

Yep, u never know for sure.
Anyway its sad when any exchange go bust, always innocent people hurt :/

1Referee

legendary

Activity: 2170

Merit: 1427

As long as these exchanges are operated by incompetent amateurs, we will see many more exchanges go down in the coming years.

These two problems form a significant factor as to why exchanges go down;

# In case of a hack - As stated before, incompetent amateurs with no real experience in programming run exchanges like it's just a hobby thing. They try to save on costs by "trying" to fix certain weak spots of their exchanges themselves, instead of investing money in hiring capable programmers to do it for them. This is mostly the case with the smaller exchanges.

# In case of an inside job - Once again, incompetent amateurs aren't able to deal with large amounts of money and coins (2300BTC definitely fits in that category). It's very easy to blame the loss of that many coins to a hack where the semi-anonymity of Bitcoin is offering them enough time and options to think out a solid plan.

In both cases it's the fault of the exchange.

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

Quote from: pawel7777 on October 27, 2016, 04:57:31 PM

http://www.razor-forex.com/2016/10/polish-exchange-bitcurex-looses-2300.html

The hack (?) took place on 13 October, they blame 3rd party interference in their data systems, in their statement they don't use term 'hack' or 'theft' but 'damage to the IT systems'.

Site is down with vague statement and some service opt out/refund request form https://bitcurex.com/ (in Polish)

Their official btctalk thread: https://bitcointalksearch.org/topic/bitcurexcom-new-official-thread-792350

So, they blame 3rd party interference who damage their IT system? I think they just say that they can't manage their own IT system and had to trust 3rd party.
It means they either recruit bad 3rd party or it's just another inside job which can explain why this happened.

pawel7777

legendary

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Merit: 1561

Quote from: shinratensei_ on October 27, 2016, 09:20:33 PM

What is this with the total of 2,3k btc and why are not get listed in the exchange volume list? I guess are this a local exchange? what the hell about the fuckin trying for making new scenarios. This is my first time heard about the picture exchange.

It's a Polish exchange, one of the oldest. It's not showing on coinmarketcap (if that's what you meant) as they halted trading.

Quote from: ObscureBean on October 28, 2016, 12:48:18 AM

...
Ikr, and the thing is they got hacked not once but twice and yet people are still using their services Huh

I mean it's not possible to be 100% certain they did it but surely after the first hack, people would be less trusting right?? ok fine forget and forgive.. but then a second hack and people are still happy to trust them with their money ?? Imagine they really did it, it's like sitting on a gold mine Cheesy

Yup, Bitcurrex was hacked back in March 2014. I would risk a guess that people could actually be more trusting towards the exchanges that were hacked but managed to recover.

We are slowly running out of exchanges with clear record of never being hacked.

Anyhow, I've read that the owners of Bitcurrex are already under investigation after complaints were filed by users.

Tyrantt

hero member

Activity: 1022

Merit: 564

Need some spare btc for a new PC

That's one thing that scares me with all this cryptocurrency world, online businesses are a lot more vulnerable to attacks and theft, unlike physical banks.

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