Topic: Bitcoin-24.com matching engine seems broken, site down. - page 17. (Read 64416 times)

I don't think the german authority has any jurisdiction over an english company... Let alone jurisdiction over the bank account in poland of an english company. IF the germans had any issues with money laundering they should have contacted the English authorities.

Yes!
It seems, if we want help, we should find the reason about the action of the German government! And how to solve...

In the German forum Simon was wondering last year, why mtgox wants that customers do verification.
btc24EUR had 33,113,295.34 Trade Volume in last 30 days!
http://bitcoincharts.com/markets/btc24EUR_trades.html

The German government sure, wants to know something about, if there is money laundering...

didn't know he run on donations. He could have advertized that more maybe.
Used the "same day" transfers , so he got share that way. Also am willing to lose another percent or so from my 5k if that's what it takes.

I don't understand these "eek I'm afraid I will not see my money again" comments.Please stop it. It's annoying and pathetic.
Some people give up surprisingly easily it seems.

It seems to be a big problem for Simon to make his businesses legal!
In Germany you can't do financial service (businesses ) without  authorisation from Bafin (Federal Financial Supervisory Authority) http://www.bafin.de/EN/Homepage/homepage_node.html

I guess, our money will not get lost, but I doubt that Simon will solve the legal issues quick! Simon seems to be a good guy, but he is also very young and naive (https://bitcointalksearch.org/topic/bitcoin-und-die-banken-98434) in that kind of businesses and laws!
The problem is not about matching engine I guess...

my coins are still on a deposit address too  (didn't have the opportunity to trade on btc24) 
I think we will be the first to get our bitcoins back

I'm not worried that our money will be forever trapped in a bank account. Surely that will be solved. I'm worried about our bitcoin deposits because the trading bug might've generated enough losses for the website so that Simon won't be able to cover them from his own pocket. I also see no updates on the steps he took to fix the trading engine. If the website opens again, I will gladly keep using it as long as the bug would be fixed.

@bitbadger

I think the incorrect trades that occured have all been successfully rolled back a long time ago. It's not that hard if he was keeping an appropiate log which it seems he was doing.

This is pretty much what I suspected.

It doesn't mean any euro deposits are lost from the bank accounts, it should all be safe.

But the questions that remain are

1. How long will the deposits remain inaccessible?

2. When will the exchange come back online?   Partly this depends on 1.

and

3.  What about the incorrect trades that occurred?

 

It doesn't sound good. When it was a trading engine problem only, I was confident. Because it is now a legal issue with the banks I am afraid our money is going to be lost :S Of course, who is the beneficiary in this? Banks... they will run away with our money!

i checked my deposit adress.

my last desposit 04/11 evening is still there. earlier deposits where moved to 1AnixjBYxpTzAmfSa8kRdBiUaSGV2e9d26
this is the cold wallet right?

i think the whole trade engine mess ist not the big problem. maybe simon did not loose any cent because the hot wallet is empty most of the time and i guess he noticed the mess before he refunded it.
i am more worried about the blocked account. it might take a long time if there was need that lawyers are involved. and i start to think about how to actually withdraw fiat money (never did that before). as i read in this thread started by simon, there were several incidents in the past with closed accounts. also they state, some customer accounts where closed by their banks after ther withdrew money from some exchange...

https://bitcointalksearch.org/topic/bitcoin-und-die-banken-98434
(german)

anyone here ever had problems with their bank after a fiat money withdrawal?

I can confirm the btc are still on my deposit address.

Let's quote it here, just in case:


Source:
http://www.reddit.com/r/Bitcoin/comments/1c7utl/bitcoin24com_the_polish_authority_closed_your_our/c9evqfb

This!

So don't only check BTC-24 coldwallet, also check your deposit addresses! There are tons of BTC still sitting there....!!

Mine are still in my deposit address....

In his latest Reddit post.

My money is still sitting at the deposit address - so it hasn't been spent, this is good. On the other hand, I still haven't received a reply for my e-mail, though I think he must be overloaded with e-mails right now.

But reading the above, I'm getting worried. Several exchange sites experienced several problems so far, but AFAIK it never ever happened that a site had lost its clients' money! There are so many sites I could have moved on to from Mt.Gox and I had to choose this?! That money is more than I ever had in my life at once (despite it's not a horrible amount, actually)!

I want my money back! Seriously!

Even though I said what I said in my previous post, I think after ~2-3 days after the incident, the time has really arrived for some proper communication. At least, he must see the panic, he should really jump in to give an explanation or provide a way for refunds. It frustrates me that I have no control over my money, and it's even more frustrating that probably I won't have ever again.



Where?

TAiS46 said "ETA will be given tomorrow!".

bitcoin.de forum has more info https://forum.bitcoin.de/boersen-handelsplaetze/632-ist-mit-bitcoin-24-los-4.html#post3496


Lol angry mob of germans after him in meatspace

I remember people in bitcoin-24 website chat were complaining about extremely long delays with bitcoin withdrawals, up to 12h. Maybe larger amounts were manually checked to make sure they were not a result of the trading bug? When my SEPA deposit was finally credited, I just bought the bitcoins and withdrew them and the transfer was on the network within 15mins or so, at the same time someone was complaining about a half a day delay with his btc withdrawal. That would mean that maybe the loss caused by the trading system is actually limited, but since the website was pretty much profitless, might be just enough for the website owner to not be able to cover it.

It is possible that only very little funds have actually been taken off btc24.  They all seem to be stuck

boys boys, is anyone in contact with MTGOX and the other exchanges? they should know about this.
I mean, really,
the "panic" selling 3 days ago, may very well just been due to this,
See:
People make funny money on bitcoin-24, then started transfered to mtgox or other exchanges
 some cashed out for $ but others "see the ones doing the pump and dump" just pumped the price until the crash
rinse, repeat, until btcoin-24 hot wallet was out of coins.


Or i was the only one at 180Eur doing arbitrage with the exchanges, buy gox 180 sell bitcoin-central 190... etc?
and i didn't know anything about the bug, i just knew: damn prices are higher in European exchanges.

How many people saw that video? And how many people knew it before! you don't need to be a hacker to use this to "steal"

Now, i never transferred money there, just 0.5 btc, it thought it was fishy that they didn't have trading fees, this is not good,
it's impossible, any real forex always has a margin even small but some, and it protects against any rounding error.

Another indication, his VouchX was ALWAYS empty in the last week! so people, So i knew there was some kind of huge arbitrage going on.
when was the last time anyone did a "real" sepa order and transfered money out?

Now if i had money there i will be concerned if he can really roll back everything. i guess he will try to honor the monies of the people that make deposits
you can say bye bye to your coins there. Since he didn't have trading fee he has no assets! And be sure people siphoned money out of there via vouchx and btc.

That's why he have to contact big exchanges and ask them to freeze accounts of people that used the bug to siphoned btc out changed for money and is at their withdrawal limits!