Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds - page 79. (Read 277012 times)

I ve also sent PM.

Of course they were playing the HYIP game, prominently listed on MNO's premium list. Again misleading....

Thanks for posting that. Very useful info so we can monitor. Btc-arbs is doing what I thought he was doing and paying smaller amounts in whole - but people with more significant deposits are getting small amounts. It's obvious the admin is shaking in his boots. Press hard to get your balances back in full everyone - a ton of the admins personal information is circulating. Use it as leverage. When you knowingly play HYIP's you accept a gamble. But btc-arbs members were not "playing a HYIP" - super short run by even HYIP standards of the interest levels being paid.

Yonce, I had invested 0.1BTC and got all of it back.

Once again you prove yourself to be a foul mouthed jerk unable to stay out of something you have no business in.   Just let people recover as much as they can. 

The Whole Story - From BTC-Arbs ADMIN

I am aware that this post may fall upon deaf ears, given the mob mentality that seems to have developed as a fallout from BTC-Arbs, however I am here with the ultimate goal of resolving the issues that currently face everyone involved. Before I get into my future plans I feel it is necessary to share a bit of background information on BTC-Arbs.

Scam Allegations

BTC Arbs was not created to be a scam, and was never intended to rip off investors. Bitcoin arbitrage is possible and many Bitcoin users have realized this and have started arbitrage trading on their own. Bitcoin arbitrage trading took place and earnings were made. Anyone who has ever looked at bitcoinaverage dot com can confirm this. The prices vary greatly from exchange to exchange, and there are always variations on the price. Even today, you can buy Bitcoin on BTCE for $556 and then sell it immediately on Bitstamp for $572. That produces a 2.7% profit, which is closer to 2% after exchange fees and transfer costs.

BTC-Arbs was not created to scam users.

Hacking

In early April, the BTC Arbs website was hacked. Numerous members can corroborate this fact. Many accounts were accessed and large amounts of Bitcoin were withdrawn. When this first started occurring, we were under the impression that it was due to users who had failed to secure their accounts with 2-factor authentication and who had been infected with a virus. It then became apparent that the website was not secure and the issue was impacting hundreds of accounts. HUNDREDS of Bitcoins were paid out that should not have been. To make matters worse, our incoming Bitcoin addresses were changed and hackers stole all of the incoming coins. When we tried to fix the issue, we just kept getting hacked over and over. Finally the problem was solved, but it was too late.

After the hacking, the plan was to use profits to re-liquidate the program, however people continued to withdraw, which ultimately lead to the overall failure and "reset". This can be referred to as a run on the bank.

100,000 Bitcoin Address

Those who believe that the 100,000 Bitcoin address belongs to BTC-Arbs are crazy. The total value of ALL BTC-Arbs accounts is more or less 500 Bitcoins. We weren't some billion dollar scam. The average user had less than 1 Bitcoin in their account. There are only 7 users with balances over 20 Bitcoins. There were less than 1000 accounts with Bitcoins in them.

Re-Incarnation

Upon resetting the program, the plan was to pay back all users using future profits. The plan was going well and members of Bitcoin Talk can attest that withdrawals were being paid and that many users had begun receiving a good portion of their investments back. The plan was going well until angry users decided to:
- Hack the website further
- Initiate a prolonged DDOS attack against the server
- File a trademark complaint for the domain (WTF???)
- Freeze fiat accounts (preventing refunds)

Apology

I am VERY VERY VERY SORRY that the outcome of BTC-Arbs was what it was. I had dreams of running the first large and legitimate Bitcoin Arbitrage investment company that could have one day competed with banks and other global investment institutions. Instead, my dreams were destroyed and I now receive threats on a daily basis.

Moving Forward

I have created a plan to help us move forward. I would appreciate everyone's help in fulfilling it. If you have any suggestions on how to improve my plan please tell me.

The Plan
1 - I have some Bitcoins left and I am still doing arbitrage with them.
2 - I want nothing more than to repay everyone. This won't be instant, but I want to do my best.
3 - I will continue paying refunds to everyone who lost money. In the interest of fairness, I think it is reasonable that until everyone is repaid their initial investments, that everyone only request the amount that was lost, not including profits.
4 - Please send your username, amount lost, Bitcoin address, username here (optional), details of your deposits, and any other information you can think of to [email protected] or by PM here.
5 - I will be using this thread to keep track of everything that I do, including refunds.

BTC Arbs is NOT a scam. It was a failed investment that is now trying to make good on past promises.

To add,

Any BTC is great to be returned. I have never said otherwise. But paying a fraction back is still just as much of a scam if not paying at all. And I have a great fucking interest in BTC-arbs because it was a shit run HYIP that I called out. Fuck off dyask.

I received my money back. Thanks btc-arbs.

Please just go away, you don't have any interest in BTC-ARBS by your own claims and you are only stirring up more doubt and stress.   You are always negative unless someone wants to ref you for FinMutual HYIP.   That makes you even worse than the people running HYIPs.  

Right now any BTC people recover is a great benefit to them.   I hope to recover mine too.  

I m guessing that "some" btc that he was holding have ended 
I m getting angry because even the story with legacy funds came up, I keeped the returns (pennies) on the main wallet, instead of putting them out.
BTC-Arbs has to declare the plan of when we ALL will get ALL our btc. There is truth till now what really happened, what is happening and how would be finish this situation.
No plans, no trust, no peace of mind...

Please just go away, you don't have any interest in BTC-ARBS by your own claims and you are only stirring up more doubt and stress.   You are always negative unless someone wants to ref you for FinMutual HYIP.   That makes you even worse than the people running HYIPs.  

Right now any BTC people recover is a great benefit to them.   I hope to recover mine too.