Topic: Bter Hacked! (Read 4142 times)

I sold my bitshares minutes before they closed the exchange due to the inside snatch so BTER has my bitshares as BTC was already stolen ?  the guy who bought my bitshares was in BTC at the time of the hack

. I question why only those who had their value in BTC at the time are slugged! Freeze all coins, sell them off slowly - re-reimburse all customers using the exchange, it was the exchange that got hacked not BTC.  there would be people that lost 10 btc plus on this, left with nothing. I would say its time to put faces to names and shame all involved in this sham. None of the owners should ever be allowed to participate in the space again, should be an international crypto most wanted list!  i was just a small fish in this one with a couple BTC, i feel sorry for you guys who lost a lot more.  You learn once and move on, ill be re entering the space and using only bitshares non central exchange.

Bter and other international exchanges need to all begin Smart Contract based brokerage interactions.

1)  The first iteration should be open transactions based.

2)  Blockchain solutions can be adapted in time when they are at mature levels for integration.

A smart contract based brokerage system will be essential for any international exchange that wants to be trusted by users overseas.

Current and future cryptocoin exchanges need to migrate to a hybrid centralized / decentralized system supporting real time trading with smart contract account reconciliation.

Realtime decentralized exchanges are far away and the usability for functioning distributed exchanges is still far off from what main stream users want to deal with on a UX level.

While crypto finance is generally anti-[Wall street, Banking] there is a lot to learn from the current landscape and mechanics of the main stream system because they (Wall street, International Banks) too are evolutionary driven towards a faster more efficient financial system.  Accountability may very.

Basically by starting an Open Transactions trade services, exchanges will be able to create accountable real time trading similar to how trade clearinghouses and prime brokerages function in the mainstream financial industries with trust-less guarantees.

Justcoin closed after it got hacked then lost its bank. ANX acquired the domain name and brand rights to Justcoin, but I don't know if they took on the debts from the hack. Justcoin was in a similar position to Bter but I'm not sure if selling the exchange solved all its problems.

This.

BTer's hack fucking blows for the alt market. Especially BitSharesX which I am very excited about.

BTC will go on.

Don't tell me you're one of those Alt-coin nerds?

Ok...and your point is exactly what?  Canada is not the US, it's North American yes, but doesn't mean it's the same playing field or scale of a US or the largest exchanges based in China.

Cavirtex is basically a boot-leg wannabe exchange numb nuts...

LOL Cavirtex is Canadian numb nuts ...

Wow Sketchy offshore Bitcoin exchanges doing it big as usual!  Mycoin, Cavirtex, now Bter.

When will users learn from repeated mistakes by these amateur hour exchange operators.  Didn't they learn the last time Bter got hacked for $1.6 mill worth of NXT?

Can't wait for real, legitimate, regulated exchanges like Gemini to show how these Mickey Mouse exchanges are really done...

do you think they will be able to compensate the loss of ALL their customer by selling their domains?i doubt that, it gonna take some times before they can compensate all their customer, but atleast they did a plan to compensate the customer 

Bter successfully got over the first time NXT theft and made all the NXT coin losers happy. From all the updated info provided by him, we know bter is diligently trying to find ways to solve their issues and refund its customers.

What is wrong now and everyday I am just reading that sites are getting hacked day in and day out 

Why can't these websites increase the security and hire a good programmer to protect the website from theft?

Crypto currency world has to find a way to avoid this issue, otherwise this kind of hacking would happen all the time. Even the hackers can compromise the cold wallet owned by exchange! How ridiculous! How can we really trust the centralized exchanges any more?

Bter is selling its website and domain name, and try to compensate their customers.

they said they are going to permit withdrawals of altcoins and usd at least, and they want to recover the stolen money even selling the exchange

If it's already a consecutive hack, they deserve to be put out of the race, in my opinion. I think BitStamp may be an even more secure place now they experienced the hack. But if you don't really get your act together and implement rigorous safety measures, you don't deserve to stay in the game in my opinion!

I think they will refund them, it was just hot wallet, they gotta have way more funds saved.

inside job for sure since it is a hot wallet, lets hope bter refunded all the lost of their customer, but i doubt it gonna be in a short while

Never heard of this exchange platform before. Only get to know because of the bad thing happening..

"cold wallet" hack claims are simply cover for idiocy in code or bad processing/whatever is running your op, inside jobs, or just overall scammery. ask Mr. Karpeles or Mr. Ganza 

This is the 2nd time a major hack happened to bter.com, the first one was NXT, now we are dealing with a cold wallet hack. Now you begin to question on how the exchanges are really that secured or some fly by night exchanges that will take all your deposits in a flash once it says it was hacked and gone to oblivion.

Using phantom BTC to buy into his own ICO coin then dumping on innocent investors is worse than being a criminal but he is both criminal and scum!

Check Bitbay ICO i am not going back and finding links sorry.

EDIT: Felt a little bad i found you a link and you will find the rest if you want to with google! http://cointelegraph.com/news/113238/chat-logs-allegedly-show-bter-creating-and-pumping-its-own-coin

Do you have a source on the owner being a criminal? This is the first I have heard about it and I would think this is something the media would have picked up on

The owner of the exchange was a criminal before the Bitcoins went 'missing' funny how he is still a criminal with a shed load of bitcoin that people trusted to him with, Myself included but not enough to cry over.

The thing what i keep thinking about if it was him 'inside job' then the alts are probably not safe either and there is millions worth of altcoins on there 

We will soon know if the major dumps start happening before we get news from Bter who seem to be very loud 

I use exchanges but am well aware they can fold at any time. So I operate accordingly.

I think it is a stretch to say that your security is getting better when funds in your cold wallet is stolen. Your cold wallet is suppose to be the most safe/secure of everything you are attempting to secure

That's the excuse they gave but it was likely an inside job or they were just sloppy with security/safety. If people keep their own coins they don't have to worry about trusting a third party to do so for them.

caesar the ape, i just realized that you were actually asking a question i think...? Well what you can do is: educate yourself more on these issues. Bitcoin is a great way to store value, but it's also a huge target. The best thing you can do is get your own wallet, store bitcoin yourself, and only keep bitcoin on another exchange (if you have to) for a very short period of time.

Silly Money, I agree. But I see here that bter's COLD wallets were hacked. Looks like some very bad random numbers.... very bad..... who knows. However, we're trying to solve these problems with our prototype Wall of Coins: https://wallofcoins.com , which eventually will be entirely decentralized. We'll building towards that ... will take quite a while!

Bitcoin talk post on it if you're interested...would *love* any feedback to consider, and criticism is more than welcome:

https://bitcointalksearch.org/topic/wall-of-coins-instantly-buy-or-sell-bitcoin-direct-812397

there is not any safe invesment methot
it's sad fot bitcoin world
because of this bitcoin prices will down

https://bitin.io/

How about one like that? Only has a handful of alts currently, though. There doesn't seem to be many decentralized exchanges currently but this will all change over time. I think most bitcoin related infrastructure will move to decentralization eventually - markets, exchanges, even possibly forums and social networks.

What good ones are there that do that and let you trade in alts?

Don't send your coins to dodgy exchanges? Use decentralised ones that let you hold on to your own coins until it is time to sell.

ppl will get hard lessons from this.  But I think there are ppl who will ignore this. Probably  the decentralized exchange is the answer,

Yes mate..! I never trust the 3rd party enough to have a large sum of coins into it..!

yes I am sure there are "in" for doing all of this, when security is pretty good.

Now I do not dare to save a lot of money in the exchanger

Security is getting better, but in the end there will always be hacks
Don't trust third parties to hold your coin

And still you are pretty late to bring the news about it being hacked

and worse things happened with BTC and it is still alive.

I think OP needs to study some BTC history to put things in perspective

bitcoin has more than 5 years already..

China-based Bitcoin Exchange, The Latest Victim of Hacking Incident
http://bitforum.info/t/china-based-bitcoin-exchange-the-latest-victim-of-hacking-incident/289

Last time it was Mycoin, now another asia-based bitcoin exchange.

How can we really protect ourselves from this hackers. If this couldnt be solved then Bitcoin will not even reach 2 years.