Topic: BTER sunk (Read 5247 times)

it would be sad to see it disappearing like mintpal.

Well, they can't post that they needed the money for party and booze

there's no official statement from them until now
it seems they avoid talk about that
idk about announcement in chinese language

Did they say anything about how they got their cold wallet hacked ?

yeah that's the best and safest way to save coins
i'm sure bter will loose many traders after this problem
many users afraid this accident happen again in the future

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.

I think they won't comment on the matter just because they know, that we know, that the coins disappearing from the cold storage is very unlikely a hack but rather an inside job.

probably just what has happened. not a coincidence bitcoin started to be dumped just when Bter went offline. 40+$ dump because bter got hacked and shut down?? ridiculous! it's all manipulation, doesn't make any sense unless you believe it was all done on purpose, as inside job.

yeah that's strange that it happens right when the btc was peaking...

lets make some speculation:

Say you have some other wallets aside the cold one belonging to the customers and want to make some profit fast:
* announce that you have been stolen your cold wallet
* close the site
* dump the btc from the other account
* in the mean time because of the announcement, btc goes down
* rebuy all the btc you just dumped at lower value
* found (or not actually  ) the lost btc
* reopen (or not) and enjoy the profit

definitely an inside job...

Prediction:  Everything will be dumped.  You will never see a functioning BTER.com again.

They won't, there have been plenty of exchanges before this incident where the exact same thing has happened.

As soon as a viable decentralized exchange presents itself I assume that most of these exchanges (besides ones that actually integrate with your bank account) will disappear rapidly.

Maybe people will take that as a lesson in future and improve in their decisions.

Wow absolutely amazing to see that you still shouldn't store coins on an exchange if you actually care about them!

Funny how the times change!

This was a long time coming, no surprice at all.
Cold wallet compromist, yeh right.

message from BTER on weibo autotranslated:

Initial inspection determined that February 14, 2015, hackers use our wallet filled hot from cold moments for the purse, the bit with all BTC in the trading platform cooling wallet stolen, amounting to 7170BTC, transfer records: https://blockchain.info/TX/f5b0363f03e1ed8bb812c135361ea93590c831ce9f13a3750be1b93575baccc6[2]
We have already made a report on the morning of February 15, 2015 to the local police station and be entertained. We will cooperate with the police investigation to recover stolen coins. Meanwhile, we are here to recover stolen 7170 reward 720BTC coins. In order to ensure the safety of other funds, we have taken technical measures to stop trading and close all virtual currency online wallet, to make further checks. At the same time, we plan to arrange for CNY and extracting other virtual currency, which can reduce worry. We apologize for the damage caused to the user, as of now, bit has been running for almost two years now. With everyone together through the ups and downs of the bitcoin. Accompany you to look at a variety of rise of the currency's decline. Please be assured that we will not run away, we will take responsibility for users to recover the stolen coins."

Will BTER activate trades? Expect a 7000 BTC pump of altcoins...

Gah i withdrew some PTS from there 12 hours ago and it was stuck processing, shoulda known somehting was up. que flushing sound...

lol 1.5x, reddcoin is a shit spammy scam coin, you're desperately trying to save your scamcoin bag which you are stuck with loser. nobody wants this shitcoin to be 'tipped' with lol gtfo.

Thats exactly what I think 

"cold wallet"

So either they don't know what this phrase means, or someone physically took their keys from their office or where ever they kept them.

Or Lin the guy who was one of the main culprits in the Bitbay scam with Bob Surplus et al decided that it was time to close up shop and move on with ~7k BTC.