BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE | - page 4.

almightyruler

legendary

Activity: 2268

Merit: 1092

Don't spread the word too much, but I am buying btrx. I am sure that's what's going to happen, and if I sell my tokens I will only get 10% instead of my full 100%!

Yeah, I decided that for a net loss of about 0.002 BTC it was worth buying back the BTRX I had hastily dumped, because there's a (slim) chance that one day it could magically be worth the 0.115 BTC I had frozen at the time of the hack.

Or bter could end up being stuck in regulatory hell, the BTC and LTC withdrawals may never be re-enabled again, and their death spiral would continue at an accelerating rate.

deisik

legendary

Activity: 3430

Merit: 1280

English ⬄ Russian Translation Services

Quote from: ?? on ??

I have very good reasons to believe this is a plan by bter. They are giving out tokens that are worth 10% of stolen btc. When enough tokens have been sold (to bter! they are buying silently!) they will then decide to pay 100% or nearly 100% to the token holders.

Don't spread the word too much, but I am buying btrx. I am sure that's what's going to happen, and if I sell my tokens I will only get 10% instead of my full 100%!

I'm curious if anyone is interested in analyzing trades at Bter to find out their true trading volumes

I guess the volumes should be miserable by now, and buying the btrx tokens may not be a good idea in these circumstances. After all, Bter is not Bitfinex, and the hack had happened more than 2 years ago already, by the way. How much did they pay out by now? Apart from that, Bitfinex like Bter is (was) a Hong-Kong based exchange, but now they seem to have moved entirely into cyberspace, and they don't care what PBoC might tell them anymore. Bter should have followed them if they really wanted to keep up their exchange

almightyruler

legendary

Activity: 2268

Merit: 1092

When looking at news I also found this, dated 2017-02-10: https://bter.com/article/12620

This says that both BTC and LTC withdrawals suspended.

But then the later news, dated 2017-03-08, only mentions BTC: https://bter.com/article/13524

Even though LTC is not mentioned in the second article, withdrawals of LTC are currently suspended.

almightyruler

legendary

Activity: 2268

Merit: 1092

I thought BTRX was something to do with BTER points (ie a reward for trading), so I sold off a few at the market rate, then I set a sell order for a higher rate. Thought I might make a few bucks from my recent trading activity.

Then I look more closely at the news and realise what BTRX really is...

At current rates, the value of BTRX is about a tenth that of BTC_B

In other words, if you sell now you're getting back only 10% of your frozen BTC

In the time between setting the sell order, and discovering what BTRX really is, it executed. Sad

So around 0.1 of my pretend BTC (stolen funds) turned into 0.01 "real" BTC *poof* (except you still can't withdraw BTC. Hah!)

HI-TEC99

legendary

Activity: 2772

Merit: 2846

Bter announced a new BTC-B reimbursement plan on 26 March. They are copying bitfinex by changing BTC-B into BTRX tokens, then starting a market where people can trade them. Bter says it will buy back some tokens each month, but doesn't say how many. The new BTRX token market opens on April 2.

https://bter.com/article/14192

Quote

BTC-B’ Reimbursement and Buyback Plan

2017-03-26 14:50:36 Author: BTER Category: Tags:BTC,ETH，DASH,ETC,LTC

7170 BTC was hacked from Bter on Feb 14 2015 (
https://blockchain.info/tx/f5b0363f03e1ed8bb812c135361ea93590c831ce9f13a3750be1b93575baccc6) and we probed and tracked the stolen BTC flowing into a dark network BitcoinFog. A reward of 700 BTC was offered for recovery the stolen BTC and the bounty is still valid today.
In March, 2015, when Bter re-opened, the stolen BTC was recorded as BTC-B in affected users’ accounts; Bter began to reimburse and have repaid 10% of the stolen BTC.
However, as BTC’s price surges, Bter cannot afford to repay the BTC_B.
To continue the reimbursement and allow the affected users to receive their assets sooner, Bter has consulted lawyers and decided to start a new reimbursement plan referring to that of BitFinex- which was stolen of 120, 000 BTC in 2016 and has solved the problem satisfactorily.
The new reimbursement plan is as follows:
1) BTC-B in the affected users’ accounts is converted to BTRX tokens at the price of BTC in CNY when it was stolen
2) Open BTRX market so that users can exchange BTRX freely.
3) Bter will buy back BTRX monthly at the price of 1CNY/BTRX
4) BTRX holders receive 10% of Bter’s profit every month (Profit is distributed in CNY )

Bter will release the details of buyback every month and complete the buyback as soon as possible

The BTRX trade is going to open a week later, that is April 2, 2017.

Once the stolen BTC is recovered, Bter will repay immediately.
We are appreciated if any analyst or expert in Blockchain technology is going to work with us to recover the stolen asset.

Thank you for your understanding and support
Bter
March 26, 2017

almightyruler

legendary

Activity: 2268

Merit: 1092

Noticed that bter have cleaned up the delisted currencies - there's now only two (MSC and DVC) available for withdrawal.

Silly thing is that many trade markets still show on the website, and via the API, even though they are delisted. It looks like a normal market - there's still orders in the book - but you can't submit a trade.

Some of these currencies were delisted more than a year ago.

I just manually created a blacklist with delisted currencies, so my system wouldn't waste time fetching the order books for their markets, and it ended up excluding a whopping 117 markets... which is about two thirds of all the markets. Shocked

There's probably a few more I'm yet to find...

almightyruler

legendary

Activity: 2268

Merit: 1092

Quote from: redsn0w on March 21, 2017, 04:27:30 PM

Quote from: almightyruler on March 14, 2017, 04:03:48 AM

Just an update on the waiting for balance thing: that stalled withdrawal went through some time (up to several hours) after my post, and two subsequent withdrawals were processed within a couple of minutes.

That's good, Will you continue to use bter as exchange? *I know, it's like a rhetorical question Tongue

.

To be honest, I'm just using it for arbitrage to make a bit extra. There's some risk involved because they could die and swallow up all my balances when I'm in the middle of a complicated sequence of 'temporary' trades. I lost funds at Cryptsy because of this.

I have no plans to store funds or use bter as a 'daily' in the near or even middle term. I no longer trust this exchange.

redsn0w

legendary

Activity: 1778

Merit: 1042

#Free market

Quote from: almightyruler on March 14, 2017, 04:03:48 AM

Just an update on the waiting for balance thing: that stalled withdrawal went through some time (up to several hours) after my post, and two subsequent withdrawals were processed within a couple of minutes.

That's good, Will you continue to use bter as exchange? *I know, it's like a rhetorical question Tongue

.

almightyruler

legendary

Activity: 2268

Merit: 1092

Just an update on the waiting for balance thing: that stalled withdrawal went through some time (up to several hours) after my post, and two subsequent withdrawals were processed within a couple of minutes.

jujugoboom

sr. member

Activity: 383

Merit: 250

Maybe this is the fake hack and Bter's CEO hanlin did this to rip the investors off, you know they had major hack before this, aka NXT hack. They need to scam money from investors.

almightyruler

legendary

Activity: 2268

Merit: 1092

Trying withdrawal of NMC, and it's showing the status as "Waiting for balance..."

I don't know if this means the hot wallet is temporarily empty due to higher than usual withdrawal activity for alts, and the wallet simply needs to be topped up (perhaps manually)... or that this coin is running fractional, and there's insufficient funds to complete the transaction.

Reminds me of the last days of Cryptsy........

edit: cancelled that withdrawal request and retried with the minimum 1.001 NMC amount - even that gets stuck with the "Waiting for balance..." message.

pehoko

full member

Activity: 232

Merit: 100

I have changed all to altcoins and quitting finally this fake exchange.

deisik

legendary

Activity: 3430

Merit: 1280

English ⬄ Russian Translation Services

Quote from: almightyruler on March 12, 2017, 05:31:29 AM

https://bter.com/article/13524

Dear Users,
In compliance with requirements from regulators that Bitcoin exchange shall not violate laws and regulations related to anti-money laundering, foreign exchange management and payment settlement and other related financial laws and regulations, BTER has been working proactively to develop and upgrade its system against Bitcoin involved illegal actions. The identity authentication service is to be provided as a safety precaution in accordance with the industry codes and policy requirements.
The withdrawal service of Bitcoin is suspended currently and will be enabled immediately when the vetting process made by the industry approved by the supervisory authorities. Your assets in your bter account are safe and secure. Please feel relieved to use the trading and deposit and other services.

Thank you for your support and patience.

BTER
March 8, 2017

BTER halts BTC withdrawals.

I don't see how an exchange can continue to function without being able to transact in the main cryptocurrency, but then, they're still going after the hack...

A one man exchange can go on indefinitely

I guess if it is fully automated it could go on for some time even without any human being behind it. Regarding disallowing withdrawals, all Chinese exchanges have halted Bitcoin withdrawals (as well as deposits, if I'm not mistaken). But somehow I thought that Bter is located in Hong Kong (yes, I know that it is part of China nowadays, though they typically don't follow the orders of the PBoC), but, for example, Bitfinex is also from Hong Kong (if my memory serves me right), but they didn't disallow Bitcoin withdrawals (correct me if I'm wrong on this)

almightyruler

legendary

Activity: 2268

Merit: 1092

https://bter.com/article/13524

Dear Users,
In compliance with requirements from regulators that Bitcoin exchange shall not violate laws and regulations related to anti-money laundering, foreign exchange management and payment settlement and other related financial laws and regulations, BTER has been working proactively to develop and upgrade its system against Bitcoin involved illegal actions. The identity authentication service is to be provided as a safety precaution in accordance with the industry codes and policy requirements.
The withdrawal service of Bitcoin is suspended currently and will be enabled immediately when the vetting process made by the industry approved by the supervisory authorities. Your assets in your bter account are safe and secure. Please feel relieved to use the trading and deposit and other services.

Thank you for your support and patience.

BTER
March 8, 2017

BTER halts BTC withdrawals.

I don't see how an exchange can continue to function without being able to transact in the main cryptocurrency, but then, they're still going after the hack...

almightyruler

legendary

Activity: 2268

Merit: 1092

Quote from: bitbollo on February 25, 2017, 06:52:17 AM

Quote from: almightyruler on February 17, 2017, 12:49:53 AM

Quote from: almightyruler on February 10, 2017, 08:16:18 AM

Test deposit hasn't shown up.

Last confirmed deposit is for the small and very oddly specific amount of 0.00000902 CNC (??) about two years ago ... I can't find any corresponding send in my wallet, nor can I think of why I would send such a miniscule amount. So yeah, I think it's probably broken.

Would like to add that the test deposit has been credited now. I guess it doesn't show up until the 5000 confirms.

spacec, what about your deposit?

5000 confirmations It's an arbitrary limit or your interpretation? They have truly this limit?
BTW the funds are already pending as usually... Why not boycott definitely this scamming exchange?

5000 is stated on the deposit page.

Crypto-currencies are credited within 1 minute after accessing this page or "My funds" page and only after 5000 confirmations of the transaction in the network.

bitbollo

legendary

Activity: 3276

Merit: 3534

Nec Recisa Recedit

Quote from: almightyruler on February 17, 2017, 12:49:53 AM

Quote from: almightyruler on February 10, 2017, 08:16:18 AM

Test deposit hasn't shown up.

Last confirmed deposit is for the small and very oddly specific amount of 0.00000902 CNC (??) about two years ago ... I can't find any corresponding send in my wallet, nor can I think of why I would send such a miniscule amount. So yeah, I think it's probably broken.

Would like to add that the test deposit has been credited now. I guess it doesn't show up until the 5000 confirms.

spacec, what about your deposit?

5000 confirmations It's an arbitrary limit or your interpretation? They have truly this limit?
BTW the funds are already pending as usually... Why not boycott definitely this scamming exchange?

almightyruler

legendary

Activity: 2268

Merit: 1092

Quote from: almightyruler on February 10, 2017, 08:16:18 AM

Test deposit hasn't shown up.

Last confirmed deposit is for the small and very oddly specific amount of 0.00000902 CNC (??) about two years ago ... I can't find any corresponding send in my wallet, nor can I think of why I would send such a miniscule amount. So yeah, I think it's probably broken.

Would like to add that the test deposit has been credited now. I guess it doesn't show up until the 5000 confirms.

spacec, what about your deposit?

Amadues

hero member

Activity: 924

Merit: 1001

Quote from: almightyruler on February 10, 2017, 08:16:18 AM

Test deposit hasn't shown up.

Last confirmed deposit is for the small and very oddly specific amount of 0.00000902 CNC (??) about two years ago ... I can't find any corresponding send in my wallet, nor can I think of why I would send such a miniscule amount. So yeah, I think it's probably broken.

I will not use anymore, even for a test deposit.
they are just "clever", really clever with funds from other people. probably we can say a good bye to our funds and thats it Sad

almightyruler

legendary

Activity: 2268

Merit: 1092

Test deposit hasn't shown up.

Last confirmed deposit is for the small and very oddly specific amount of 0.00000902 CNC (??) about two years ago ... I can't find any corresponding send in my wallet, nor can I think of why I would send such a miniscule amount. So yeah, I think it's probably broken.

almightyruler

legendary

Activity: 2268

Merit: 1092

Quote from: spacec on February 09, 2017, 01:02:13 PM

I sent CNC coins from a pool to BTER, they seem to be missing.
Been over 48hrs and no pending status are shown on my balance..

Could be a number of things.

- There's an issue with their client (eg it's not running), so the deposit is never seen. Based on past experience it seems things need to look after themselves, and bter is not that interested in fixing any problems - even minor ones.
- Their client may be on a different chain to the pool.
- They may still be randomly losing deposits? ---> https://bitcointalksearch.org/topic/m.3943288

I have a small amount of CNC in my wallet. I'll try a test deposit and report back.

edit: this text on their CNC deposit page doesn't sound promising:

Crypto-currencies are credited within 1 minute after accessing this page or "My funds" page and only after 5000 confirmations of the transaction in the network.

That kind of excessive requirement would usually be set if there's issues with the coin. A 5000 confirmation period would span a few days...

Topic: BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE | - page 4. (Read 119637 times)