BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE | - page 66.

nachoig

sr. member

Activity: 252

Merit: 250

Quote from: Borisz on February 15, 2015, 05:11:19 PM

Quote from: nachoig on February 15, 2015, 05:06:55 PM

Exchanges shouldn't be used as traditional banks.

They are similar in the aspect that they both hold large sums of money. And Bter was also giving interest on funds held by the users.

Like a savings account? If they are doing this, unless that interest are being paid from the exchange fees, they don't have 100% reserves.

BTW, I'm just aksing myself how they do to recover the stolen BTC. If they don't get it back, they should go to the market and re-buy those BTC. But a good question here is if they'll do this.

Borisz

sr. member

Activity: 476

Merit: 251

Quote from: Nixian on February 15, 2015, 05:13:48 PM

Is this the thief ?

http://tools.tracemyip.org/lookup/46.28.204.193

Reverse DNS in-addr.arpa:
193.204.28.46.in-addr.arpa domain name pointer hosted-by.solarcom.ch.

http://en.utrace.de/ip-address/193.204.28.46

IP Address:       193.204.28.46
ISP:       GARR Italian Research and Academic Network
Organization:       Universita' degli Studi G. D'Annunzio

https://db-ip.com/193.204.28.46

It is most likely a proxy/VPN that leads to another one and so on.
If someone wants to steal so much money, I guess they make sure to stay safe as much as possible.

cshelswell

hero member

Activity: 615

Merit: 500

Quote from: nachoig on February 15, 2015, 05:06:55 PM

Exchanges shouldn't be used as traditional banks.

https://bitcointalksearch.org/topic/who-control-our-bitcoins-we-do-bank-run-932052
https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

What if you simply have BTC / Alts in there to day trade with? You can't keep taking them out. I don't think you should store coins there but to trade it's necessary.

I just withdrew a large chunk of an alt as it looked like it was going to be down for a bit but if it had still been active I would have left it there to trade with.

Nixian

member

Activity: 81

Merit: 10

Is this the thief ?

http://tools.tracemyip.org/lookup/46.28.204.193

Reverse DNS in-addr.arpa:
193.204.28.46.in-addr.arpa domain name pointer hosted-by.solarcom.ch.

http://en.utrace.de/ip-address/193.204.28.46

IP Address:       193.204.28.46
ISP:       GARR Italian Research and Academic Network
Organization:       Universita' degli Studi G. D'Annunzio

https://db-ip.com/193.204.28.46

Borisz

sr. member

Activity: 476

Merit: 251

Quote from: cshelswell on February 15, 2015, 05:03:45 PM

Quote from: Borisz on February 15, 2015, 05:00:08 PM

It's just sad to watch exchanges go down every now and then.

Seems to me it is easier to rob 1.6 million $ of BTC than 1.6 million $ of fiat. And get away with it.

Every now and then? Seems to be a week occurrence

Well sometimes more sometimes less often.

TBH, I felt Bter was pretty safe to use. 2FA, separate withdrawal password and what not. Turns out, all this doesn't matter if the source is attacked.

Quote from: nachoig on February 15, 2015, 05:06:55 PM

Exchanges shouldn't be used as traditional banks.

They are similar in the aspect that they both hold large sums of money. And Bter was also giving interest on funds held by the users.

nachoig

sr. member

Activity: 252

Merit: 250

Quote from: Borisz on February 15, 2015, 05:00:08 PM

Quote from: redsn0w on February 15, 2015, 04:43:13 PM

Quote from: 199BTC on February 15, 2015, 04:25:25 PM

Quote from: Borisz on February 15, 2015, 04:18:42 PM

Despite all the added security and what not this still happens, at exchanges that hold large amounts of money in both fiat and BTC. It's kind of disappointing. What's the point of having a cryptocurrency when this happens over and over again?

Also, it's a bad name in the press as the public will be even more scared of using/accepting bitcoins as payment.

You are right just because of these mistakes many exchanges lost big amounts and faith of many peoples now some are thinking to leave this crypto world

This is a really bad situation, I've updated the OP with two reddit discussions :

- http://www.reddit.com/r/Bitcoin/comments/2vz1zq/its_now_officialbtercom_was_hackedlost_7170_btc/
- http://www.reddit.com/r/Bitcoin/comments/2w00yo/three_exchanges_hacked_in_24_hours/

Exchanges are needed to retain value and so we can bind the worth of a Bitcoin to something we know. The thing is I am considering moving all my coins from exchanges to my wallet. Although, with respect to the recent events I'm not sure if that is any more safer. Maybe only due to the "decentralizedness" of keeping my coins with me and not thousands of coins in one place.

It's just sad to watch exchanges go down every now and then.

Seems to me it is easier to rob 1.6 million $ of BTC than 1.6 million $ of fiat. And get away with it.

Exchanges shouldn't be used as traditional banks.

https://bitcointalksearch.org/topic/who-control-our-bitcoins-we-do-bank-run-932052
https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

cshelswell

hero member

Activity: 615

Merit: 500

Quote from: Borisz on February 15, 2015, 05:00:08 PM

It's just sad to watch exchanges go down every now and then.

Seems to me it is easier to rob 1.6 million $ of BTC than 1.6 million $ of fiat. And get away with it.

Every now and then? Seems to be a week occurrence

Deadstock

full member

Activity: 156

Merit: 100

Borisz

sr. member

Activity: 476

Merit: 251

Quote from: redsn0w on February 15, 2015, 04:43:13 PM

Quote from: 199BTC on February 15, 2015, 04:25:25 PM

Quote from: Borisz on February 15, 2015, 04:18:42 PM

Despite all the added security and what not this still happens, at exchanges that hold large amounts of money in both fiat and BTC. It's kind of disappointing. What's the point of having a cryptocurrency when this happens over and over again?

Also, it's a bad name in the press as the public will be even more scared of using/accepting bitcoins as payment.

You are right just because of these mistakes many exchanges lost big amounts and faith of many peoples now some are thinking to leave this crypto world

This is a really bad situation, I've updated the OP with two reddit discussions :

- http://www.reddit.com/r/Bitcoin/comments/2vz1zq/its_now_officialbtercom_was_hackedlost_7170_btc/
- http://www.reddit.com/r/Bitcoin/comments/2w00yo/three_exchanges_hacked_in_24_hours/

Exchanges are needed to retain value and so we can bind the worth of a Bitcoin to something we know. The thing is I am considering moving all my coins from exchanges to my wallet. Although, with respect to the recent events I'm not sure if that is any more safer. Maybe only due to the "decentralizedness" of keeping my coins with me and not thousands of coins in one place.

It's just sad to watch exchanges go down every now and then.

Seems to me it is easier to rob 1.6 million $ of BTC than 1.6 million $ of fiat. And get away with it.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: 199BTC on February 15, 2015, 04:25:25 PM

Quote from: Borisz on February 15, 2015, 04:18:42 PM

Despite all the added security and what not this still happens, at exchanges that hold large amounts of money in both fiat and BTC. It's kind of disappointing. What's the point of having a cryptocurrency when this happens over and over again?

Also, it's a bad name in the press as the public will be even more scared of using/accepting bitcoins as payment.

You are right just because of these mistakes many exchanges lost big amounts and faith of many peoples now some are thinking to leave this crypto world

This is a really bad situation, I've updated the OP with two reddit discussions :

- http://www.reddit.com/r/Bitcoin/comments/2vz1zq/its_now_officialbtercom_was_hackedlost_7170_btc/
- http://www.reddit.com/r/Bitcoin/comments/2w00yo/three_exchanges_hacked_in_24_hours/

portice

legendary

Activity: 999

Merit: 1000

I guess people forgot about the NXT fiasco. Expensive lessons in this crypto world of ours.

199BTC

newbie

Activity: 25

Merit: 0

Quote from: Borisz on February 15, 2015, 04:18:42 PM

Despite all the added security and what not this still happens, at exchanges that hold large amounts of money in both fiat and BTC. It's kind of disappointing. What's the point of having a cryptocurrency when this happens over and over again?

Also, it's a bad name in the press as the public will be even more scared of using/accepting bitcoins as payment.

You are right just because of these mistakes many exchanges lost big amounts and faith of many peoples now some are thinking to leave this crypto world

SolidStateSurvivor

hero member

Activity: 553

Merit: 500

Solo Miner Legend

Quote from: rich93 on February 15, 2015, 03:55:41 PM

Quote from: SolidStateSurvivor on February 15, 2015, 03:45:45 PM

I had 1 EXC in there, how dare they! Undecided

I also had a few EXC in there because I thought bter was its only exchange. Is it listed on any other exchanges? If bter closes for good it could finish some of the coins that are only listed on bter.

No, it is not listed anywhere else, AFAIK, so yeah it would be a stick in the mud. It used to be listed on https://www.swisscex.com/market/EXC_BTC, but it's disabled. I'm going to see if I can get them to reopen that market.

Borisz

sr. member

Activity: 476

Merit: 251

Despite all the added security and what not this still happens, at exchanges that hold large amounts of money in both fiat and BTC. It's kind of disappointing. What's the point of having a cryptocurrency when this happens over and over again?

Also, it's a bad name in the press as the public will be even more scared of using/accepting bitcoins as payment.

rich93

full member

Activity: 595

Merit: 101

Chromia - Relational Blockchain

Quote from: SolidStateSurvivor on February 15, 2015, 03:45:45 PM

I had 1 EXC in there, how dare they! Undecided

I also had a few EXC in there because I thought bter was its only exchange. Is it listed on any other exchanges? If bter closes for good it could finish some of the coins that are only listed on bter.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: roosmaa on February 15, 2015, 03:48:54 PM

I sincerely hope that BTER manages to recover some of the stolen funds.

I'm developing a storage solution called Karabraxos (and am looking for co-founders) at the moment. I think it's time for companies who need custodial wallets (exchanges, casinos, etc) to stop reinventing the wheel in-house. As we can see it's very difficult to get it right when security is not their core business and resources are scarce. So this was me doing a shameless plug here to raise some awareness of what I'm currently working on.

With a simple multiSig you are "safe" at 99%, because you know that the 100% of security doesn't exist.

Quote from: cozytrade on February 15, 2015, 03:51:12 PM

Quote from: redsn0w on February 15, 2015, 09:53:46 AM

[DON'T KEEP YOUR MONEY ON AN EXCHANGE]

Do they keep fiat (USD) after egopay suspended operation?

I don't know, I've used bter only 1-2 times a lot of months ago.

cozytrade

sr. member

Activity: 1097

Merit: 310

Seabet.io | Crypto-Casino

Quote from: redsn0w on February 15, 2015, 09:53:46 AM

[DON'T KEEP YOUR MONEY ON AN EXCHANGE]

Do they keep fiat (USD) after egopay suspended operation?

roosmaa

newbie

Activity: 16

Merit: 0

I sincerely hope that BTER manages to recover some of the stolen funds.

I'm developing a storage solution called Karabraxos (and am looking for co-founders) at the moment. I think it's time for companies who need custodial wallets (exchanges, casinos, etc) to stop reinventing the wheel in-house. As we can see it's very difficult to get it right when security is not their core business and resources are scarce. So this was me doing a shameless plug here to raise some awareness of what I'm currently working on.

SolidStateSurvivor

hero member

Activity: 553

Merit: 500

Solo Miner Legend

I had 1 EXC in there, how dare they! Undecided

rich93

full member

Activity: 595

Merit: 101

Chromia - Relational Blockchain

Quote from: redsn0w on February 15, 2015, 02:53:32 PM

Quote from: rich93 on February 15, 2015, 02:43:01 PM

It's hitting the big news websites now.

http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

Thanks , I've added the link in the OP, 7'000 bitcoins aren't peanuts. Someone from you had coins on it ?

I only had a small amount of coins on there when it was hacked. I feel sorry for people with big amounts of coins on bter. The lack of updates is annoying. They have not even a statement on their twitter account.

Topic: BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE | - page 66. (Read 119723 times)