Topic: Foxbit lost bitcoins and stopped working !!! (Read 208 times)
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I think that crypto-currency projects need to take the security system of their project more seriously. The developers regard this very negligently, because they received money very easily and not be afraid to be condemned by the state.
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
The amount of bitcoins they lost is not that big since we are talking about an exchange however it is a huge technical error to allow you to withdraw your money twice I have never heard of a error like that, the problem with such errors is that even if they are not that costly they are going to destroy your reputation because who will want deposit his coins there. fun moment! even such giants can fail!what is your opinion?
Exchanger makes the most from BTC these days, but once they hit technical glitch someone quickly get away with huge amount of monies, not easy to maintain system that attract attackers from everywhere because of the crypto in their possesion.
Technical errors are happening even to the safest crypto exchange ever. This is not new, it's either a real error or this is just an inside job.
30 Bitcoins should not really be a big problem if this was from an exchange.
That's still a lost for them and for sure there will be someone that should be accountable for this error but they have safe storage for their whole fund for the exchange so yeah this isn't a big problem for an exchange. 
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
fun moment! even such giants can fail!what is your opinion?
30 Bitcoins should not really be a big problem if this was from an exchange. If this amount was already a problem that would cause them to close down then that means this site is not liquid enough to operate a true exchange. I would not say they are giants as compared to other bigger exchanges around the world. If they are handing large amounts of bitcoins this should not have happened.
That's why I don't trust exchange that much and if they lost 30 bitcoins that's a big amount for individual but that's not their total capital investment to operate. If I'm correct most of the exchange does have a 500-1000BTC for starting up in the business.
fun moment! even such giants can fail!what is your opinion?
Fun moment? People losing funds due to the exchange's incompetence is not funny. It has been known for years now that regardless of the exchange's size, they all will experience loss of funds one way or another. It's either an actual hack, insider theft, data loss, etc. It's all part of the risk you expose your coins to when allowing an exchange to take care of your precious coins. If you don't control your private keys as sole entity, you don't actually own any coins. It's something that people don't seem to understand, even today, but they surely will understand when they themselves experience when an exchange they are using gets hacked or whatever. People only learn when they pay the price for their stupidity....
A little advice with this news.
If this is indeed a fact, I would expect the foxbit ecosystem to work more perfectly and become a more accurate digital crypto exchange system for other countries.
Likewise with his country, Brazil would not be possible to be poor because of losing a lot of money. The original tribe of millions of people has been living virtual and has not changed since ancient times.
Until this year, the brazil economic market experienced a higher period. And Often a lot of income from his foreign ministry is over $360,000.
So there's no problem, about the case.
If this is indeed a fact, I would expect the foxbit ecosystem to work more perfectly and become a more accurate digital crypto exchange system for other countries.
Likewise with his country, Brazil would not be possible to be poor because of losing a lot of money. The original tribe of millions of people has been living virtual and has not changed since ancient times.
Until this year, the brazil economic market experienced a higher period. And Often a lot of income from his foreign ministry is over $360,000.
So there's no problem, about the case.
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
That's a disaster inside the company loss, it's count like a 100 percent failed moment as a famous exchange. Yes it's a fun moment to all the users but it's a serious kind of issue specially if you hold the largest crypto currency exchange in a famous country like Brazil. I also felt loss when I read this thread even if I'm not a part of the team Foxbit. Hoping that this is a fake news folks. fun moment! even such giants can fail!what is your opinion?
Seems like everything is fine now.
“All funds are protected, both in reais and in bitcoins. Several clients have already returned duplicate values and we are in touch with everyone. We have a specific fund to cover possible losses and the funds in reais are safe in our bank accounts. The platform was neither hacked nor stolen.
Buuutt remember, no matter how trusted they are, as long as your funds are in a third party you are not safe so don't keep them there for too long
A good way to clarify if it is fake or not is by going to their site or SNS to look for information because they would certainly release their statement when issues like this comes up.
Or you can also find a credible site like this one:
https://finance.yahoo.com/news/270-000-brazil-largest-bitcoin-172549113.html
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
That's a disaster inside the company loss, it's count like a 100 percent failed moment as a famous exchange. Yes it's a fun moment to all the users but it's a serious kind of issue specially if you hold the largest crypto currency exchange in a famous country like Brazil. I also felt loss when I read this thread even if I'm not a part of the team Foxbit. Hoping that this is a fake news folks. fun moment! even such giants can fail!what is your opinion?
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
Luckily they did only able to lose out 30 bitcoin in this technical error after they notice such problem.If this error havent been cope up then that would really be a big mess.Exchanges isnt really prone with these kind of technical issues but losing out 30 btc wont really be the reason for them to stop their service.They would eventually be operational once again after such fix. fun moment! even such giants can fail!what is your opinion?
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
it is not for a long time!fun moment! even such giants can fail!what is your opinion?
According to company executives, the data is now being restored, and Foxbit will resume a full-time working mode on March 14. The stock market focuses on the fact that there was no hacking and all means are safe!
so that's all right! do not panic!
March 14, they said, but seems now they are going to delay the site's return a bit more.
In 1 hour there will be a live video with the exchange's CEO talking further about the situation.
I hope it's everything really safe as they say...
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
it is not for a long time!fun moment! even such giants can fail!what is your opinion?
According to company executives, the data is now being restored, and Foxbit will resume a full-time working mode on March 14. The stock market focuses on the fact that there was no hacking and all means are safe!
so that's all right! do not panic!
Foxbit - the largest crypto currency exchange in Brazil, has not worked for more than 72 hours. The reason was a technical error that allowed users to withdraw their bitcoins-balances twice. In total, the company lost 30 bitcoins worth about 270,000 dollars.
fun moment! even such giants can fail!what is your opinion?
fun moment! even such giants can fail!what is your opinion?
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