Jack Kingston: i lost $430,000 On BTC-E

richardsNY

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Quote from: Ryan Dugan on August 08, 2017, 01:51:25 PM

That's actually... That's sad. Wow. Many people might kill themselves losing that amount of money. I would never want to know how the feels. I'm so sorry ;(

It all depends on your financial situation. Some people are quite easily accepting their loss that is in the tens of thousands of dollars worth of crypto and fiat, while others make a huge problem out of the few hundred bucks they lost. At the end of the day, it's the customers that are the losers here, and regardless of the amount people have lost, this is something we don't want anyone to go through. The chances for whatever amount of funds to be returned aren't very high, but they aren't zero either -- people keep hoping for the best since there is nothing more to lose. Everything people end up getting back is a great happening, especially now the price has gone up in value considerably.

Ryan Dugan

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That's actually... That's sad. Wow. Many people might kill themselves losing that amount of money. I would never want to know how the feels. I'm so sorry ;(

manchester93

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Quote from: European Central Bank on August 06, 2017, 05:56:58 PM

as long as it was all in crypto he might still get it all back. it's the people who had fiat tied up with mayzus services who are probably screwed.

isn't it ironic that a bunch of 'criminals' might return everyone's money but not the world's policeman.

If BTC-e does refund money to customers (whether partially or fully), it's very possible they might socialize losses. i.e. crypto holders on the exchange may see depleted balances, and fiat holders may see increased balances (to replace the missing fiat). This is what Bitfinex did when they got hacked last year.

erk

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$430k is serious money, but you can bet there are way bigger players, wait till they start looking for blood from BTC-e if refunds are not forthcoming. It's one thing to have a foreign government chasing you, but it's another thing altogether to have super rich, possibly shady locals after you.

If BTC-e runs with the funds, then I would expect bad things to eventually happen to them due to the large sums involved. The logical thing to do is try to start trading again, so people who want to, can at least withdraw their crypto. I would imagine the fiat is lost, but that could be partially replaced with crypto, eg. BCC. Once the crypto is disbursed back to the rightful owners, then to some extent BTC-e hands are clean, ie. "Move along, nothing to seize here".
Lets hope they haven't lost a truck load of fiat they can't repay.

mayax

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Quote from: guoyu78 on August 07, 2017, 01:32:16 PM

Quote from: zycrypto on August 06, 2017, 11:51:35 AM

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

There might be some more such people to have a big loss in the BTC-E scam. I don't think, there might be any good way to get their money back. They can just try to find their money and perhaps they may succeed. BTC-E have given a big shock to even those who were holding small amounts.

what the fk shock can you have if you use an anonymous exchanger? Cheesy

you have to expect that sooner or later your funds will be gone. you can think otherwise only if you are an arrogant and then you deserve to lose your funds.

now, the sheep are doing the same with Poloniex(the next one who will fall). the sheep have been warned but they are still using it. Roll Eyes

guoyu78

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Quote from: zycrypto on August 06, 2017, 11:51:35 AM

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

There might be some more such people to have a big loss in the BTC-E scam. I don't think, there might be any good way to get their money back. They can just try to find their money and perhaps they may succeed. BTC-E have given a big shock to even those who were holding small amounts.

Kiweikoo

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Quote from: JL421 on August 06, 2017, 12:09:30 PM

That's really bad as bitcoins is involved in this situation there is no chance ge get's his bitcoin back because of lack of proof available. I have seen many problems on their site just bought bitcoins once took 10 days for withdrawal to get approved maybe people can learn from their mistakes and avoid such exchanges

Actually it is quite difficult to identify such scam and also once lost bitcoin can't be gained again. Bitcoin was originally developed by a group of programmers as a anonymous currency so its hard to get it back. We do not actually get the information of the payee as we get in bank details so its quite hard to recover the lost bitcoins.

2fresh

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It might be stupid... but they realize that themselves as well...
And what about people who had big orders? Just because they want or need to move a big order they are stupid? Sometimes it just cant be helped and you need to put trust in an exchange.
Anyone that wants btc to fiat or fiat to btc has put trust in some organization or person at some point.
In the end they still got f*cked over.. feelsbadman

Kyraishi

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Quote from: zycrypto on August 06, 2017, 11:51:35 AM

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

This is the problem with governments trying to shut down "money laundering operations". There will be so many legitimate traders will be be essentially robbed if you like in the process, and the ratio of legit traders vs criminals is probably so little anyways that any logical human being will say nope, this is not the way that we're going to approach this problem. It's just plain stupidity.

However, why he had $430,000 worth of it on one site is really unprofessional. When you trade bitcoin you are not only taking on a huge risk of currency depreciation but also exchanges shutting down. Even though it's not your fault, this is something that even beginner traders should stop doing - STOP STORING SO MUCH FUNDS ON EXCHANGES. Bitcoin is designed for a reason. You hold your private key, you don't need to rely on anybody else. If you keep storing bitcoin on an exchange then this defeats the purpose of bitcoin altogether.

He might still get it back though, since BTC-e promised to reimburse customers.

1Referee

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Quote from: European Central Bank on August 06, 2017, 05:56:58 PM

isn't it ironic that a bunch of 'criminals' might return everyone's money but not the world's policeman.

Not ironic at all, because it's the US government that is one of the biggest criminals the world has ever seen. Their word is law, and nothing can change that. That's why I am actually glad that it isn't the US government that holds people's crypto funds. If I had to choose, I would rather see all crypto funds get burned, instead of seeing them get auctioned off by the government. But then again, we still don't know if BTC-E is legitimately interested in returning people's funds - their words have no value at this point.

mayax

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Quote from: Kprawn on August 06, 2017, 12:04:53 PM

Keeping that amount of money on a shady exchange that has no regulations governing it's operations will result in losses like this.

We have warned people over and over again, against storing large amounts of money/btc on these exchanges and people still risk

doing this. When will they learn? Even the regulated exchanges are not risk free. Roll Eyes

a great point but nobody listen to us !

so many " i know better" sheep here...

European Central Bank

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as long as it was all in crypto he might still get it all back. it's the people who had fiat tied up with mayzus services who are probably screwed.

isn't it ironic that a bunch of 'criminals' might return everyone's money but not the world's policeman.

Mike Mayor

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I don't believe you. You would be way more upset. You saying the siezure is just after losing that much ? That's not what i would be saying.
You say it's just yet you don't have your bitcoins back so how is that just ? This whole "siezure" nonesense is out of control and I'm not sure I'd i actually believe it. I mean if the taking it down being of some crime then why are they not giving people their money back ? Total bull crap if you ask me.

NorrisK

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Quote from: ViceOfBTC21 on August 06, 2017, 02:52:01 PM

Stupidity of people who are rich and are not creative. If I was keeping that large amount in cryptos, I would store it on my own so no one can steal it. It's stupid to store $430k on online service protected by only password.

He didn't lose it because it was only protected by password. He lost it because btc-e got hijacked by the FBI.

I think these stories are good to come out. It may help convince them that most of the funds on their have nothing to do with illegal activities.

thecodebear

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danngggggg that sucks. btc-e was the exchange i used to use for trading. Don't trade anymore because it just led to me losing lots of money. Thank goodness I didn't have any money on btc-e anymore.

Yakamoto

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Quote from: zycrypto on August 06, 2017, 11:51:35 AM

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Brutal. Sucks for that dude.

I'm surprised that BTC-E ended up getting shut down, it didn't seem like they would have anything happen to them but I guess it happens to most exchanges at some point. Either getting some third-party involved with some kind of investigation or seizure, having some sort of internal scandal for one reason or another, or just failing to provide the proper technical capacity for their service. Seems to get worse with every passing day.

This is why you don't keep a lot of money in an exchange, though. I would at most keep $40,000 in an exchange if I had $430,000.

Qartersa

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Quote from: zycrypto on August 06, 2017, 11:51:35 AM

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Tough luck for the guy, it would take a whole lot of effort to get back those and likely it will take also a lot of time before that happens. BTC-e is in deep trouble. So before he gets it, BTC-e has to really give in and show the bitcoins. But the government will likely lock them up first then possibly before they can distribute the bitcoins to the users that have deposits with the service. But really, expect it to be a few years from now.

ViceOfBTC21

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Stupidity of people who are rich and are not creative. If I was keeping that large amount in cryptos, I would store it on my own so no one can steal it. It's stupid to store $430k on online service protected by only password.

grermezter

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Quote from: zycrypto on August 06, 2017, 11:51:35 AM

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Damn that's a really huge loss an i believe that he should just forget about it entirely, The is no way that the US Government is going to refund any more to the people who lost their money on that website, The same thing happened with the now defunct Libertyreserve when the founder was arrested on similar charges like the owner of BTC-e.

KenR

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「きみはこれ&#

Quote from: zycrypto on August 06, 2017, 11:51:35 AM

Jack Kingston, a cryptocurrency trader from Melbourne, Australia has claimed to have lost $430,000 woth of digital coins(bitcoins and dashcoins) in the just seized exchange BTC-E.

Continue Reading=> https://zycrypto.com/jack-kingston-lost-430000-btc-e/

Not sure if I'm suppose to laugh at this tool thinking it was actually safe to keep that much money on an exchange despite of multiple warnings given by the community.He sure must have been a over-confident trader.
I don't know if he can claim the money back but he learned a valuable lesson for sure.
Next up - Tools losing massive BTC trying to convert it into BCH from exchanges.

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