hope they dont steal customers funds
it would be easy for them to just run at the moment instead of stick in and fix all their problems
Topic: SCOOP! CRYPTORUSH's new Plans! (Read 1110 times)
Here the content of the PDF:
Quote
CryptoRush Debt Management Plan
CryptoRush Operations Department
18 April 2014
Author: J. van Campen (X3n0X @ freenode IRC)
--------------
Table of contents
CryptoRush Debt Management Plan 1
Table of contents 2
Introduction 3
The CryptoRush Shares Plan was flawed 4
A new plan, A fresh start 5
Freezing the old situation 5
New platform 5
Payment Agreement 6
Operational Costs 6
Insurance Fund 6
Public CRS Share Payout 6
Private CRS (owners) Payout 6
Donations 6
Security measures & Insurance Policy 7
New systems 7
Customer Trust 7
Special Thanks 8
Our server security & hardening manager 8
Our general manager of security and system operations 8
Our programmer that went over every single line of code 8
The support team that stuck with us 8
Final words 9
------------------
Introduction
The goal of this document is to provide our customers clear insight in our plans to repay lost currency
and ownerships claims against CryptoRush.
This document was prepared by our new Operations Department, which has been responsible for
rebuilding all CryptoRush infrastructure & core services. The Operations Plan was prepared as a new
ground up initiative, and therefore has no connection to statements previously made by the previous
operations team.
We believe this document will explain both our plan and our confidence in CryptoRush, our primary goal
remains to return to normal operations and full liquidity. With that in mind we recommend you read
this document carefully.
For the purposes of our repayment plan, The CryptoRush Operations Department is treating any stolen
funds -our debt to our users- as a loan. A loan needs to be repaid; and that’s exactly what we intend to
do.
----------------------
The CryptoRush Shares Plan was flawed
The previous plan was to convert market pairs that were insolvent to CryptoRush (CRS) shares and pay
out CRS to our customers for compensation. This was an original plan, but it unfortunately did not
account for two critical flaws:
1. We would be flooding the CRS market with many shares.
2. This would essentially be transferring CryptoRush debt to share holders.
It is true under such plan CRS shares would have held value, but contained within that value would be
CryptoRush’s debt. As these facts became clear to the market, the result would be a drop in price per
share. This would have resulted in an outcome where our customers would be holding the debt and not
CryptoRush.
The CryptoRush Operations Department cannot agree on such plan of action, and will steadfastly refuse
to sign off on it. It is the opinion of our team that such a plan would be unethical, and would inevitably
make the current situation even worse.
CRS balances will remain intact and unchanged and will be available for trading on the new exchange
upon launch.
-----------------------
A new plan, A fresh start
The New CryptoRush Operations Team will be implementing a different plan, a long term commitment
to our customers. We believe this step by step plan will restore normal operations in a reasonable
timeframe, and will be taking the following steps to achieve that goal as quickly as possible.
1) The old database will be frozen, wallets and balances from every account on the previous
platform will be kept in safe storage for later auditing (and thus allow us to determine our exact
debt per customer).
2) To avoid the rise of exit coins we will be launching a new, clean exchange with zero balance
wallets. Resuming normal operations safely as quickly as possible will ensure any profits earned
can be quickly paid towards our debt to you, the customer.
3) Once we have audited all accounts from the previous platform we will convert that into BTC and
LTC. This will be our debt to you as a CryptoRush customer and will be visible in your account on
the website. After the audit of every crypto currency is completed, available funds will be
immediately credited to users. Determining the value of these currencies for debt repayment
will be carried out as part of a transparent process.
4) Once our auditing process is complete, we will begin the use of an automated daily payout
script. This script will take the owner’s share of CryptoRush profits from generated fees and pay
users according to what is owed to them. (see next chapter for detailed explanation)
With the above plan we will be able to regain control of trading, liquid wallets and speed the process to
recovery. It’s important to note that since we won’t be converting in CRS, that market will be left alone
as is. This also means that CRS payouts will continue to be paid out to our users. Clients that are marked
for refunding will receive their funds in the form of BTC and LTC from the pockets of the owners.
Freezing the old situation
We will freeze all balances form the old platform to conduct a full audit for every user to make sure we
account for all the debt built up by the previous platform. These debts will be converted into BTC and
LTC via a transparent process. This will simplify pay outs to our customers of our debt regarding our debt
to them, and allow for easy re-entry to their preferred coins.
This section will be implemented once normal trading resumes. The debt CryptoRush owes to each
customer will be listed in your account overview.
--------------------
New platform
Our top priority is repaying you, and it’s become clear the old CryptoRush platform was not meeting
requirements. We’ve developed and are implementing new systems, new security measures, and have
fully overhauled a secure and reliable trading engine. Payment Agreement
Our team has agreed on the following financial plan to repay our debt to CryptoRush customers, CRS
balances will remain intact and unchanged and will be available for trading on the new exchange upon
launch.
--------------------------------
Operational Costs
Generating continued revenue to repay our customers is an essential cog of our plan. Therefore, all
operational costs will need to be paid in full to maintain a secure and stable platform.
--------------------
Insurance Fund
Unfortunately attacks of this nature occur every day in this field, which is why we believe strongly a new
pro-active approach is required by all trading platforms. From this point forward 5% of total revenue in
fees will be transferred to a special insurance fund that will secure our position in the future regarding
possible attacks against our infrastructure. Being able to guarantee our customers deposits in the form
of a cold storage insurance fund will ensure CryptoRush stands out from the competition.
The 5% transference to the insurance fund will start after all customer debt is repaid.
Public CRS Share Payout
After the above paid operational costs, the first order of payout will be the CRS share payouts. Public
CRS shares will be paid out from the generated fees.
Private CRS (owners) Payout
Any remaining profits would normally go to private shareholders of CryptoRush. We have reached
consensus that they will only be eligible to receive the minimum required to recover their invested
funds until all customer debt is repaid. We have calculated this figure to be 10% of any remaining
profits.
-----------------------
Donations
Multiple pools and coin developers have agreed on donating fees or pre mine funds to CryptoRush in
order to pay of our debt to customers. These donations will be used solely for repaying the customers of
CryptoRush who suffered lost funds from their wallets. As an initial thank you, donators will be listed on
a special page highlighting their generosity and their businesses. Security measures & Insurance Policy
As we reach the steps in our plan to implement the insurance policy, every day or once a week
(depending upon the CRS / Debt repayment schedule), 5% of our total profits will be deposited into a
special offline cold storage fund. This fund will serve as a financial guarantee and promise to our
customers. We believe the solution to this problem above all else is innovation. As anyone who works in
security knows, there is no completely safe system. This is why banks have deposit insurance. So too will
CryptoRush.
------------------------
New systems
We have moved to completely new systems secured by a new team, the details of which will be kept
confidential . These systems contain not only new and secure coding, but also measures designed to
prevent social engineering, and to ensure safe transit of cold storage funds. Top notch security experts
will be consulted on an ongoing basis to keep your money safe.
--------------------
Customer Trust
Trust can only be earned. We recognize that we have shaken your trust in us. We believe the only way
to rebuild that trust is through action. We recognize we are starting from zero with our customers now,
we can only hope to rebuild some that trust step by step, in the form of this plan. Reputation and trust
are earned. We have sought out experts across numerous fields to help us rebuild. Professionals of high
repute are now working diligently to return us to full operational status. Individuals of high caliber only
work on projects they believe can succeed. We would like to thank these highly professional people for
providing access to their knowledge in this process, it has been invaluable. Through them we have
learned that this problem may seem large, but it’s not insurmountable.
We will be enlisting third party companies to execute security penetration tests on the new CryptoRush
platform. We will confirm our new infrastructure and trading engine really is up to the task at hand. A
statement from these third party companies will be released to the public.
--------------------------
Special Thanks
I would like to take this opportunity to express deep gratitude towards those who have helped us in this
crisis. From my personal perspective, most of the people mentioned here won’t be seen in public and
are working behind the scenes, which is why it’s so important to thank them now.
Our server security & hardening manager
I would like to thank our new server security & hardening manager, it’s been a godsend that he came on
board with us. Without him we wouldn’t even been writing this document in the first place. With
experience in securing government, banking, private sector systems and a contributor to the Debian
Linux project, to say this person has brought extreme value to CryptoRush is an understatement.
I thank you for all the time, countless hours of stress, and nights awake behind a computer screen you
spent to get us up in the air again safely.
Our general manager of security and system operations
Our General Manager of Security, vetted through full-scope polygraph and background checks, has
worked with fortune 500 companies providing his extensive expertise of security analysis and
architectural design and code levels.
We couldn’t have asked for a better person in this position at CryptoRush, for your generosity and all
the hours you put in, I thank you.
Our programmer that went over every single line of code
A job that’s a real chore, he took it upon himself to go through this with a fine tooth comb. He denied
help from outside because he wanted to be 100% certain he could release the code with every line seen
by his eyes. Long hours and some real surprises in the code are what kept him from his normal life the
past weeks.
I couldn’t have asked anything more from you, and for that I thank you.
The support team that stuck with us
The support team that stuck with us during maintenance and helping us out with all the chores, relieving
work load of us: thank you. I think the operations team would have gone mad without you guys making
sure we were communicating as best we could with the customer.
And for that I can’t thank you enough.
-------------------------------------
Final words
I sincerely hope this plan demonstrates the capability of our new team. As a team, we hope this makes
clear we will make every effort required until our customers are repaid.
I myself will be donating at least 75% of my own personal crypto funds to this cause, apart from wiping
the debt CryptoRush owed me regarding BTC. I hope this example will be followed by the other staff
members as a gesture of good faith.
I’m honored and humbled to have worked with the new team on securing our new platform and
systems. The hours put into this is an astounding investment, with many highly qualified individuals
going far above and beyond what was asked.
It’s amazing how the community came together on this, and it was a wonderful feeling to see such a
talented team come together in our hour of need. From an IT point of view, I don’t believe I’ve ever
seen finer work these past few days. The fact that I’ve had the opportunity to witness that and be a part
of it is something I am very proud of. I can only hope the other team members feel the same way.
But most importantly, I’d like to thank you the customer. I’d like to thank you for your patience, for your
support, and for your understanding. We have put many people in extremely difficult positions, and to
see the grace and generosity of so many in such a short time is awe inspiring indeed.
I’m looking forward to trading on CryptoRush again, and I hope you are too.
With many Thanks,
J. van Campen
X3n0X on freenode IRC
CryptoRush Operations Department
18 April 2014
Author: J. van Campen (X3n0X @ freenode IRC)
--------------
Table of contents
CryptoRush Debt Management Plan 1
Table of contents 2
Introduction 3
The CryptoRush Shares Plan was flawed 4
A new plan, A fresh start 5
Freezing the old situation 5
New platform 5
Payment Agreement 6
Operational Costs 6
Insurance Fund 6
Public CRS Share Payout 6
Private CRS (owners) Payout 6
Donations 6
Security measures & Insurance Policy 7
New systems 7
Customer Trust 7
Special Thanks 8
Our server security & hardening manager 8
Our general manager of security and system operations 8
Our programmer that went over every single line of code 8
The support team that stuck with us 8
Final words 9
------------------
Introduction
The goal of this document is to provide our customers clear insight in our plans to repay lost currency
and ownerships claims against CryptoRush.
This document was prepared by our new Operations Department, which has been responsible for
rebuilding all CryptoRush infrastructure & core services. The Operations Plan was prepared as a new
ground up initiative, and therefore has no connection to statements previously made by the previous
operations team.
We believe this document will explain both our plan and our confidence in CryptoRush, our primary goal
remains to return to normal operations and full liquidity. With that in mind we recommend you read
this document carefully.
For the purposes of our repayment plan, The CryptoRush Operations Department is treating any stolen
funds -our debt to our users- as a loan. A loan needs to be repaid; and that’s exactly what we intend to
do.
----------------------
The CryptoRush Shares Plan was flawed
The previous plan was to convert market pairs that were insolvent to CryptoRush (CRS) shares and pay
out CRS to our customers for compensation. This was an original plan, but it unfortunately did not
account for two critical flaws:
1. We would be flooding the CRS market with many shares.
2. This would essentially be transferring CryptoRush debt to share holders.
It is true under such plan CRS shares would have held value, but contained within that value would be
CryptoRush’s debt. As these facts became clear to the market, the result would be a drop in price per
share. This would have resulted in an outcome where our customers would be holding the debt and not
CryptoRush.
The CryptoRush Operations Department cannot agree on such plan of action, and will steadfastly refuse
to sign off on it. It is the opinion of our team that such a plan would be unethical, and would inevitably
make the current situation even worse.
CRS balances will remain intact and unchanged and will be available for trading on the new exchange
upon launch.
-----------------------
A new plan, A fresh start
The New CryptoRush Operations Team will be implementing a different plan, a long term commitment
to our customers. We believe this step by step plan will restore normal operations in a reasonable
timeframe, and will be taking the following steps to achieve that goal as quickly as possible.
1) The old database will be frozen, wallets and balances from every account on the previous
platform will be kept in safe storage for later auditing (and thus allow us to determine our exact
debt per customer).
2) To avoid the rise of exit coins we will be launching a new, clean exchange with zero balance
wallets. Resuming normal operations safely as quickly as possible will ensure any profits earned
can be quickly paid towards our debt to you, the customer.
3) Once we have audited all accounts from the previous platform we will convert that into BTC and
LTC. This will be our debt to you as a CryptoRush customer and will be visible in your account on
the website. After the audit of every crypto currency is completed, available funds will be
immediately credited to users. Determining the value of these currencies for debt repayment
will be carried out as part of a transparent process.
4) Once our auditing process is complete, we will begin the use of an automated daily payout
script. This script will take the owner’s share of CryptoRush profits from generated fees and pay
users according to what is owed to them. (see next chapter for detailed explanation)
With the above plan we will be able to regain control of trading, liquid wallets and speed the process to
recovery. It’s important to note that since we won’t be converting in CRS, that market will be left alone
as is. This also means that CRS payouts will continue to be paid out to our users. Clients that are marked
for refunding will receive their funds in the form of BTC and LTC from the pockets of the owners.
Freezing the old situation
We will freeze all balances form the old platform to conduct a full audit for every user to make sure we
account for all the debt built up by the previous platform. These debts will be converted into BTC and
LTC via a transparent process. This will simplify pay outs to our customers of our debt regarding our debt
to them, and allow for easy re-entry to their preferred coins.
This section will be implemented once normal trading resumes. The debt CryptoRush owes to each
customer will be listed in your account overview.
--------------------
New platform
Our top priority is repaying you, and it’s become clear the old CryptoRush platform was not meeting
requirements. We’ve developed and are implementing new systems, new security measures, and have
fully overhauled a secure and reliable trading engine. Payment Agreement
Our team has agreed on the following financial plan to repay our debt to CryptoRush customers, CRS
balances will remain intact and unchanged and will be available for trading on the new exchange upon
launch.
--------------------------------
Operational Costs
Generating continued revenue to repay our customers is an essential cog of our plan. Therefore, all
operational costs will need to be paid in full to maintain a secure and stable platform.
--------------------
Insurance Fund
Unfortunately attacks of this nature occur every day in this field, which is why we believe strongly a new
pro-active approach is required by all trading platforms. From this point forward 5% of total revenue in
fees will be transferred to a special insurance fund that will secure our position in the future regarding
possible attacks against our infrastructure. Being able to guarantee our customers deposits in the form
of a cold storage insurance fund will ensure CryptoRush stands out from the competition.
The 5% transference to the insurance fund will start after all customer debt is repaid.
Public CRS Share Payout
After the above paid operational costs, the first order of payout will be the CRS share payouts. Public
CRS shares will be paid out from the generated fees.
Private CRS (owners) Payout
Any remaining profits would normally go to private shareholders of CryptoRush. We have reached
consensus that they will only be eligible to receive the minimum required to recover their invested
funds until all customer debt is repaid. We have calculated this figure to be 10% of any remaining
profits.
-----------------------
Donations
Multiple pools and coin developers have agreed on donating fees or pre mine funds to CryptoRush in
order to pay of our debt to customers. These donations will be used solely for repaying the customers of
CryptoRush who suffered lost funds from their wallets. As an initial thank you, donators will be listed on
a special page highlighting their generosity and their businesses. Security measures & Insurance Policy
As we reach the steps in our plan to implement the insurance policy, every day or once a week
(depending upon the CRS / Debt repayment schedule), 5% of our total profits will be deposited into a
special offline cold storage fund. This fund will serve as a financial guarantee and promise to our
customers. We believe the solution to this problem above all else is innovation. As anyone who works in
security knows, there is no completely safe system. This is why banks have deposit insurance. So too will
CryptoRush.
------------------------
New systems
We have moved to completely new systems secured by a new team, the details of which will be kept
confidential . These systems contain not only new and secure coding, but also measures designed to
prevent social engineering, and to ensure safe transit of cold storage funds. Top notch security experts
will be consulted on an ongoing basis to keep your money safe.
--------------------
Customer Trust
Trust can only be earned. We recognize that we have shaken your trust in us. We believe the only way
to rebuild that trust is through action. We recognize we are starting from zero with our customers now,
we can only hope to rebuild some that trust step by step, in the form of this plan. Reputation and trust
are earned. We have sought out experts across numerous fields to help us rebuild. Professionals of high
repute are now working diligently to return us to full operational status. Individuals of high caliber only
work on projects they believe can succeed. We would like to thank these highly professional people for
providing access to their knowledge in this process, it has been invaluable. Through them we have
learned that this problem may seem large, but it’s not insurmountable.
We will be enlisting third party companies to execute security penetration tests on the new CryptoRush
platform. We will confirm our new infrastructure and trading engine really is up to the task at hand. A
statement from these third party companies will be released to the public.
--------------------------
Special Thanks
I would like to take this opportunity to express deep gratitude towards those who have helped us in this
crisis. From my personal perspective, most of the people mentioned here won’t be seen in public and
are working behind the scenes, which is why it’s so important to thank them now.
Our server security & hardening manager
I would like to thank our new server security & hardening manager, it’s been a godsend that he came on
board with us. Without him we wouldn’t even been writing this document in the first place. With
experience in securing government, banking, private sector systems and a contributor to the Debian
Linux project, to say this person has brought extreme value to CryptoRush is an understatement.
I thank you for all the time, countless hours of stress, and nights awake behind a computer screen you
spent to get us up in the air again safely.
Our general manager of security and system operations
Our General Manager of Security, vetted through full-scope polygraph and background checks, has
worked with fortune 500 companies providing his extensive expertise of security analysis and
architectural design and code levels.
We couldn’t have asked for a better person in this position at CryptoRush, for your generosity and all
the hours you put in, I thank you.
Our programmer that went over every single line of code
A job that’s a real chore, he took it upon himself to go through this with a fine tooth comb. He denied
help from outside because he wanted to be 100% certain he could release the code with every line seen
by his eyes. Long hours and some real surprises in the code are what kept him from his normal life the
past weeks.
I couldn’t have asked anything more from you, and for that I thank you.
The support team that stuck with us
The support team that stuck with us during maintenance and helping us out with all the chores, relieving
work load of us: thank you. I think the operations team would have gone mad without you guys making
sure we were communicating as best we could with the customer.
And for that I can’t thank you enough.
-------------------------------------
Final words
I sincerely hope this plan demonstrates the capability of our new team. As a team, we hope this makes
clear we will make every effort required until our customers are repaid.
I myself will be donating at least 75% of my own personal crypto funds to this cause, apart from wiping
the debt CryptoRush owed me regarding BTC. I hope this example will be followed by the other staff
members as a gesture of good faith.
I’m honored and humbled to have worked with the new team on securing our new platform and
systems. The hours put into this is an astounding investment, with many highly qualified individuals
going far above and beyond what was asked.
It’s amazing how the community came together on this, and it was a wonderful feeling to see such a
talented team come together in our hour of need. From an IT point of view, I don’t believe I’ve ever
seen finer work these past few days. The fact that I’ve had the opportunity to witness that and be a part
of it is something I am very proud of. I can only hope the other team members feel the same way.
But most importantly, I’d like to thank you the customer. I’d like to thank you for your patience, for your
support, and for your understanding. We have put many people in extremely difficult positions, and to
see the grace and generosity of so many in such a short time is awe inspiring indeed.
I’m looking forward to trading on CryptoRush again, and I hope you are too.
With many Thanks,
J. van Campen
X3n0X on freenode IRC
Is there PDF only? Can you find this in Doc* or txt* data?
The new Cryptorush home page looks good (more professional), but the links I'm trying are not active yet. Still, they are doing a lot of work and I hope it works out for them. (Would also be nice to get access to my funds again; I made a nice profit there in the panic before it shut down and extracted most of that so I'm ahead no matter how it turns out, but still hope to not lose anything in the end.)
How much BTC or $'s was lost?
The name on the document is J. van Campen. Sounds like a Dutch name.
3. After audit they will convert old coins into BTC and LTC which will show up in your new account as a debt they owe you.
at what exchange rate.?. all altcoins as 1 satoshi each, or something more fair?
No clue. Maybe current exchange rate at time of audit?
3. After audit they will convert old coins into BTC and LTC which will show up in your new account as a debt they owe you.
at what exchange rate.?. all altcoins as 1 satoshi each, or something more fair?
Just tried to check Cryptorush.in, but got the boring statement page. Tried http://www.cryptorush.in/ and noticed they've got some new things up. One of the things is a PDF statement with todays date and their new plans!
PDF: http://www.cryptorush.in/press/20140418%20-%20Debt%20Management%20Statement.pdf
In short:
1. All old funds will be frozen untill they can fully audit the situation.
2. They will launch a new exchange with new wallets
3. After audit they will convert old coins into BTC and LTC which will show up in your new account as a debt they owe you.
4. They will pay back the debt over a long time with daily payments.
What do you guys think about this?
PDF: http://www.cryptorush.in/press/20140418%20-%20Debt%20Management%20Statement.pdf
In short:
1. All old funds will be frozen untill they can fully audit the situation.
2. They will launch a new exchange with new wallets
3. After audit they will convert old coins into BTC and LTC which will show up in your new account as a debt they owe you.
4. They will pay back the debt over a long time with daily payments.
What do you guys think about this?
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