Security warning for Indian btc sellers

Pinwheel

sr. member

Activity: 378

Merit: 250

Quote from: escrow.ms on June 24, 2013, 09:48:27 PM

Quote from: Pinwheel on June 24, 2013, 09:26:52 PM

mtgox withdrawal for usd very slow, they processing it manually and SEPA takes 3 weeks. only what worked for me is bitstamp and btc-e, both perfect.

Western Union and Moneygram accepting CC for making transfers in many countries.
There is no such things as withdrawal from hacked USA bank accounts.

No i wasn't talking about mtgox withdrawal, i was talking about exchange sites who are following mtgox rates, like xzzx.biz.

and about hacked bank accounts, you clearly don't know much about banking malware like Carberp,Pony and automatic transfer system i guess.

It's easy to bypass 2 factor authentication and in some countries, there is no 2fa authentication in banks.

nowadays mtgox avg rate is not much used as indicator, it is weighted average from different exchanges. Bitpay switched to weighted average recently.

escrow.ms

legendary

Activity: 1274

Merit: 1004

Quote from: Pinwheel on June 24, 2013, 09:26:52 PM

mtgox withdrawal for usd very slow, they processing it manually and SEPA takes 3 weeks. only what worked for me is bitstamp and btc-e, both perfect.

Western Union and Moneygram accepting CC for making transfers in many countries.
There is no such things as withdrawal from hacked USA bank accounts.

No i wasn't talking about mtgox withdrawal, i was talking about exchange sites who are following mtgox rates, like xzzx.biz.

and about hacked bank accounts, you clearly don't know much about banking malware like Carberp,Pony and automatic transfer system i guess.

It's easy to bypass 2 factor authentication and in some countries, there is no 2fa authentication in banks.

Pinwheel

sr. member

Activity: 378

Merit: 250

Quote from: escrow.ms on June 24, 2013, 02:53:16 PM

Quote from: Pinwheel on June 24, 2013, 01:36:07 PM

withdrawal done in usd, but when it comes to India it automatically become INR. that is what they are doing exactly, and there is places which you dont know. for them btc seller is just drop with their dirt. They will go long way to achieve their means, creating web site offering services for Indian bitcoiners ect.

such tricks not working anymore with big exchanges like mtgox or btc-e, bitstamp, so they are looking for naive and fresh guys and we have plenty of this kind here.

I would advice do not accept any transactions from abroad, not via bank, not Western Union or MoneyGram. If buyer offering transaction from his brother, from abroad, cut him lose at once. If you want to sell bitcoins abroad do it your self. Bank wire from btc-eis just 2 days to India.

Hmm, well if someone is sending WU/MG via cash, you won't get any problem but they can send westernunion from hacked USA bank accounts.

And btc-e's rates are actually shit, there's a big difference between them and mtgox price.
There are many better exchange sites where you can sell your bitcoin for bank wire and of course best way is to sell them to indian buyers.

mtgox withdrawal for usd very slow, they processing it manually and SEPA takes 3 weeks. only what worked for me is bitstamp and btc-e, both perfect.

Western Union and Moneygram accepting CC for making transfers in many countries.
There is no such things as withdrawal from hacked USA bank accounts.

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: wisard on June 24, 2013, 04:43:18 PM

Wait what? There is an Indian company doing 42 million dollars worth of bitcoin business? And they were looted?
You may be mistaking your sources.

Also, I know of no exchanges that allow funding via credit cards. Credit cards allow charge backs for as many as 180 days after transaction. An exchange has to be stupid to allow credit card transactions.

The only company who lets you buy bitcoins with credit cards seem to be btcquick.com - but they use google checkout to do the trade. Your account is tied with your google profile - which allows them to verify you and run a background check before processing your order. They may be scammed sooner or later, but they've not been scammed yet.

I agree that being cautious is good, but international wire transfers can't be reversed without the bank account holders permission. Neither can wu or moneygram orders be reversed - once you have cash in hand, they can't force you to give it back. You can safely use these 2 methods to sell bitcoins to folks without being scammed or looted.

If you have received stolen money and the authorities run an investigation - you are not liable for it unless you have been involved with the whole fraud and had known that the money you are receiving is stolen.

Not it was not a indian company doing bitcoin business. it was a indian payment processor for creditcards that was hacked and then robed.

There are no exchanges that take credit cards i know of.

wisard

sr. member

Activity: 272

Merit: 250

Wait what? There is an Indian company doing 42 million dollars worth of bitcoin business? And they were looted?
You may be mistaking your sources.

Also, I know of no exchanges that allow funding via credit cards. Credit cards allow charge backs for as many as 180 days after transaction. An exchange has to be stupid to allow credit card transactions.

The only company who lets you buy bitcoins with credit cards seem to be btcquick.com - but they use google checkout to do the trade. Your account is tied with your google profile - which allows them to verify you and run a background check before processing your order. They may be scammed sooner or later, but they've not been scammed yet.

I agree that being cautious is good, but international wire transfers can't be reversed without the bank account holders permission. Neither can wu or moneygram orders be reversed - once you have cash in hand, they can't force you to give it back. You can safely use these 2 methods to sell bitcoins to folks without being scammed or looted.

If you have received stolen money and the authorities run an investigation - you are not liable for it unless you have been involved with the whole fraud and had known that the money you are receiving is stolen.

escrow.ms

legendary

Activity: 1274

Merit: 1004

Quote from: Pinwheel on June 24, 2013, 01:36:07 PM

withdrawal done in usd, but when it comes to India it automatically become INR. that is what they are doing exactly, and there is places which you dont know. for them btc seller is just drop with their dirt. They will go long way to achieve their means, creating web site offering services for Indian bitcoiners ect.

such tricks not working anymore with big exchanges like mtgox or btc-e, bitstamp, so they are looking for naive and fresh guys and we have plenty of this kind here.

I would advice do not accept any transactions from abroad, not via bank, not Western Union or MoneyGram. If buyer offering transaction from his brother, from abroad, cut him lose at once. If you want to sell bitcoins abroad do it your self. Bank wire from btc-eis just 2 days to India.

Hmm, well if someone is sending WU/MG via cash, you won't get any problem but they can send westernunion from hacked USA bank accounts.

And btc-e's rates are actually shit, there's a big difference between them and mtgox price.
There are many better exchange sites where you can sell your bitcoin for bank wire and of course best way is to sell them to indian buyers.

Pinwheel

sr. member

Activity: 378

Merit: 250

Quote from: escrow.ms on June 24, 2013, 12:32:33 PM

Quote from: Pinwheel on June 24, 2013, 12:22:32 PM

Quote from: escrow.ms on June 24, 2013, 12:06:40 PM

Thanks for warning and i don't think it's a big issue for indians.
There is no way to receive cc payments easily in india.

cc payment not done in India. It done on currency exchange abroad and then payment withdrawn from exchange by using btc seller bank credentials. So, money will be coming to India via bank transfer from exchange account.

Alright, thanks for clearing that, so you want to say, they are using stolen cc's to get INR bank transfers on bitcoin sellers account to get bitcoins.

well there are hardly any exchange sites that accept cc payments to give international Bank wire and if there are some, no doubt carders will use them to cashout funds.

withdrawal done in usd, but when it comes to India it automatically become INR. that is what they are doing exactly, and there is places which you dont know. for them btc seller is just drop with their dirt. They will go long way to achieve their means, creating web site offering services for Indian bitcoiners ect.

such tricks not working anymore with big exchanges like mtgox or btc-e, bitstamp, so they are looking for naive and fresh guys and we have plenty of this kind here.

I would advice do not accept any transactions from abroad, not via bank, not Western Union or MoneyGram. If buyer offering transaction from his brother, from abroad, cut him lose at once. If you want to sell bitcoins abroad do it your self. Bank wire from btc-e is just 2 days to India.

escrow.ms

legendary

Activity: 1274

Merit: 1004

Quote from: Pinwheel on June 24, 2013, 12:22:32 PM

Quote from: escrow.ms on June 24, 2013, 12:06:40 PM

Thanks for warning and i don't think it's a big issue for indians.
There is no way to receive cc payments easily in india.

cc payment not done in India. It done on currency exchange abroad and then payment withdrawn from exchange by using btc seller bank credentials. So, money will be coming to India via bank transfer from exchange account.

Alright, thanks for clearing that, so you want to say, they are using stolen cc's to get INR bank transfers on bitcoin sellers account to get bitcoins.

well there are hardly any exchange sites that accept cc payments to give international Bank wire and if there are some, no doubt carders will use them to cashout funds.

Pinwheel

sr. member

Activity: 378

Merit: 250

Quote from: escrow.ms on June 24, 2013, 12:06:40 PM

Thanks for warning and i don't think it's a big issue for indians.
There is no way to receive cc payments easily in india.

cc payment not done in India. It done on currency exchange abroad and then payment withdrawn from exchange by using btc seller bank credentials. So, money will be coming to India via bank transfer from exchange account.

escrow.ms

legendary

Activity: 1274

Merit: 1004

Thanks for warning and i don't think it's a big issue for indians.
There is no way to receive cc payments easily in india.

Pinwheel

sr. member

Activity: 378

Merit: 250

There is guys around, who trying to pay for bitcoins by stolen credit cards. They usually will delay payment and buy small amounts of bitcoins. Transactions will be coming from abroad most likely from Arab countries. Situation in India with these kind of frauds on VERY high alert, after one Indian company been looted last December for 5 mil usd and again this year for 42 mil usd. If this kind of transaction will be traced to your savings bank account ... use your imagination what may happen next.

I would advice do not accept any transactions from abroad especially from Arab countries exchanges.

Topic: Security warning for Indian btc sellers (Read 1322 times)