Topic: VIRCUREX IS RUNNING WITH NEGATIVE NAV: BEWARE EVERYBODY (Read 3969 times)

very interstiong, after a long time i look at vircurex and noticed that the last update was from last year after 2 years:

Update 3rd January 2016
Payout to frozen accounts this month:
3.45 BTC
101.6 LTC
151,953.9 FTC
48,937 TRC

which did not help and also it looks that there is now all Withdraws blocked.

JUST a big Warning: Don't send money to this exchange (which is still possible)
Be aware!

I am not so sure they need luck as it is likely they hold all of the missing funds themselves. Luck would have nothing to do with it at that point. 

It's honestly a shame Vircurex had to go through these troubles. They were one of the first exchanges I used and I really liked them. Never had any latency issues, customer support issues, or withdrawal/deposit issues. Best of luck to them and all those involved.

For a year or so, I had been trading with Vircurex. I stopped earlier this year, when they started to freeze balances. And I'm so happy I did.

I hope they enjoy the .000009BTC left in my account, which is because I couldn't withdraw all of it out.

Lets all get on Vircurex Facebook and work for answers, to shed light on WHO and WHERE and HOW WHEN and WHY this REALLY happened.  WHO IS VIRCUREX?

www.facebook.com/pages/Vircurex/255696357882851?id=255696357882851&sk=photos_streampened.  

I've been pretty angry regarding what Kumala did but now I'm just heartbroken.  All I did was move some coins into Vircurex to trade them in late March and couldn't get them back.  Kumala claimed there was a technical error he was fixing but then he froze (stole) them.  He promised to make up his losses without affecting user accounts then went back on his word.  He claimed he was fixing a technical withdrawal issue and stole those funds too.  That second lie costs me a lot of money and heartache.  Here's why:

My autistic son will be graduating from high school in June.  It has been such a long journey for us and we are very proud he has made it.  My wife and I asked him what he wanted as a graduation gift and he said he'd like a cruise to Alaska.  Normally we could never afford that trip but I had enough cryptocurrency to just swing it.  I tried to trade the coins on Vircurex so I could monetize them.  Instead, Kumala stole them from me.  I've tried everything to get him to return them and he won't even respond to me.  Monday, I saw Kumala unfroze .00026808 LTC of my total of 450 LTCs.  I guess I was fooling myself thinking somehow I may get my coins but now I know I won't.  My wife recently cancelled our trip and today I told my son we can't go because someone stole the money. He was heartbroken and I was humiliated.  I'm now selling all of my mining equipment in the hope of raising some cash for a more modest trip.

I don't need sympathy and I certainly don't need people telling me it's my own fault for trading on Vircurex.  I just want people to know (especially Kumala) that what he did had real consequences for people.  Does Kumala realize when he steals people's coins it could effect their lives? 

I'm beyond upset now.  I'm heartbroken that he could be so callous as to steal people's wealth with no regard to how he is hurting them.

If any of you like to start case agaisnt the scamers,feel free to contact us.
https://bitcointalksearch.org/topic/law-firm-offering-services-for-financial-and-bitcoin-problems-556208

don't trade anymore with Kumala on cryptostock and vircurex


if anyone have information about kumala plz contact on pvt

WTF!??!!? how the hell did he lose so much! numbers from latest report don't add up!!

Kumala
is this a joke??

how is it even possible that you are in this situation?
the losses due to the theft were much lower!

it's a total of over 5000 btc!
no fucking way!
you better explain this to the people in details.



BTC:
Number accounts with frozen balances 352
Total frozen amount 1,748.50 BTC
FTC
Number accounts with frozen balances 42
Total frozen amount 152,106.24 FTC
LTC
Number accounts with frozen balances 2625
Total frozen amount 125,883.05 LTC
TRC
Number accounts with frozen balances 77
Total frozen amount 127,835.98 TRC

how we can find the address of this company which owns site vircurex.com? From http://whois.domaintools.com/vircurex.com there shows no name property. Hidden like information. Let us who have blocked funds to organize and find him and do a collective's case to court in China.

see and this https://bitcointalk.org/index.php?topic=140700.new#new

It's pretty bad I didn't read this thread earlier. Why the hell wasn't this info been made more public? Until the last days Vircurex was hanging on coinwarz and other known resources.

It's a pity I am such a fool. Don't send money to Vircurex, Vircurex is a scam.

It's sad to see all the post from people who liked and trusted Kumala with their wealth.  It's natural to hope it's all a misunderstanding and that he will make us all whole soon.  That isn't going to happen. 

He transacted a huge amount of coins on Vircurex and never revealed a single personal piece of information.  He positioned himself for a smash and grab.  I have been able to acquire some info about him,  but how I had to, only re-enforces how anonymous he has tried to be. 

He started Cryptostocks and never revealed a single piece of personal information.  Check out bitcointalk discussions on Cyptostocks to see how folks are getting ripped off.

He went public with Vircurex (VCX) to "raise money" to replenish his reserves.  In his offering he does not disclose a single piece of personal information.

Truth, in my opinion?
Kumala realized he could do anything he wanted with (he thinks) complete anonymity and impunity.  He withdrew funds from Vircurex and called it a hack.  Promised to pay everyone back so folks would continue to deposit.  He then offered interest to increase deposits.  He also began to block withdrawals under the guise of a technical error.  Then he took a second bite of the apple.  He declared his site insolvent, swept up any available funds and distributed them to himself and others he needed to protect his identity.  Unbelievably, he is taking a third bite by calling a do-ever and asking people to deposit NEW funds beyond those frozen.  Eventually, when he thinks he has some trust back, another "hack" or "freeze" will happen.  Mark my words....... Kumala is going to scam people over and over until there's nothing left.  He's completely silent on all boards, doesn't reply to emails, and people are sending him money!

People seem certain the poor quality listing on Cryptostocks are the result of kick-backs to him.  He raised funds through his own public offering of Vircurex (VCX).  Promised dividends were suspended, the money raised did little to replenish the reserve because it never made it there.  Communication from Kumala?  There's been none.

The threat of jail is the only way anyone is going to get substantial relief (I am working hard on that).  Please forward any personal information you may have regarding Kumala.  I will pay LTC bounties for info I can verify.

In the meantime please...please...don't leave a single coin of yours in his control.

I wrote to him many times trying to help him out finding a solution. I think he's reading, but no answer yet. Kumala talk to us.

This guy https://bitcointalksearch.org/user/kumala-41776

Is there any Vircurex owner/mod/dev a Bitcointalk.org member?
Whould be nice to talk with them in this hard for us situation.

I wish they will stay with us too (I've got so many coins frozen that I'm obviously biased on this)! apart from this it has always worked smoothly. It's a nice exchange and I've always liked it. Would be a shame if it disappears. I hope kumala can quickly find a solution to refund most of the coins, start fresh new with 100% reserve (as it should be now), and do something to keep the exchange up to date. There are no many altcoins exchange and vircurex could reestablish as one of the best ones along with cryptsy.

Well.. we will see what are going to happen next ... and what will happen for real. I wish they will stay with us ...

Well their announcement explains what they plan to to, but... after getting hacked, raising a horrible thing that wasn't really an IPO, getting hacked again, paying interest because mcxnow did, and then this I doubt people with enough coin to save them could trust them enough to save them.

I didn't knew about that
So what they are going to do now?
Bankrupt?
Or there are any chances for them? What you think?

I repost it here (more or less):

they only way they can keep vircurex afloat is to raise new fresh capital, take the NAV positive again and  repay at least 50% of the frozen funds. They would need at least 1000 btc of injection. Maybe more. and the more they wait the worse it could be since ltc keeps going up and they are way big short of LTC right now.

there is still a huge market for cryptos, and vircurex can still make 20-50 btc a month of commissions. but they need the support of the depositors that have frozen funds. I guess if they refund 50% of the frozen funds they will continue to trade on that platform (I will), otherwise this is pretty much dead forever.

Kumala are you reading?? are you listening?? find someone who want to finance your project and get another jump start at it. DO IT NOW!

They already did that... Last spring after their first catastrophic hack...

Perhaps Vircurex should put themself @Crytostocks  to rise founds to keep it up!

Let us all not forget that Crytostocks and Vircurex share the same operator.

Well I feel sorry for this too.

I was trading mostly @Vircurex and this is a big lost for all of their users...

I dunno how it could stay in a shadow till now ... but ... now what we can do.

I don't fucking care if I lose everything. It's all frozen and given the amount of fees that vircurex generates I'm not going to get any shit back ever.
With a negative NAV vircurex shares are WORTH a FUCKING ZIPPO. nothing. They have been worth NOTHING for months.
NO company should be allowed to work with negative NAV, it would be a scam!
If they want to gain back some trust raising capital is the first thing to do here.
KUMALA do you fucking understand this??
And with part of the fresh new capital refund FAIRLY and PROPORTIONALLY, (no bottom up and down distribution you assholes) at least 20-30% of the current depositors.
only way to get out of this mess
otherwise, fuck off... go to fucking hell and rot there for the rest of your life.

this thread should have been pinned here and stayed at the top of the list since last august...
instead nothing. nothing of fucking nothing...
and it was all public:

I've just found this:

https://vircurex.com/Reports/2013-11.pdf

 they manage to go from -112 btc end of june to over -1000 at end of july
this was public, never read it... fuck... with these numbers keeping just 1 litecoin on that exchange was fucking insane
fuck me for not reading that,
unbelievable. fuck
also why didn't these fuckers cover some ltc last november at record lows?? they wrote in the november report

The decline in NAV is due to the price increase of the coins that we have an underrecovery in, primarily LTC

you idiot, buyiig some ltc back there at 0.008?
also they lost massively with the Aurumxchange’s Default as reported in the august report

https://vircurex.com/Reports/2013-08.pdf

and a theft of FTC too
SO TOTAL negative -1000BTC since last july
how the fuck can a company run with negative NAV?
they should have raised more capital or shut down business, in order to limit any losses on depositors.
what happened is totally criminal, and everybody should have been alerted of this, instead, even if I spend hours in here, this never came to my attention. I didn't know FUCK!

I mean vircurex is one of the oldest exchange, when I started there was vircurex and btc-e pretty much nothing else.
unfuckingbelievable... WHY THIS SITUATION WASN'T MADE PUBLIC everywhere??
should have been the first thread on many boards and pinned here to alert everyone: VIRCUREX HAS BEEN A ONGOING SCAM for months and nobody said SHIT!

VIRCUREX IS RUNNING WITH NEGATIVE NAV: BEWARE EVERYBODY... this thread should have been the top of the list here. TOP OF THE LIST.

I lost a lot in there. I got screwed. BIG TIME. FUCK
what did you lose??

don't you feel cheated? why nobody said anything about these fuckers?? why this thread wasn't here pinned at the top of the page??