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Offline Rune

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Cryptohedge and the bter hack
« on: February 16, 2015, 04:18:39 PM »

Hey everybody,

The BTER hack was really terrible for Cryptohedge because it put at risk all of the work we’ve been doing to improve bitAsset liquidity. Cryptohedge had almost all of its CFS asset funds on the exchange at the time of the attack.

We're working to figure out our exposure. We see the most likely outcome as the majority of all bitcoins will get a haircut while all altcoins will be returned.

Cryptohedge held around 93 BTC worth of CFS client funds on BTER in BTC, BTS, bitGold, and bitUSD. Of these funds about 27 BTC were exposed to the hack while the remaining funds were in assets or off exchange.

CFS asset funding is temporarily halted. Since the CFSBTC funding round just began and the BTC we received did not get touched, we'll refund those to anyone who is interested. Please PM me if you have CFSBTC and want to redeem it for your BTC.

To CFSGOLD and CFSUSD holders: We will be forthcoming with updates as soon as new information is made available by BTER and will arrange a buyback/withdrawal as soon as possible. Despite this huge setback we plan to keep Cryptohedge moving forward and get bitAsset liquidity going on Yunbi instead.  This means there will also be the option of staying on as a funder. We hope to compensate for a part of the losses by doing an early CFSCOIN sharedrop on all funders.  Only by moving forward and staying in business will this compensation have any value. We took a hit, but we’re not out.

Rune & Riverhead

Offline cass

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Re: Cryptohedge and the bter hack
« Reply #1 on: February 16, 2015, 04:20:42 PM »
i'm feeling with you :( !
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline monsterer

Re: Cryptohedge and the bter hack
« Reply #2 on: February 16, 2015, 04:26:50 PM »
Glad to hear it wasn't as bad as I thought it might be :)
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Offline xeroc

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Re: Cryptohedge and the bter hack
« Reply #3 on: February 16, 2015, 04:34:05 PM »
i'm feeling with you :( !
Agreed .. still a valuable service
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Offline santaclause102

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Re: Cryptohedge and the bter hack
« Reply #4 on: February 16, 2015, 05:18:03 PM »
Rune, did you think about increasing liquidity on the DEX instead of on centralized exchanges? What obstacles would you face there?


Offline inarizushi

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Re: Cryptohedge and the bter hack
« Reply #5 on: February 16, 2015, 05:28:22 PM »
That's really sad.. I resold half of my CFSgold when I got the news, cause it may be hard to find affordable bitGold when cover time arrives  :(. I'll be happy to buy back when the situation clears
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Offline ElMato

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Re: Cryptohedge and the bter hack
« Reply #6 on: February 16, 2015, 05:40:58 PM »
 +5% keep the good work guys, your service is necessary for the entire ecosystem.

Offline Rune

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Re: Cryptohedge and the bter hack
« Reply #7 on: February 16, 2015, 05:59:00 PM »
Rune, did you think about increasing liquidity on the DEX instead of on centralized exchanges? What obstacles would you face there?

The biggest problem bitshares has at the moment is that we need an easy way to get in and out of bitassets from bitcoin. Unfortunately we cannot provide this in any other way than on centralized exchanges.

Offline cube

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Re: Cryptohedge and the bter hack
« Reply #8 on: February 16, 2015, 06:03:23 PM »
You guys are doing a fine job, despite the crisis.  You will pull through. :)
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Offline monsterer

Re: Cryptohedge and the bter hack
« Reply #9 on: February 16, 2015, 06:17:00 PM »
Rune, did you think about increasing liquidity on the DEX instead of on centralized exchanges? What obstacles would you face there?

Metaexchange is looking into this possibility - stay tuned :)
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Offline santaclause102

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Re: Cryptohedge and the bter hack
« Reply #10 on: February 16, 2015, 06:47:58 PM »
Rune, did you think about increasing liquidity on the DEX instead of on centralized exchanges? What obstacles would you face there?

Metaexchange is looking into this possibility - stay tuned :)

I said this because the first demographic to use the DEC would out community....

https://bitsharestalk.org/index.php?topic=14328.msg186501#msg186501
« Last Edit: February 16, 2015, 07:10:43 PM by delulo »

Offline Shentist

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Re: Cryptohedge and the bter hack
« Reply #11 on: February 16, 2015, 06:55:41 PM »
I hope in the end, most of the funds are save! I still have some altcoins on BTER and don't want to loose them.

metaexchange.info is working on solutions to provide an alternative way of placing orders without much risk on 3rd party holders. Just wait a little bit longer to see, what we are planing!

Offline Ander

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Re: Cryptohedge and the bter hack
« Reply #12 on: March 12, 2015, 06:12:01 PM »
Did cryptohedge get some BTC back when bter reopened?

It seems that if you had btc in orders, you got a lot of it back.  So I would think that some of the BTC in the buywalls would have been recovered?
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Offline ubits

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Re: Cryptohedge and the bter hack
« Reply #13 on: March 12, 2015, 08:05:26 PM »
All my BTC was in orders when hacked, All my BTC is still in orders after they reopened.

Apparently BTC in orders was not stolen?

Offline ubits

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Re: Cryptohedge and the bter hack
« Reply #14 on: March 12, 2015, 08:07:00 PM »
Hey everybody,

The BTER hack was really terrible for Cryptohedge because it put at risk all of the work we’ve been doing to improve bitAsset liquidity. Cryptohedge had almost all of its CFS asset funds on the exchange at the time of the attack.

We're working to figure out our exposure. We see the most likely outcome as the majority of all bitcoins will get a haircut while all altcoins will be returned.

Cryptohedge held around 93 BTC worth of CFS client funds on BTER in BTC, BTS, bitGold, and bitUSD. Of these funds about 27 BTC were exposed to the hack while the remaining funds were in assets or off exchange.

CFS asset funding is temporarily halted. Since the CFSBTC funding round just began and the BTC we received did not get touched, we'll refund those to anyone who is interested. Please PM me if you have CFSBTC and want to redeem it for your BTC.

To CFSGOLD and CFSUSD holders: We will be forthcoming with updates as soon as new information is made available by BTER and will arrange a buyback/withdrawal as soon as possible. Despite this huge setback we plan to keep Cryptohedge moving forward and get bitAsset liquidity going on Yunbi instead.  This means there will also be the option of staying on as a funder. We hope to compensate for a part of the losses by doing an early CFSCOIN sharedrop on all funders.  Only by moving forward and staying in business will this compensation have any value. We took a hit, but we’re not out.

Rune & Riverhead

Has trading resumed to normal? or is there still accounting and losses to account for?
« Last Edit: March 12, 2015, 09:36:21 PM by ubits »

 

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