bter hacked and lost 50m nxt

[Empirical1]

I think NXT may have already fallen an additional 15% to what coinmarketcap is showing?

They're showing $0.033 but I think bter & cryptsy are not trading? BTC38?

The DGEX price is showing $0.027

[tonyk]

https://nxtblocks.info/#section/accountId/NXT-8WJ7-8A2H-MBYN-3W9K4


I posted it on their forum also. They do not seem to care. The main thought as of now 'it is BTER's problem'... it is getting more then that with this last development....imo

[Riverhead]

Where do you see that?

[tonyk]

He just bought 100 BTC IOU's (the multigateway BTC )

Transaction: 3943495016275895492
 Asset: 4551058913252105307

[CLains]

bytemaster could perhaps weigh in with some clarity on the issue NXT are facing,

consensus, irreversibility, justice, rollbacks, decentralization

[Riverhead]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

So my take away from that is the blockchain is only as secure as your faith in the developer? Holy crap. I suppose the forgers will have to mine the new chain so it is decentralized I guess.

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

True enough. It's much easier for me to stand up for my values when I have no skin in the game.

[kokojie]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

So my take away from that is the blockchain is only as secure as your faith in the developer? Holy crap. I suppose the forgers will have to mine the new chain so it is decentralized I guess.

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

[Riverhead]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

So my take away from that is the blockchain is only as secure as your faith in the developer? Holy crap. I suppose the forgers will have to mine the new chain so it is decentralized I guess.


Also if they get out of this for only 100 BTC I'd call that lucky. The market price on 50M NXT is many times that.

[kokojie]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

[Riverhead]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

[liondani]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!

so even if NXT rolls back, the "hacker" will enjoy their +100 BTC gift...
I bet the 100 BTC are from the customer deposits since BTER don't allow BTC withdrawalls!(?)...

[chryspano]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!

His last 3 messages....
 
This is taking too long. I dont have all night.

So, what taking so long? Send me the next batch already. I'm going to leave soon. It's already 2 hours of negotiation, it took me 1 hour to clean your whole exchanger. BTC 500+ I'm not going to sit here, and wait 2 more hours for you to decide to send the lousy 10 BTC.

Deal is off. Good night.

[xeroc]

i'd say that guy simply went to bed ..

[mint chocolate chip]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!

Oh, now I see it, the hacker cancelled negotiations, said good night, and afterwards bter panicked and sent them 20 btc and then another 70 btc.

Message:   Deal is off. Good night.

https://nxtblocks.info/#section/txid/15947610367915170091

[38PTSWarrior]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!