Bter hacked. PTS, bitassets withdrawal successful. Share you experience.

[monsterer]

How can they re-enable trading without reimbursing all customers who lost funds first?

It seems that re-enabling trading is their only hope of creating some funds with which to pay back customer losses.

Its unclear whether they lost all their BTC or just a significant portion of it.  If they lost say, 50% of their BTC, then they could put the other 50% of BTC back into customer accounts after repairing the security flaws, and allow trading/withdrawals.

I'm pretty sure that wouldn't be acceptable for the vast majority of users. Isn't it quite likely disgruntled users will form a class action lawsuit against them, forcing them to sell off their assets to cover their customer's losses?

[Frodo]

They have at least this hot wallet https://blockchain.info/address/17o5zDFGNvP5H2iWd7aWbhacwS1HKDE4i9 with 220 BTC. Not very significant though.

[Ander]

How can they re-enable trading without reimbursing all customers who lost funds first?

It seems that re-enabling trading is their only hope of creating some funds with which to pay back customer losses.

Its unclear whether they lost all their BTC or just a significant portion of it.  If they lost say, 50% of their BTC, then they could put the other 50% of BTC back into customer accounts after repairing the security flaws, and allow trading/withdrawals. 

[monsterer]

How can they re-enable trading without reimbursing all customers who lost funds first?

[muse-umum]

Bter.com tweet https://twitter.com/btercom/status/573043042329882624

Sorry for the long wait. We will solve the security issue completely and get all altcoins online and enable the withdrawals in a week.

Edit: added 'quotes'

Altcoins yes. What about Bitcoins?

They lost ALL their Bitcoin, hot+cold wallet. What do you expect? Bitcoin balances are totally screwed. Only your altcoin balance is safe (IF they keep their promise of allow altcoin withdrawals in a week).

LOL. Dude, they definitely didn't have any 'cold' wallet. That should be 'cool' wallet.

[kokojie]

Bter.com tweet https://twitter.com/btercom/status/573043042329882624

Sorry for the long wait. We will solve the security issue completely and get all altcoins online and enable the withdrawals in a week.

Edit: added 'quotes'

Altcoins yes. What about Bitcoins?

They lost ALL their Bitcoin, hot+cold wallet. What do you expect? Bitcoin balances are totally screwed. Only your altcoin balance is safe (IF they keep their promise of allow altcoin withdrawals in a week).

[konelectric]

Bter.com tweet https://twitter.com/btercom/status/573043042329882624

Sorry for the long wait. We will solve the security issue completely and get all altcoins online and enable the withdrawals in a week.

Edit: added 'quotes'

Altcoins yes. What about Bitcoins?

[cube]

Bter.com tweet https://twitter.com/btercom/status/573043042329882624

Sorry for the long wait. We will solve the security issue completely and get all altcoins online and enable the withdrawals in a week.

This is fantastic news! If they are doing this indeed, it would help to put to rest all kind of negative speculations.

..

This is just an excuse to not pay people and is NEVER good news except that snapshots now have a >0% chance of being delivered.

Yep. This is a stalling tactic and not good.

[fundomatic]

Bter.com tweet https://twitter.com/btercom/status/573043042329882624

Sorry for the long wait. We will solve the security issue completely and get all altcoins online and enable the withdrawals in a week.

Edit: added 'quotes'

[Ander]

It sees they might have sold the site, and the new owners ("their partners") have much more sense and are now trying to maximize bter's value.

This explains sudden disappearance of bytemaster and co. 

No, its silly to think that bytemaster bought bter. 

Much more reasonable to think that bytemaster & co arent posting much due to the whole thing with the chinese community and the new PR blog post.

[vlight]

It sees they might have sold the site, and the new owners ("their partners") have much more sense and are now trying to maximize bter's value.

This explains sudden disappearance of bytemaster and co. 

[Ander]

Bter account screen is finally showing a reasonable number for estimated value of my coins, that seems like a good sign.

At first it was showing absurdly high numbers.  Then it was showing 0.  Now its finally showing a reasonable number which is about equal to the value the BTS I have there was at when bter went down.  (Its not showing current value but I wouldnt expect it to, it is showing the value as of bter's final trading prices). 

Hopefully this means that they are actually managing to sort things out.


Bter becoming operational again is a best case scenario.  (Okay, actually them catching the hacker and getting the BTC back is best case, but I dont expect that). 

If they return to operation, not only can we withdraw our BTS or other coins, but we can also eventually get snapshot shares and vested shares.

If they only enabled withdraws, everyone would pull out all their coins and bter would fade, and we probably wouldnt get snapshots ever. 


Trying to go full operational again is a MUCH better plan on bter's part.  It also provides some hope to BTC holders, because they can partially pay them bakc over itme out of trading profits.

Finally, an operational bter, even one that loses the majority of its customers, still has some value.  It could later be sold to a new owner to pay back some of the BTC (or possibly this has already happened).    The value of bter is directly based on the size of their customer base that they retain, so it is in their interest to make sure as many people as possible get their coins and dont sustain big losses. 


Of course, that is the good case.  We arent in any way out of the woods until such time as the coins we have in bter are safely withdrawn into our personal wallets.   But I interpret this attempt to return to full operation to be good news.  This SHOULD have been their first statement after 'we've been hacked'.  They should have been working all along to try and repair their security hole and return to operation with as little damage to customers as possible. 

It sees they might have sold the site, and the new owners ("their partners") have much more sense and are now trying to maximize bter's value.

[fuzzy]

We decided to work with our partners to rebuild the backend platform, completely resolve the wallet issue, reactivate bter operation.

Translation: BTER was sold, and of course next owner wants to keep the exchange running. That someone would pick such a low handing fruit was a no brainer: you'd really have to be short-sighted not to see the tremendous value in BTER .

It is beyond amusing that you think that a DAC should take up the remains of a insecure centralized exchange.  I don't even begin to understand how you think that would work.  All those different coins and addresses, someone has to make sure it is straightened up going forward.  Who would fund and manage this?  I guess the bitshares devs would drop working on bitshares to finish cleaning up the bter mess??   Yea, so much value... value if you want to steal the coins.

When  you buy a company you get the staff with it. If the company is profitable like BTER is it pays for its own staff. I already explained the details higher in the thread so I am not going to waste time beating a dead horse. Just wait and see BTER resume operation as a SuperNET gateway and you'll understand what I meant earlier.

I agree about dead horse, but if bter was so profitable it wouldn't need a buyer...  just saying.  You can't just trust the employee's of a foreign bank without any oversight.  It would just be asking for it. If a buyer got the existing employees, then they shouldn't shutdown withdrawals either.

@Klosure, I 100% agree.  And it would be the best move they ever made.  Then they would essentially own all the Centralized Exchanges (save BTC38, which admittedly is the biggest) and would introduce a great deal of competition. 

[gamey]

We decided to work with our partners to rebuild the backend platform, completely resolve the wallet issue, reactivate bter operation.

Translation: BTER was sold, and of course next owner wants to keep the exchange running. That someone would pick such a low handing fruit was a no brainer: you'd really have to be short-sighted not to see the tremendous value in BTER .

It is beyond amusing that you think that a DAC should take up the remains of a insecure centralized exchange.  I don't even begin to understand how you think that would work.  All those different coins and addresses, someone has to make sure it is straightened up going forward.  Who would fund and manage this?  I guess the bitshares devs would drop working on bitshares to finish cleaning up the bter mess??   Yea, so much value... value if you want to steal the coins.

When  you buy a company you get the staff with it. If the company is profitable like BTER is it pays for its own staff. I already explained the details higher in the thread so I am not going to waste time beating a dead horse. Just wait and see BTER resume operation as a SuperNET gateway and you'll understand what I meant earlier.

I agree about dead horse, but if bter was so profitable it wouldn't need a buyer...  just saying.  You can't just trust the employee's of a foreign bank without any oversight.  It would just be asking for it. If a buyer got the existing employees, then they shouldn't shutdown withdrawals either.

[Frodo]

Just checked balance on Bter.  $00 was the balance. Last week I had $62.00.

The balance was broken all the time. On the site where you can collect interest you should see the real balances.