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50 million NXT stolen from Bter

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npongratz

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Location: Madison, WI

According to reports, 50 million NXT has been stolen from the cryptocurrency exchange Bter:

http://cointelegraph.com/news/112278/breaking-bter-hacked-50m-nxt-stolen https://nxtforum.org/news-and-announcements/forgers-have-been-faced-with-a-choice

Worth noting here that this wasn't an attack on NXT itself, but apparently happened thanks to a security issue with Bter's servers.

Posted on August 15, 2014 at 2:06 PM

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• mdw

  

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  Location: orphaned block

  NXT gets a black eye for something that clearly appears to be the fault of Bter, whether it's incompetence or dishonesty.

  I suppose the guy who keeps 50 million tokens on an exchange deserves some blame too. Did MT Gox v5 teach us nothing?

  Did they decide to do a hard fork to blacklist the stolen coins? IMO that will make NXT community at fault too, for punishing all us stakeholders for the foolishness of one guy and the incompetence of an exchange.

  Posted on August 15, 2014 at 2:53 PM
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• npongratz

  

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  I totally agree: this definitely appears to be the fault of the exchange, and nothing to do with NXT itself.

  NXT's forthcoming decentralized exchange appears interesting, once it gets off the ground:

  http://multigateway.org/

  No hard fork decision yet, according to Coin Telegraph (at link above): "Update 5:30pm EST: The discussion about the hard fork continues. The new version released would only freeze the hacker's account."

  Posted on August 15, 2014 at 3:09 PM
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• knircky

  

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  Location: Philadelphia PA

  I have nxt on bter.

  I hope they are not gone.

  i guess the question to me is this a customer account that was hacked or was this the nxt account bter which would be a bigger issue. question would then be why did bter not cold store their nxt or have so many in hot storage.

  Posted on August 15, 2014 at 3:20 PM
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• adam

  

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  Location: California, USA

  We talked about this on todays recording session, and i'm editing it now for tomorrows show.

  Posted on August 15, 2014 at 3:25 PM
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• bobjohnson12321

  

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  Huge implications if they roll back to before that happening. I hope they can sort this out in a helpful manner otherwise shit is going to hit the faaaaaan!

  Posted on August 15, 2014 at 3:50 PM
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• sammir

  

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  wow amazing how this guys stolen big amonth of coins, very low security level in these server....

  Posted on August 15, 2014 at 7:14 PM
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• NickNZ

  

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  Location: New Zealand

  So sad for NXT. It will always have this hanging over its head. The sooner we all start using decentralized exchanges the better.

  Posted on August 15, 2014 at 7:17 PM
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• coin1688

  

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  http://www.cryptocoinsnews.com/news/vericoin-developer-believe-nxt-chain-rolled-back/2014/08/15?utm_source=rss&utm_medium=rss&utm_campaign=vericoin-developer-believe-nxt-chain-rolled-back

  Posted on August 15, 2014 at 7:32 PM
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• jamesmm

  

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  Location: Texas, Block #301130

  That very interesting the Vericoin developers says that NXT should not roll back. That's crazy both these coins I just recently got a little interested in and was going to start looking a little further into them and then this happens... to both of them. Wow.

  What do you think? Should they roll back the NXT blockchain?

  Posted on August 15, 2014 at 8:26 PM
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• troy112

  

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  i don't think any one guy has kept 50mill worth of NXT. They were from Bter's own wallet, but were still money of the people. BTW, why didn't they keep this on their COLD wallets??

  Posted on August 16, 2014 at 12:17 AM
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