Guys, I know most of you are not that familiar with exchanges like BTER so let me share my experiences. I know BTER very well. Most of my BTC holdings have come from trading ALTs on BTER, just lately I have started daytrading bitcoin since ALTs have been pressed so hard into the ground and there is no much action there.

BTER worked like a charm until some strange things didn't start happening. First is a NXT hack of about 50 million NXT (4000 BTC at the time) that happened 6 months ago. The situation surrounding the hack, negotiations, moves that were being drawn after the hack are least to say bizarre. It can completely compare to the ''my cold wallet got hacked'' from yesterday. But OK, it can happen to anybody we said!

Than there was a BITBAY fiasco 3 months ago. BITBAY was a new breakthrough smart contracts technology by the David Zimbeck's blackcoin DEV and the others. IPO was held by BTER. Coin was literally dumped. Many people lost money. Some days after Skype transcripts came out to show that Lin, owner of BTER was heavily involved into this scam.

Now this raised many red flags in the community, why would a reputable exchange be doing this kind of crap. Everybody that was doing business on BTER after this event, were scared and in a sense BTER was a wreck waiting to happen. Every time I deposited coins after this to BTER was just to buy and GTFO. Of course, this too was sometimes day or two long in order for orders to go through. On Friday, a night before alleged hack, I withdrew my last 2 BTC from BTER since the order was standing there for too long, guess I was lucky.

Conclusion: All of us in ALT community was suspecting that BTER was on fractional reserves since the BITBAY fiasco. This is probably what happened. Two days ago he realized that this won't last much longer, he moved the funds and said how he was hacked! If you are asking me, yes, this was an inside job!