Post
Topic
Board Exchanges
Re: BTER.com hacked - 7170 BTC stolen [DON'T KEEP YOUR MONEY ON AN EXCHANGE]
by
Yeacten
on 05/03/2015, 15:03:51 UTC
I submitted a CNY withdrawal on Feb 25th. On Feb 27th the status on Bter.com was updated to say the withdrawal was "Complete" (in Chinese) and with an exact timestamp on Feb 27. Nothing appeared in the bank account so I sent them an email on Mar 1. Their first reply ignored my issue entirely. I asked them again on Mar 3 and this was the reply:

Quote
Dear Sir,
The cny has been returned to you.

If you want to withdraw cny, your account must be switched to the Chinese account.

Then you may go through the identity verification process.

Then your real name will display on the Recipient field when you withdraw. You may withdraw cny to the bank account under your name.

If you want to switch to the Chinese account, please let me know

Best Regards
BTER.COM

After this the CNY appear in my Bter account again. So their system said the withdrawal was "Complete" with an exact withdrawal time even though they never attempted to send it. Sounds like a classic case of stalling, right? Make a fake withdrawal status so the person waits a week thinking everything is ok. And when they find out it was fake make them go through their ID verification which probably takes another week at least.

How long does it take to enable altcoin withdrawals? 2 weeks? 3 weeks? A month? Bter is very good at saying "everything will be ok in one week". Same thing Mintpal did.