You're right.  I don't think they've got a cold wallet anywhere either.  None of the top 10 wallets in the richlist belongs to them as far as I can tell. So it really seems strange to me that the sell orders haven't moved one bit since yesterday (~300 million qora), yet their qora reserve has already been reduced by another 40 ~ 50 million qora.

At this point, I don't believe they'll have enough qora to cover all the future withdrawal (unless someone else makes another huge deposit).   So things are getting very interesting now - as the hot wallet gets closer and closer to being empty, I wonder whether the last person will be able to cash out and withdraw? I guess we'll just have to wait and see.

One reason I got very suspicious of BTER is that, after the recent hack, they decided to drastically reduce/restrict the amount of altcoins you can withdraw at one time (for instance, nodecoin has a daily limit of 500,000 - a nearly ridiculous amount).  Why would they do that if all of the Alt-coins were unaffected by the recent hack aside from Bitcoin?    

They claimed only bitcoin was compromised during the recent heist, and I was not sure whether they were telling the truth.  Okay, let's wait and see.