Post
Topic
Board Service Announcements (Altcoins)
Re: RAWX altcoin exchange (former mcxNOW) to reopen soon | see a preview here
by
prospecta
on 17/05/2016, 18:29:03 UTC
To touch on the DOGE situation, I can confirm what you've said is true (at least in terms of the forking happening, and there being ample time prior for it to be updated on his end). "Hacked" isn't the proper word, though... it's more like negligence. And in this case, it was indeed costly. I was lucky in that I wasn't affected by the situation. And I believe this is when he did the haircut, correct? I know a couple users volunteered decent sums to help cover losses, but the entire situation was a pretty dark one (I remember being highly against a haircut, even though it wouldn't affect me, just on the basis of principle).

To put this simply, it was possible to deposit v1.7 DOGE (mined at like 3 difficulty) onto mcxNOW, and then withdraw v1.8 DOGE (i.e. the "real" DOGE mcxNOW owned).

Essentially the entire mcxNOW valid DOGE balance was withdrawn, it wasn't just a case of lots of fake DOGE appearing and being dumped for BTC - the valid DOGE the exchange owned were actually withdrawn too.

This is a little known fact that RS tried very hard never mention - the valid DOGE balance was also withdrawn.

If that doesn't constitute "hacked" I don't know what does???

All in all mcxNOW lost about 150 BTC + of coins.  The only reason there wasn't a huge haircut is the fact they managed to work out who took most of the funds, doxed him, and he caved and gave most of the money back.  Lucky for most it was a chickenshit that took it all.