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Board Beginners & Help
Re: bitcoin-24 went down while i transfered BTC to them
by
DeathAndTaxes
on 14/04/2013, 18:36:42 UTC
i transfered my BTC from gox to bitcoin-24, approximately 2 hours before bitcoin-24 went down.

I did the exact same! It's extremely ironic that I've just left Mt.Gox for their downtimes and incompetence in favor of Bitcoin-24... and then just hours later Bitcoin-24 goes down, while Mt.Gox is being completely fine at the moment.

And yes, now I can't access my money which kind of bothers me. Sad

i did exactly the same out of the same reason at the same time.

my theory: mtgox was seeing that btc24 was getting bigger and bigger. they found out that it is using accounts with the same bank in poland they do themselves. they found out that it was a business that grew over the head of the young, unexperienced owner. they decided to talk to the bank authorities in poland. gox´timing was perfect: they knew that plenty of gox customers would run over to btc24 in exactly the moment they would be shutting down service. in order to get rid of a competitor they acted in that same moment. also giving all gox leavers the message, that they are screwed when they leave gox.

Simpler theory the operator was an idiot with two masive flaws:
a) a fault trading engine allowed users to steal funds.
b) when his business account got shutdown he started moving millions of euros through his personal bank account.

Neither of those have particularly unexpected outcomes.