Quote from: Titan33 on June 21, 2014, 07:08:05 PM

Quote from: gise87 on June 21, 2014, 06:47:25 PM

Quote from: lesnod11 on June 21, 2014, 05:15:20 PM

One thing I don't completely understand about the web site hacking is: Even if the web site is hacked, it's just a visual representation of what profits are being made. Most if not all the money would have to be in exchanges. I don't recall reading or hearing about multiple exchanges being hacked. I could be naive in how the whole process worked, but it just seems like in order to do arbitrage you would need multiple accounts in multiple exchanges and money in all of them, not sitting on a web sever.

He claims that the hackers changed the deposit address on the website so people transferred directly to the hackers instead of Btc-arbs addresses, furthermore he claims that some user accounts were compromised and they requested a withdrawal to their addresses.

If I remember correctly, when depositing to the Btc-Arbs website, you had to go back to the website after making the transfer from your wallet and click a button that essentially confirmed that the transfer was initiated. So then if the change in deposit address claim is true, he should have realized very quickly that people were confirming that transfers were being created but no actually BTC was coming in. Also, the requested withdrawal issue should've been discovered very quickly as well since if they withdrawal were paid out to whoever "hacked" the website, the balance shown in the account would've changed and the individual whose account it really was would notice that pretty quickly and no doubt reach out to the admin to find out what is going on. In either scenario, I think the issue, if true, would've been discovered/pointed out very quickly greatly limiting the damage in terms of lost BTC compared to what the situation seems to currently be.

Others have also questioned the claims on here and I also agree that it just does not seems to line up so my only conclusion is that he might have more BTC than he is letting on, trying to make people whole from the arbitrage profit while keeping the principal amount at the end, which is pretty sizable according to the spreadsheet. And clearly had no desire to return the BTC prior to his identity being 'discovered'.

I wonder if criticism on this forum is another one of the criteria that pushes you to the back of the payout list.....

hmmmmmmm not sure any of this is criticism, just general questions. I have had 2 small payments so I'm generally happy he is working on it, and I freely admit I could be naive to the process he was using. But questions do abound.....