I don't think most of us are still "fooled" into believing that arbitrage was ever part of this scenario...most are at the very least highly skeptical of it. So you aren't telling us anything we don't know. The reason no action had been taken to this point is because they were still paying people back. Scraps, to be sure, but most felt that something was better than nothing. I think, given the lack of payments and communication recently, most of us are just sick of the game and the trickle of payments is not enough to keep the dogs at bay.

After giving fair warning here, I've contacted Malay authorities with the information I had, as well as the doxxing research that led to the discovery of at least two people who ran this scam...one of whom has known ties to other HYIP schemes. Paying me $13 or so every six to eight weeks is not enough to make me care about this bullshit anymore.

Here is a link to the forum thread that contains all of the doxxing research, for anyone who is interested:

https://bitcointalk.org/index.php?topic=639298.0

Jonathan Lee and Goh Kiang Hok are both involved; when I confronted BTC-Arbs with these names, I was told that if I revealed the names of he or his associates, I would no longer receive payments. As I said above, I don't really care now and can't be bothered with this dog & pony show anymore. I recommend anyone that wants justice done to contact Malaysian authorities about these scammers...if they do some digging, I'm quite certain they will discover a lot more cybercrime than BTC-Arbs.com. Not everyone was seriously hurt by this scam, but those of us who had 20+ BTC in it definitely took a big hit, between the price decline of the coins and just not getting the coin back, period.

Contacting authorities will not result in anyone being paid back, of course...but it WILL make it a lot more difficult for these guys to hurt anyone else financially. Even if it just becomes part of a larger case against them.

http://www.ccid.my/
mcc@rmp.gov.my

As for me, I'm done with the games. I've written a full report for the Royal Malaysian Police and I suggest anyone else that was damaged by it, do the same.

I'll give him a chance to explain himself and get payments going in a much more timely fashion, but if he doesn't break the silence and take some substantial action soon, I'm not losing much of anything by reporting what happened. At this point, I'm just sick of the entire game he's been playing with us for the last year and don't particularly expect to be paid back what I'm owed, given the pace we've seen over the last 12+ months. So there's no point in letting them off the hook anymore. There won't really be the possibility of any kind of group action and nobody should expect to see a dime from it, as it'd just be a criminal investigation. I'm not going to throw good money after bad and lawyer up, etc... But BTC-Arbs should understand that I (and many others) have reached my limit with this.

That means our spreadsheet is quite wrong. The good thing is, we will get fully refunded faster than expected. According to BTC-Arbs it was less than 500 BTC in total. Refunded more then 100 within 2 months. So we may all get refunded till summer next year.

Although he also claims to have a LOT of requests that were sent via e-mail, outside of the forums (and presumably not represented by the spreadsheet). So it's difficult to say with any certainty.

Currently pending

221 pending refund emails  (including duplicates/spam)
98 pending refund PMs   (including duplicates)

... The total value of ALL BTC-Arbs accounts is more or less 500 Bitcoins. ...There are only 7 users with balances over 20 Bitcoins. ...

yonce, why do you actually keep posting in this thread? you did not invest in BTC-Arbs and have been mocking people who did. What's in it for you to gain information on the BTC-Arbs admin? I do not believe you care if we get our BTC back or not.

Your intentions are not clear to me and other users in this forum, along with your reputation which is questioned many times.

We have been able to organize a good bit of information now on the btc-arbs admin. I am looking for any more on the admin that you may have. If you do, PM me as it may be new information that I do not have. There needs to be a plan B while we wait for the admin to come through on his word.

Thanks!!

I was just thinking about the full refund date (where all the users will be paid off) and I think it could be sooner. We don't know the "gap" he needs to fill using arb trading.

If for instance: He owes us all 600 BTC, 100 BTC were stolen and he still has 500BTC. He then has to gather 100 BTC.
The BTC-Arbs admin is now using the profits (11BTC till date) to pay off people but when he has gathered enough to cover the gap, he can pay-out the rest in one final batch.

I surely hope we all will receive our bitcoins in a timely matter. You are one of the top investors btclemming and that sure is a fair amount of money..

The speculation in this forum is crazy. It seems that every time I visit I need to explain again the situations. Here we go again:

1. BTC-Arbs was hacked. Coins were stolen. Deposit addresses were changed. Some of the coins in the system weren't even received by BTC-Arbs.

2. You ask why the website isn't online. There are two reasons for this. First, the hackers completely destroyed the server and changed all the information on it. Second, there were multiple DDOS attacks that took the server offline.

3. You ask why I don't refund everyone immediately. The answer is that I do not have all of the coins in the accounts. If I did, I would. The remaining coins are being used to generate profits that are being used to pay everyone. Regular refunds are being made. A general refund plan is in place. Smaller investors are being paid their full balances. Larger investors are being paid partial payments until they are fully refunded. Investors with unreasonable demands or complaints are moved further back in the queue. Users who cooperate with the refund process are paid first.

4. Anyone who sends threats, especially those of violence, will forfeit their full balance.

5. Everyone will be refunded as soon as possible.

Today's batch of refunds will be sent in approximately one half of an hour.

Did some fixes to the spreadsheet again. people keep messing with it. Also people are keep doing the ascending/descending. I don't really care which one we use but it's pretty annoying haha

It wasn't really as much of a question as it was casting doubt on his intentions. Odd he's reaching out just to this forum and not any monitors like Paul and his downline.

Damn...finally, someone who had more invested than I did. Welcome to the club :/

Go open up this Google Docs spreadsheet we're maintaining and input your username, the amount of principal you're currently owed (looks like 30.6) and we can keep track of it that way.

https://docs.google.com/spreadsheets/d/1lSUi0_1bqe0sv5XI4EvXWPcWI7fwnJbFQY-kMsYxp10/edit#gid=1324696940

Is there anyone that has been paid more than the 2 btc that was reported earlier?