Major Announcement - Exco.in is closing operations

[Excoin]

If anyone additional information is needed from me please contact me at admin@exco.in

I will respond fast as possible, I have not ceased working. I have been combing the logs to determine the exact cause and collect as much information on the DDOS and bug as possible.

Drunkonsound is trying to convince me if we can pay back all of our creditors to rebuild the trading engine from scratch and relaunch an improved version. I will keep everyone up to date on this plan, but my focus is on determining the cause and ensuring members get their money back.

[seki]

thanks for your efforts. i hope you made it

[Excoin]

Ronny from CCEDK has openly said he has the identity of the thief but refuses to give out any information.

I suspect this is because either the money was laundered on his exchange which is counter to their image of anti-laundering and he directly benefits from Exco.in failing since we were starting to take a large portion of his market cap.

This is an open request that CCEDK actually work with us to capture the criminal who stole large sums of money from Exco.in users instead of refusing to help for personal gain.

[cryptog]

Tks for the details.

[cryptog]

Wo. Seriously if it is true, then we have there a strong way to put pressure on the thief.
If @ronny wants Nu to grow, then he should help us retrieve the lost 60k NBT who belong to the shareholders, by revealing somehow the identity of the thief, assuming that he has it.

[Excoin]

Essentially all of the CCEDK volume is from NBT/BTC. Exco.in was making major headway in the NBT marketplace, we were on a path to eclipse CCEDK within months. However now with both Exco.in and BTER gone CCEDK stands to be the largest player in NBT/BTC. CCEDK directly benefits from withholding this information.

All we were met with was flimsy claims that they can’t trust Excoin a established/respected exchange over a suspected thief so no information could be given out.

We would be taking this information to the authorities not seeking vigilante justice. What they are doing is simply wrong and not only hurts the Nu project but the trust in cryptocurrency in general.

Exchanges should be working together to root out bad actors not playing power politics to maintain a stranglehold on the market share.

[creon]

Although I’d have appreciated it if this would have been solved in private between you and ronny, I agree that it would be in the interest of Nu shareholders if CCEDK cooperates.

In the end I can imagine that if you start a lawsuit against the hacker in Denmark (or probably any other country in the EU), the police will request the data from CCEDK anyway at some point. I don’t see any reason to make this process so complicated though.

[cryptog]

Seriously hiding the information of the thief makes you look bad…

[Excoin]

Creon, I went to him privately first and was met with complete resistance almost to the point of ridicule. I made this public in an effort expose CCEDK’s intentions and hopefully encourage them to look past their own self interest and help the community recover lost funds.

[cryptog]

Sorry. I am getting emotional.

[Excoin]

His account clearly withdrew fraudulently obtained money from our exchange, don’t pretend we are going out with pitchforks for vigilante justice. That is simply not the case, and you trying to pretend that is what is happening makes your position look even more like you are hiding the information for your own self interest.

We are simply asking for information about the suspect so we can hand it over to the authorities so they can determine his guilt or innocence.

You are making your own exchange look bad by being completely unwilling to work with other Exchanges to bring suspected criminals to justice.

What really makes you look bad is the fact that withholding this information long as possible you gain by cornering the NBT/BTC market. You are specifically unwilling to work with an exchange that was taking a large part of your business.

Without the information you have we will have a hard time bringing this suspect to the authorities so they can determine guilt or innocence.

[mhps]

In the end I can imagine that if you start a lawsuit against the hacker in Denmark (or probably any other country in the EU), the police will request the data from CCEDK anyway at some point. I don’t see any reason to make this process so complicated though.

I have to say going through the police is the right way. CCEDK has an obligation to respect customers’ privacy (although I didn’t check if there was relevant lines in the registration info. i.e. if there was an explicite privacy policy). This is not a cut and dry issue, however. BTER repeatedly acted to freeze customer’s fund which BTER deemed suspicious, and gained karma from the community, probably gained more business, and probably lost some customers who value procedure justice.

[mhps]

The shareholders should post a bounty of 60K NBT (full stolen amount) to track Ambiorx down and get the stolen fund back.

This doesn’t cost anything and Nu shareholder make use of this weapon – nubits they could create – to mobilize forces under the sun or in the shadow against the thief that messes with Nu.

[benjyz]

Mind you taking advantage of problems happening on an exchange and trading with some apparent bigger wins

That was clearly not the case. I suggest some mediation to get things settled, if at all possible.

[Excoin]

There is very clear precedent in the United States, even if a bank errors and your account has more money than it was supposed to have. If you withdraw that money and spend it as if you own it, that is a clear act of theft.

You are taking the word of a person we have clear evidence stole 60,000 USD worth of NuBits and Bitcoin and refusing to help us at least bring authorities into this. And you are doing this for your own selfish interest because less competition means more of the NBT/BTC traffic will be routed to your site. Not helping us bring information to the authorities directly helps you because it hurts your competition and that is simply wrong.

The fact that you take the words of someone who fraudulently walked away with 60,000 USD worth of Nu projects money over a respected exchange shows there is something clearly wrong. You are siding against us because it is in your best interest, you are able to withhold information from competition that was on a path to eclipse your exchange.

Why not let the authorities decide who is guilty and who is innocent instead of deciding for yourself and concealing a suspect?

The emails themselves show he admits to taking money that did not belong to him and you still defend him and conceal his identity.

You did not provide information that I asked for, I asked for information I could go to the police with so they could begin a proper investigation. If anything you just provided more information proving you are concealing the identity of a known thief.

[Excoin]

I agree, I have to get back to my work of trying to locate the suspect Ronny continues to hide so I can initiate a proper police investigation.

[pennybreaker]

What has happened in the last few days is certainly the biggest hurdle that this community has faced. We will get through it together.

For this forum to turn into a shouting match, would likely be worse for this community and it’s public image than the thefts that have taken place.

In this trying time, please lets keep cool heads and egos and work together to get to the bottom of these issues. Keep this conversation constructive. I don’t want to see any more speculative accusations or name calling in here. Lets work with facts and have some respect for privacy policies and due process.

[Excoin]

To be clear this wouldn’t be the first time CCEDK made false statements:

NuShares in demand on CCEDK

I have spotted today an amount of buy orders of totally 240 BTC. sorry for any ways this may have come out wrong, feel free to erease whole thread.

[Ben]

@Excoin and @ronny : Out of respect to the Nu community and shareholders who have had a very difficult last few days, I would like to request that you take any further conversations back to a private conversation.

This thread will be closed. If additional information comes to light, that is more than a back-and-forth of finger-pointing and of relevant interest to the Nu community, please start a new thread.

[Ben]