mimarob



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Full MemberActivity: 367Merit: 100 Re: Justcoin · Secure Bitcoin Exchange from Norway (BTC/EUR/USD) October 08, 2014, 07:51:24 PM #81 It is now up so as you can login but not do any trading, there is some kind of api error, at least something is changing implying they are working on it. Ironic I should chose today to act since I haven't touched this account for almost a year :-)

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akaman



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Sr. MemberActivity: 247Merit: 250 Re: Justcoin · Secure Bitcoin Exchange from Norway (BTC/EUR/USD) October 09, 2014, 03:11:17 AM #82 Quote from: ICFiedler on October 08, 2014, 07:32:03 PM Please: if you experience difficulties over more than 15 minutes it is a MUST to have a little update on this on the webpage which is updated at least every hour. That is just so important for your customers and thus indirectly for you.



Could not agree more. Even when you're a small team like Justcoin, and probably busy figuring out what has happened, you need to spend those 5 minutes every other hour to keep your customers informed. Its critical to customer satisfaction. Its how you handle episodes like these that will determine your long term success. While you are busy patching, your customers are already making their contingency plans... Uncertainty breaks the trust.

Could not agree more. Even when you're a small team like Justcoin, and probably busy figuring out what has happened, you need to spend those 5 minutes every other hour to keep your customers informed. Its critical to customer satisfaction. Its how you handle episodes like these that will determine your long term success. While you are busy patching, your customers are already making their contingency plans... Uncertainty breaks the trust.

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NewbieActivity: 42Merit: 0 Re: Justcoin · Secure Bitcoin Exchange from Norway (BTC/EUR/USD) October 12, 2014, 01:08:03 PM #87



Quote

You are receiving this email because you have a balance of XRP at Justcoin. XRP deposits, withdrawals and trading have been disabled for the last three days. This is an explanation of what has happened and what the status is.

A network-wide weakness in how both Ripple and Stellar communicated transactions was exploited by an unknown third-party to to deposit false IOUs through Ripple/Stellar to Justcoin. These were consequently withdrawn to their own payment networks as native currencies. The result was that our hotwallets were emptied. Most of our customers' funds is in cold storage but the amounts were still significant. Justcoin will not operate as a fractional reserve and therefore we decided to lock down all services affected until we had a solution ready.

Justcoin cannot and will not accept taking the responsibility for this weakness in the network. It is caused by a feature that is poorly documented and has been present in both Ripple and Stellar for a long time. Other gateways, exchanges and native transaction explorers have also been affected. There is also documented that the security vulnerability has been known by the network developers for at least 2 months without any kind of explicit and direct warning to affected gateways and other services. A thorough and technical explanation of the weakness can be read here:

The result is that as of now there will be imposed a partial 'hold' on all XRP balances. This hold will be representing the amount of XRP that is missing. Deposits will be disabled until we are 100% confident that we are no longer affected by this weakness or any other yet undiscovered. Deposits that have been made between the shutdown and now will be credited in full once deposits are opened. Trading and withdrawal of the XRP that is not on hold is now enabled. Please allow delays on withdrawals due to moving of funds from cold storage to hot wallet. The percentage of each XRP balance that is on partial hold is 23.27%.

We can assure you that it is our intention that the partial holds will be lifted. We are looking at different options and are having a dialogue with Ripple Labs and Stellar foundation. We will try to figure out a way to solve this, one way or another. Expect regular updates.

We are terribly sorry for the situation but are asking for your understanding and patience. If you have any questions that are not answered here please don't hesitate to ask. Allow some time for us to answer as our support is under high pressure at this time.

Sincerely,

Klaus Bugge Lund from Justcoin

Dear Justcoin user,You are receiving this email because you have a balance of XRP at Justcoin. XRP deposits, withdrawals and trading have been disabled for the last three days. This is an explanation of what has happened and what the status is.A network-wide weakness in how both Ripple and Stellar communicated transactions was exploited by an unknown third-party to to deposit false IOUs through Ripple/Stellar to Justcoin. These were consequently withdrawn to their own payment networks as native currencies. The result was that our hotwallets were emptied. Most of our customers' funds is in cold storage but the amounts were still significant. Justcoin will not operate as a fractional reserve and therefore we decided to lock down all services affected until we had a solution ready.Justcoin cannot and will not accept taking the responsibility for this weakness in the network. It is caused by a feature that is poorly documented and has been present in both Ripple and Stellar for a long time. Other gateways, exchanges and native transaction explorers have also been affected. There is also documented that the security vulnerability has been known by the network developers for at least 2 months without any kind of explicit and direct warning to affected gateways and other services. A thorough and technical explanation of the weakness can be read here: https://medium.com/@abrkn/partial-payments-ripple-stellar-vulnerability-in-the-wild-29aaefd8a7ac The result is that as of now there will be imposed a partial 'hold' on all XRP balances. This hold will be representing the amount of XRP that is missing. Deposits will be disabled until we are 100% confident that we are no longer affected by this weakness or any other yet undiscovered. Deposits that have been made between the shutdown and now will be credited in full once deposits are opened. Trading and withdrawal of the XRP that is not on hold is now enabled. Please allow delays on withdrawals due to moving of funds from cold storage to hot wallet. The percentage of each XRP balance that is on partial hold is 23.27%.We can assure you that it is our intention that the partial holds will be lifted. We are looking at different options and are having a dialogue with Ripple Labs and Stellar foundation. We will try to figure out a way to solve this, one way or another. Expect regular updates.We are terribly sorry for the situation but are asking for your understanding and patience. If you have any questions that are not answered here please don't hesitate to ask. Allow some time for us to answer as our support is under high pressure at this time.Sincerely,Klaus Bugge Lund from Justcoin

tl;dr they're blaming Ripple and applying a 23% haircut on XRP deposits (supposed to be temporary) This is the message Justcoin sent to users yesterday:tl;dr they're blaming Ripple and applying a 23% haircut on XRP deposits (supposed to be temporary)

KingZee



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Sr. MemberActivity: 658Merit: 429Check your coin privilege Re: Justcoin · Secure Bitcoin Exchange from Norway (BTC/EUR/USD) October 26, 2014, 09:12:09 AM #90 Is the Justcoin support not replying anymore? I have got my account suspended, and I can't see any funds I have deposited in it. They are holding more than 1.7 btc and 60k Stellar coins. Are they not replying to anyone or are they doing this just for me? Beep boop beep boop

KingZee



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Sr. MemberActivity: 658Merit: 429Check your coin privilege Re: Justcoin · Secure Bitcoin Exchange from Norway (BTC/EUR/USD) October 28, 2014, 05:15:59 PM #96 Quote from: ProkhorZ on October 28, 2014, 05:03:18 PM

I think they had other problems on their mind than dealing with your suspension. The e-mail said their bank wanted to shut them down and they couldn't find another bank in Norway that would accept a digital currency business.

I still trust these guys. I wish they didn't quit but continued as a cryptocoin-only exchange.



Being an exchange, is not an easy job. You have to be able to deal with not only the pressure of banks and funds and legal commitments and whatnot, but also to your users inquiries. The support has not replied to me in 5 days. That is not behavior of an exchange. That is the behavior of a scammer that just took your funds worth 1000$ and ignored you because he has the money. You trust them because you're not in my shoes. You withdrew your money and you're like 'oh well I'll miss the exchange', but I'm afraid I'll carry this to a lawsuit if I don't receive my funds and the website closes permanently. Being an exchange, is not an easy job. You have to be able to deal with not only the pressure of banks and funds and legal commitments and whatnot, but also to your users inquiries. The support has not replied to me in 5 days. That is not behavior of an exchange. That is the behavior of a scammer that just took your funds worth 1000$ and ignored you because he has the money. You trust them because you're not in my shoes. You withdrew your money and you're like 'oh well I'll miss the exchange', but I'm afraid I'll carry this to a lawsuit if I don't receive my funds and the website closes permanently. Beep boop beep boop

btsake



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NewbieActivity: 17Merit: 0 Re: Justcoin · Secure Bitcoin Exchange from Norway (BTC/EUR/USD) October 28, 2014, 05:46:27 PM #97 I also think there should be a bit more info on all that's going on. I have a lot of funds over there but withdrawing takes an hour now and their mail says it can take up to 24 hours. That is very unfortunate because I think that withdrawing BTC shouldn't be that hard at all. I also tried to cancel a withdrawal but now that withdrawal is in the state 'cancelling'. So it won't be withdrawn but I cannot access the funds on the site either to do some last minute trading with it.



Quite frustrating and I hope that for the time being they try to handle this as quickly as possible.



Also: why don't they switch over to a 3rd party for payments like 'Lemon Way'. Lemon Way is used by the Paymium and the Clevercoin exchange.