• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
Advertisement

Virtex Shuts Down Unexpectedly, Customers Lose Funds

Evan Faggart by Evan Faggart
8 years ago
in Bitcoin, Bitcoin Businesses, Bitcoin Exchange, News, News teaser, Trending
0
Advertisement

The Virtex bitcoin exchange has recently put its trading API offline without warning, and has left many customers without access to the funds they had in their trading accounts. One customer contacted Bitconist.net saying that he had $10,000 USD in a Virtex trading account that he could not withdraw when the exchange unexpectedly shut down.

VirtexIn addition to the offline API, the Virtex website is no longer available. When trying to visit the website, we were greeted with a “connection failed” message. According the customer, “ It is like [Virtex] disappeared and [the exchange] never had such a website.”

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Apparently, Virtex customers have been experiencing problems on the exchange since the beginning of 2015. In a Bitcoin Talk thread, customers complained about not being able to withdraw their funds from the exchange, accusing Virtex of being a scam and warning people not to do business with the company. Later comments — appearing on February 27, around the same time the customer contacted us — note that the website and API went down and that they had lost all access to their funds.

The customer stated that he sent messages to all the exchange related contacts that he could find and received no reply. We sent a message to Virtex’s support email, which the customer provided to us, and have not gotten a reply either. Additionally, we tried to contact Virtex on Twitter, also failing to get a reply. Neither the exchange’s official Twitter account nor its Facebook account have been updated since December of 2014.

After failing to get in touch with Virtex, we tried to contact EgoPay, the exchange’s payment processor, to see if it had any information regarding its client’s disappearance. The only contact information we found for EgoPay were generic inquiry email addresses on its website; we could not find information for any representatives or managers of the company. We did message EgoPay’s Twitter account, but received no reply.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Therefore, at this point in time, we do not know what has happened to Virtex. All we know is that customers have been experiencing difficulties getting money out of the exchange since January, and it disappeared altogether on February 27.

Possible Connections Between EgoPay and Recent Exchange Hacks

egopayCurrently, the following statements are purely speculative. Since we have failed to get in contact with Virtex and EgoPay thus far, we have no way of knowing whether the following information presents legitimate connections between EgoPay and recent exchange hacks, or if these connections are merely coincidental.

According to EgoPay’s blog, the payment processor was hacked on December 28, 2014:

“On December 28th  during the holiday period, Egopay suffered a hack that greatly impacted key merchants and partners.  False values were made available in the merchants platform, when no actual value was transmitted in Egopay.  This hacker then proceeded to convert this fake value into irreversible currencies all within a one hour window.   These merchants believed that this value was in their Egopay account, but unfortunately it was not.”

Furthermore:

“The hack also exposed a gap in the cash reserves of Egopay.  On January 5th, 2015 it was uncovered that the owner of Egopay (Amir Aziz) who operated behind the scenes was embezzling money from the company for a period of time.  We took immediate action to restrict all his accesses as well.”

Thus, not only was EgoPay the victim of a hack that affected its merchants, but its owner had been stealing money from the company for an unknown amount of time.

LocalBitcoinsWhat is interesting is the fact that, just a few days after EgoPay was hacked, people began experiencing problems getting money out of Virtex, which is a client of EgoPay. Additionally, a little over a month after EgoPay was hacked, BTER, a Bitcoin exchange, experienced a cold wallet hack and lost $1.75 million USD in bitcoin. On January 27, 2015, LocalBitcoins, yet another client of EgoPay, had its chat client hacked. This attack resulted in a loss of 17 bitcoins.

Therefore, in the two months after the EgoPay hack, three of its clients were the victims of attacks that resulted in losses of customer funds. The discovery that the company’s owner had been embezzling money also occurred during this same time period.

It does not appear as if the EgoPay owner’s actions had anything to do the attacks on EgoPay’s clients. However, it may be the case that the three exchanges were hacked by the same person or group or a related party. That, of course, cannot be known for sure without solid evidence.

Again, we have no proof that any of these hacks are related, but it does seem worth noting that they occurred within two months of each other, after their payment processor was hacked. We also do not have concrete evidence that the Virtex shut down is the exit phase of a scam, or if the exchange went offline for legitimate reasons. However, given that Virtex went offline without warning, after a month of failing to release customer funds, it does not seem likely that Virtex will come back with its customers’ money or an explanation for why it went offline.

If we receive any additional information from Virtex, EgoPay, or anyone who might know something about Virtex’s disappearance, we will update this article.

Do you know anything about Virtex shutting down? Please let us know in the comments below, or by contacting us through our email or social media.

Images courtesy of Sur.ly, BuyPremium24, and LocalBitcoins.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Evan Faggart

Evan Faggart

Evan is the Senior Editor of Bitcoinist.net. He has a bachelor's degree in History with minors in Economics and Political Science. When he's not acting like he knows what he's doing in the newsroom, Evan is most likely playing video games. Follow Evan on Twitter @EvanFaggart.

Related Posts

Bitcoin

Bitcoin Mining Hashrate Registers Third Largest 3-Month Spike In Last 5 Years

17 hours ago
Micheal Saylor Microstrategy accumulates Bitcoin (BTC)

Microstrategy Repays Silvergate Loan As It Expands Bitcoin Holdings

19 hours ago
Bitcoin United States Government

US Government Holds More Bitcoin Than MicroStrategy, Tesla Combined

1 day ago
Bitcoin and crypto this week

Bitcoin And Crypto Face These Key Dates In The Week Ahead

1 day ago
Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

3 days ago
bitcoin Tim draper

Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    6 days ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    6 days ago
  • Cryptocurrency to invest in March 2023

    6 days ago
  • Crypto Predictions for Crypto Market Investors

    6 days ago
  • 4 New cryptocurrency to Invest: March 2023

    6 days ago
  • Best Crypto to Buy now: 5 Coins Worth Investing in 2023

    6 days ago

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • $14 Million Plus and Counting. Metacade’s Crypto...

    1 hour ago
  • Cardano (ADA) and Polygon (MATIC) Price Forecast 2023...

    2 hours ago
  • TMS Network (TMSN) Presale Strikes Gold As Solid Altcoins...

    3 hours ago
  • Top 3 Tokens To Diversify Your Portfolio: With Maker (MKR)...

    3 hours ago
  • Could TMS Network (TMSN) Help Investors Leverage the Market...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.