50BTC Mining Pool Exit Scam - Revision history

Azoundria at 21:42, 13 September 2024

2024-09-13T21:42:14Z

Azoundria at 23:56, 12 April 2023

2023-04-12T23:56:48Z

← Older revision		Revision as of 17:56, 12 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/50btcminingpoolexitscam.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/50btcminingpoolexitscam.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:50btc.jpg\|thumb\|50BTC]]50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline.		[[File:50btc.jpg\|thumb\|50BTC]]50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline.

	The country for this case study is not yet known.		The country for this case study is not yet known.<ref name="btc-6194" /><ref name="50btcarchive-6195" /><ref name="facebook-6196" /><ref name="bitcointalk-6197" /><ref name="reddit-6198" /><ref name="bitcointalk-6199" /><ref name="50btcarchive-6200" /><ref name="bitcoin-6201" /><ref name="bitcoin-6202" /><ref name="50btcarchive-6203" /><ref name="50btcarchive-6204" />
	<ref name="btc-6194" /><ref name="50btcarchive-6195" /><ref name="facebook-6196" /><ref name="bitcointalk-6197" /><ref name="reddit-6198" /><ref name="bitcointalk-6199" /><ref name="50btcarchive-6200" /><ref name="bitcoin-6201" /><ref name="bitcoin-6202" /><ref name="50btcarchive-6203" /><ref name="50btcarchive-6204" />

	== About 50BTC ==		== About 50BTC ==
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	!Description		!Description
	\|-		\|-
	\|June 17th, 2014 1:02:19 AM		\|June 17th, 2014 1:02:19 AM MDT
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==

Azoundria at 00:32, 19 February 2023

2023-02-19T00:32:56Z

← Older revision		Revision as of 18:32, 18 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/50btcminingpoolexitscam.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/50btcminingpoolexitscam.php}}
			{{Unattributed Citations}}

	[[File:50btc.jpg\|thumb\|50BTC]]50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline.		[[File:50btc.jpg\|thumb\|50BTC]]50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline.

	The country for this case study is not yet known.		The country for this case study is not yet known.
			<ref name="btc-6194" /><ref name="50btcarchive-6195" /><ref name="facebook-6196" /><ref name="bitcointalk-6197" /><ref name="reddit-6198" /><ref name="bitcointalk-6199" /><ref name="50btcarchive-6200" /><ref name="bitcoin-6201" /><ref name="bitcoin-6202" /><ref name="50btcarchive-6203" /><ref name="50btcarchive-6204" />

	== About 50BTC ==		== About 50BTC ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|June 17th, 2014 1:02:19 AM		\|June 17th, 2014 1:02:19 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== Prevention Policies ==		== Prevention Policies ==
			Which policies could have prevented this event from happening?

	== References ==		== References ==
	[https://btc.com/stats/pool/50BTC 50BTC - Pool - BTC.com] (Jan 27)		<references><ref name="btc-6194">[https://btc.com/stats/pool/50BTC 50BTC - Pool - BTC.com] (Jan 27, 2022)</ref>

	[https://web.archive.org/web/20120503202032/https://50btc.com/ Mining Pool] (Feb 3)		<ref name="50btcarchive-6195">[https://web.archive.org/web/20120503202032/https://50btc.com/ Mining Pool] (Feb 3, 2022)</ref>

	[https://www.facebook.com/50BTC/ https://www.facebook.com/50BTC/] (Feb 3)		<ref name="facebook-6196">[https://www.facebook.com/50BTC/ https://www.facebook.com/50BTC/] (Feb 3, 2022)</ref>

	[https://bitcointalk.org/index.php?topic=353421.0 What's going on with 50btc?] (Feb 3)		<ref name="bitcointalk-6197">[https://bitcointalk.org/index.php?topic=353421.0 What's going on with 50btc?] (Feb 3, 2022)</ref>

	[https://www.reddit.com/r/Bitcoin/comments/1qzhsu/is_there_something_wrong_with_50btc_mining_pool/ Is there something wrong with 50btc? (Mining Pool) : Bitcoin] (Feb 3)		<ref name="reddit-6198">[https://www.reddit.com/r/Bitcoin/comments/1qzhsu/is_there_something_wrong_with_50btc_mining_pool/ Is there something wrong with 50btc? (Mining Pool) : Bitcoin] (Feb 3, 2022)</ref>

	[https://bitcointalk.org/index.php?topic=54673.0 <nowiki>[UNRESPONSIVE POOL OPERATOR] 50BTC.com</nowiki>] (Feb 3)		<ref name="bitcointalk-6199">[https://bitcointalk.org/index.php?topic=54673.0 <nowiki>[UNRESPONSIVE POOL OPERATOR] 50BTC.com</nowiki>] (Feb 3, 2022)</ref>

	[https://web.archive.org/web/20141219073313/https://50btc.com/en 50BTC.com - Bitcoin mining pool. Get Bitcoins] (Feb 3)		<ref name="50btcarchive-6200">[https://web.archive.org/web/20141219073313/https://50btc.com/en 50BTC.com - Bitcoin mining pool. Get Bitcoins] (Feb 3, 2022)</ref>

	[https://en.bitcoin.it/wiki/50BTC 50BTC - Bitcoin Wiki] (Feb 3)		<ref name="bitcoin-6201">[https://en.bitcoin.it/wiki/50BTC 50BTC - Bitcoin Wiki] (Feb 3, 2022)</ref>

	[https://bitcoin.stackexchange.com/questions/17104/why-is-my-withdrawal-from-the-50btc-pool-not-visible-in-the-blockchain-yet Why is my withdrawal from the 50BTC pool not visible in the blockchain yet? - Bitcoin Stack Exchange] (Feb 3)		<ref name="bitcoin-6202">[https://bitcoin.stackexchange.com/questions/17104/why-is-my-withdrawal-from-the-50btc-pool-not-visible-in-the-blockchain-yet Why is my withdrawal from the 50BTC pool not visible in the blockchain yet? - Bitcoin Stack Exchange] (Feb 3, 2022)</ref>

	[https://web.archive.org/web/20150315004614/https://50btc.com/en 50BTC.com - Bitcoin mining pool. Get Bitcoins] (Feb 3)		<ref name="50btcarchive-6203">[https://web.archive.org/web/20150315004614/https://50btc.com/en 50BTC.com - Bitcoin mining pool. Get Bitcoins] (Feb 3, 2022)</ref>

	[https://web.archive.org/web/20160309175601/http://50btc.com/ Welcome to nginx!] (Feb 3)		<ref name="50btcarchive-6204">[https://web.archive.org/web/20160309175601/http://50btc.com/ Welcome to nginx!] (Feb 3, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/50btcminingpoolexitscam.php}} 50BTC50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline. The country for this case stud..."

2023-01-22T18:35:15Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/50btcminingpoolexitscam.php}} thumb|50BTC50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline. The country for this case stud..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/50btcminingpoolexitscam.php}}

[[File:50btc.jpg|thumb|50BTC]]50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline.

The country for this case study is not yet known.

== About 50BTC ==
"We’ve created the 50BTC.com pool first because of increasing difficulty of generating new blocks and second because we want to reward your investment in hardware. We don’t like the situation when the most powerful graphic card, presented on the market, can’t give you 50 BTC. Periodic payments from pool allow participants to earn bitcoins and reduce risks of investment;"

"Every time 50 BTC are earned, these bitcoins are distributed between participants according to their contribution. Let’s describe the process of earning bitcoins."

"The server sends to the participant the “block” — it is a cryptographic task which has to be solved by participant’s CPU and graphics card. Every time some solution for this task is generated (no matter if it is correct or not — it just should “look" like solution), it is sent to the server and the server counts how many possible solutions ("shares") you’ve sent. Occasionally, the solution will match hard requirements of the Bitcoin algorithms and this case will be granted with 50 BTC."

"So, when some user of the pool sends “good” solution for the block, the pool will start sending bitcoins to participants. Specifically, it will divide earned 50 BTC between all users of the pool who sent some possible solutions for that block according to the number of shares. The more time your computer was mining, the more bitcoins you will get."

"If someone has the time, do you think you could start a new thread that just quotes all the new 50BTC.com miners asking "Where the hell's my money?". You could also use that as the name of the thread."

"The pool operator has been given plenty of opportunity to respond on this thread after he private messaged me. I'm going to assume he has forsaken all his users and close this thread. I suggest users open their own thread if they wish to discuss 50BTC's unresponsiveness further. The same goes for the opening poster/pool operator."

The country for this case study is not yet known.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - 50BTC Mining Pool Exit Scam
!Date
!Event
!Description
|-
|June 17th, 2014 1:02:19 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==

== References ==
[https://btc.com/stats/pool/50BTC 50BTC - Pool - BTC.com] (Jan 27)

[https://web.archive.org/web/20120503202032/https://50btc.com/ Mining Pool] (Feb 3)

[https://www.facebook.com/50BTC/ https://www.facebook.com/50BTC/] (Feb 3)

[https://bitcointalk.org/index.php?topic=353421.0 What's going on with 50btc?] (Feb 3)

[https://www.reddit.com/r/Bitcoin/comments/1qzhsu/is_there_something_wrong_with_50btc_mining_pool/ Is there something wrong with 50btc? (Mining Pool) : Bitcoin] (Feb 3)

[https://bitcointalk.org/index.php?topic=54673.0 <nowiki>[UNRESPONSIVE POOL OPERATOR] 50BTC.com</nowiki>] (Feb 3)

[https://web.archive.org/web/20141219073313/https://50btc.com/en 50BTC.com - Bitcoin mining pool. Get Bitcoins] (Feb 3)

[https://en.bitcoin.it/wiki/50BTC 50BTC - Bitcoin Wiki] (Feb 3)

[https://bitcoin.stackexchange.com/questions/17104/why-is-my-withdrawal-from-the-50btc-pool-not-visible-in-the-blockchain-yet Why is my withdrawal from the 50BTC pool not visible in the blockchain yet? - Bitcoin Stack Exchange] (Feb 3)

[https://web.archive.org/web/20150315004614/https://50btc.com/en 50BTC.com - Bitcoin mining pool. Get Bitcoins] (Feb 3)

[https://web.archive.org/web/20160309175601/http://50btc.com/ Welcome to nginx!] (Feb 3)