Litecoinlocal is closing down

[Arachno 1D]

Looks like Ive lost some litecoins

 

 

All balances have been set to zero.
The old owner is the only person with access to the cold storage wallet.
Please see this reddit post for more information:
https://www.reddit.com/r/litecoin/comments/2jh2s8/litecoinlocal_is_closing_down/

 

 

It is with great sadness I am now forced closing down this site. Litecoinlocal have been hacked multiple times since the start in 2013 and I simply don't want to continue running a fractional reserve or a centralized service.

One hack was done by taking out the physical RAM memory and stealing coins through the hot wallet by a corrupt employee at one of our hosting providers. Another hack was done where someone gained access to our database over a longer period and manipulated it in such a way that it is no longer possible to determine real user balances versus fake ones.

All in all, our hot wallet has been drained so many times and I have personally recovered for it so many times but right now it's just a pain in the ass when I can't figure out who has a correct balance or not.

When I created the site with a few other people in the Litecoin community I was very passionate about Litecoin and figured we need an OTC-market for Litecoin. Although I still believe we need an OTC-market for Litecoin, it should however not be run in a centralized way like this.

To the top sellers of the site that have been operating over a longer period and still had funds in your account from the moment the site was taken down, please send me a message here at reddit and I will see what I can do for you since you have been the core of the site and I can be certain your account have a real balance. Other user accounts are impossible to reimburse.

I sincerely hope for a decentralized future with decentralized marketplaces and hosting where a few people don't have control over your server.

https://www.reddit.com/r/litecoin/comments/2jh2s8/litecoinlocal_is_closing_down/