10 Jun '13, 1pm

LocalBitcoins bank account frozen for three days (due to #SEPA reversal request) via @LocalBitcoins

LocalBitcoins bank account frozen for three days (due to #SEPA reversal request) via @LocalBitcoins

The bank account of our trading partner was stolen and the trading partner was clearing the stolen money by exchanging it to bitcoins. The trades that happened before the freeze did not trigger statistical threshold points which will alert the bank staff for manually intervention. The trading partner was a scammer who was relying on the fact that the Swiss bank would automatically chargeback the SEPA transfer in the case a claim was made. The prior bitcoin purchases had been done to build reputation on LocalBitcoins.com reputation system to make the larger trades seem more safe. We are not aware what are the legislation and contract obligations of Swiss banks regarding SEPA transfers. If the Swiss banks refund the SEPA transfers without due diligence this would mean the scammer could keep both bitcoins and euros. This was an attempt from a hostile party, like a government ...

Full article: http://localbitcoins.blogspot.com/2013/06/localbitcoinsco...

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