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Bitcoin Crime Security The Almighty Buck IT

Bitcoin Trading Platform Announces Huge Downtime Following Cyber-Attack (softpedia.com) 51

An anonymous reader writes: BitQuick, a US-based Bitcoin trader has announced that it will shut down its platform for up to 2 to 4 weeks following a cyber-attack this week. The platform took this step because it has not yet identified how the hackers infiltrated their systems. It is unusual for companies to take down their systems for weeks, but after the recent Cryptsy and LoanBase hacks, the company is not willing to lose millions of dollars worth of Bitcoin. BitQuick announced clients of the incident, and 97% already withdrew their funds from the platform.
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Bitcoin Trading Platform Announces Huge Downtime Following Cyber-Attack

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  • by Nkwe ( 604125 ) on Sunday March 20, 2016 @04:04PM (#51738689)
    From the article

    The company is not yet sure what information the attacker stole, but it's certain that, due to its security system, no Bitcoins were stolen and that the attacker didn't get access to personal user details (driver's licenses, IDs, passports data, etc.) or their email addresses. One day after the attack, the company says it emailed withdrawal instructions to all sellers, that all transactions have been processed, and that only 3% of the money it stored prior to the attack has remained unclaimed.

    So they found a breach, shut down everything immediately, made arrangements to refund everyone's "money", actually refunded everyone's money, and are waiting to ensure they can start back up safely.

    Sounds pretty professional to me.

    • by Anonymous Coward

      I was under the impression that you need to wait at least a year before sending breach notifications if you're a professional organization. Seems to be the standard procedure in the industry.

    • by KGIII ( 973947 )

      It does sound reasonable and professional. Is it? I'd like to think so.

      At first blush, and compounded with other happenings of late, people are thinking/opining that the cracks in the façade are starting to appear. That's one way to look at it. However, it seems the cracks are being repaired as they appear and are less drastic than many of the naysayers speculated they would be. That is, of course, the least popular way to look at it - especially in these parts where anger, mockery, and indignant outra

  • After all of these high profile failures of various Bitcoin trading platforms, I'm thinking that Bitcoin really needs some sort of equivalent of FDIC or NCUA bank account insurance for deposits. The mainstream is really going to have trouble accepting Bitcoin as a currency when their account balances can magically disappear overnight with no legal recourse.

    • FDIC/NCUA requires that the banks know who they have deposits from and gave loans to, and BitCoin is designed to be anonymous. Lost BitCoins are like lost cash, and exchanges not lasting long prove how illiquid this "currency" is.

      • by wbr1 ( 2538558 )

        FDIC/NCUA requires that the banks know who they have deposits from and gave loans to, and BitCoin is designed to be anonymous. Lost BitCoins are like lost cash, and exchanges not lasting long prove how illiquid this "currency" is.

        Bitcoin is NOT designed to be anonymous. It is psuedonymous. Why do people stick to this?
        I am not a miner nor a speculator. I am interested in cryptocurrencies because I think they -could- fundamentally change how economies work.
        Bitcoin stores details of every transaction forever. That is what the blockchain does! This puts all transactions out in the open for analysis. Sure you can mix between a billion wallets, but how long before someone detangles the block chain and sees that the guy who bout 2

      • by KGIII ( 973947 )

        This is the second time, in one thread, you've made some very backwards statements about BTC. BTC is not anonymous and was never intended to be. Your ID can be obfuscated, to some extent, but it is not (nor has it ever been) anonymous. Why would you think so?

        I mean that as a question. I'd really like an answer. Who told you it was anonymous or even meant to be? Why did you listen to them? Did you check their credentials? Did you bother to look for yourself?

        I do not use BTC. I do not own any BTC. I have prob

    • New York state set some rules for Bitcoin Exchanges that are being used by all the major bitcoin companies. Bitcoin exchanges, which allow people to store bitcoin on their servers, and/or can convert to USD, need all the same information on users that a bank does. They also have reporting to do. A few of the big ones have their own insurance.

      Of course a user doesn't need to use an exchange. A user can easily use one of the many wallets that don't have a central company keeping everything for you. You can
  • Can you imagine this news article?

    "Bank Of America, a US-based banking conglomerate has announced that it will shut down its banks and all operations for up to 2 to 4 weeks following a cyber-attack this week. The bank took this step because it has not yet identified how the hackers infiltrated their systems."

    No, of course not. And this is reason #67,866,371, 485 why I won't mess around with bitcoins. Banks can't get away with this kind of nonsense, but Bitcoin? Sure, why not?

    Yeah, see, you don't really need

    • by Holi ( 250190 )
      We shut down trading on the stock market or on individual stocks when necessary for various reasons, how is this any different?
      • We shut down trading on the stock market or on individual stocks when necessary for various reasons, how is this any different?

        When was the last time the Stock Market was closed for a month because they'd had a break in and they couldn't figure out how the perpetrators did it?

        Answer: That would be "never".

        So, yeah, there's your difference.

      • A stock market shutdown happens for part of a day, triggered by well defined events.

        Amount of time matters.

    • by jandrese ( 485 )
      Nah, BoA would just let them drain your account and then blame you for trusting their security.
    • >>Can you imagine this news article?

      You really don't know anything about using bitcoins, do you?

      Instead of this reply, I wish I had modpoints to mark you "-1 Clueless".

      • Can you imagine this news article?

        You really don't know anything about using bitcoins, do you?

        I know enough to stay the fuck away from them and not pour my money down a digital toilet.

        -

        Instead of this reply, I wish I had modpoints to mark you "-1 Clueless".

        Well then you must be feeling very frustrated and unhappy right about now. :)

  • See subject...

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