definitely a very sad story.
luckily I had no bitcoin in bitstamp.
anyone have any news on how walking the investigation (if, there is some investigation)?
Topic: bitstamp 18,000 bitcoins stolen? -confirmed - page 3. (Read 15061 times)
People are speculating that the crash was caused by people with inside knowledge selling their BTC in anticipation of a crash due to the news of BitGox being revealed and not due to the actual stolen coins being sold off.
Wow, so these stolen btc have been in a wallet during this crash? just a coincidence, not related.
Gee things are looking swell for btc right now.
Gee things are looking swell for btc right now.
m
from the sound of what the ceo said that they are moving the bitstamp environment to a more secure server location means that the physical servers were not so secured.
where do they keep their physical servers ?? in their moms basement ?? seems like bitstamp should at least be PCI compliant which means their servers need to be physically secured.
when they do an 'audit' then they need to do a security audit. if their stuff is not secure then they should not be in the business. hiring the engineer is expensive but cheaper than losing 5M a year.
from what i have read it sounds like someone walked in to their datacenter (or moms basement) and stuck a flash drive into the server and walked away with the wallet.dat file.
i not saying that is what happened but gathering what the ceo said and what i have read it sounds like maybe that what happened. whatever the case is they did not have sufficient security.
from the sound of what the ceo said that they are moving the bitstamp environment to a more secure server location means that the physical servers were not so secured.
where do they keep their physical servers ?? in their moms basement ?? seems like bitstamp should at least be PCI compliant which means their servers need to be physically secured.
when they do an 'audit' then they need to do a security audit. if their stuff is not secure then they should not be in the business. hiring the engineer is expensive but cheaper than losing 5M a year.
from what i have read it sounds like someone walked in to their datacenter (or moms basement) and stuck a flash drive into the server and walked away with the wallet.dat file.
i not saying that is what happened but gathering what the ceo said and what i have read it sounds like maybe that what happened. whatever the case is they did not have sufficient security.
and what to do if the engineer or auditor cannot resist £5m?
if someone walked into their datacenter and used a flashdrive, then they are probably in a police cell as we speak. unfortunately the law in the uk takes a long time, which doesn't bode well for a quick resolution.
They could have installed simple software that blocks access to USB devices. It's basic security for secure servers and I would be surprised if Bitstamp's servers wern't protected. Here is a very basic example of such software.
http://www.snapfiles.com/get/giliusb.html
GiliSoft USB Lock enables you to block access to USB and CD/DVD drives as well as other PC devices, including printers, modems, Bluetooth adapters and more.
Wow, so these stolen btc have been in a wallet during this crash? just a coincidence, not related.
Gee things are looking swell for btc right now.
Gee things are looking swell for btc right now.
m
from the sound of what the ceo said that they are moving the bitstamp environment to a more secure server location means that the physical servers were not so secured.
where do they keep their physical servers ?? in their moms basement ?? seems like bitstamp should at least be PCI compliant which means their servers need to be physically secured.
when they do an 'audit' then they need to do a security audit. if their stuff is not secure then they should not be in the business. hiring the engineer is expensive but cheaper than losing 5M a year.
from what i have read it sounds like someone walked in to their datacenter (or moms basement) and stuck a flash drive into the server and walked away with the wallet.dat file.
i not saying that is what happened but gathering what the ceo said and what i have read it sounds like maybe that what happened. whatever the case is they did not have sufficient security.
from the sound of what the ceo said that they are moving the bitstamp environment to a more secure server location means that the physical servers were not so secured.
where do they keep their physical servers ?? in their moms basement ?? seems like bitstamp should at least be PCI compliant which means their servers need to be physically secured.
when they do an 'audit' then they need to do a security audit. if their stuff is not secure then they should not be in the business. hiring the engineer is expensive but cheaper than losing 5M a year.
from what i have read it sounds like someone walked in to their datacenter (or moms basement) and stuck a flash drive into the server and walked away with the wallet.dat file.
i not saying that is what happened but gathering what the ceo said and what i have read it sounds like maybe that what happened. whatever the case is they did not have sufficient security.
and what to do if the engineer or auditor cannot resist £5m?
if someone walked into their datacenter and used a flashdrive, then they are probably in a police cell as we speak. unfortunately the law in the uk takes a long time, which doesn't bode well for a quick resolution.
If it was an inside job why not say that more of their BTC were stolen? Go big or go home. They are claiming that only approx ~12% was absocnded with.
This is bad news, I didn't had anything there but I think the site will most probably be shut-down now, if it isn't already. And there is no way of really knowing whether it was really a loot or just another inside job.
I dont think that the police can help at all. They simply have no experience dealing with cryptocurrencies with the exception of a few people in the DEA and FBI.
I take it that those idiots at Bitstamp contacted some law enforcement
which then are in all likelihood aware of the location of the loot.
which then are in all likelihood aware of the location of the loot.
VCs might not be happy about it but what choice do they have? If they don't allow the 5 mil to be used to make users whole then bitstamp dies and they loose 10 mil. They have to pick the lesser of the two evils.
I would imagine there would be a run on coins and fiat to get out of bitstamp as soon as f*cking possible.
If I had a hefty sum of BTC and/or fiat I would want 100% of each out of there as soon as possible
If bitstamp doesn't have enough of their own stash to cover the losses and a run on coins and fiat withdraws they will be mtgox 2.
Biting the bullet would be ideal for trust of their customers.
If they don't bite the bullet and cover the losses and allow full BTC and fiat withdrawals with no unnecessary delays... I will never use them again and will do the same as I did with mtgox and post all over this forum how they are hiding their insolvency.
Let us hope they step up to the plate and take the loss from their own funds and let people get their money out.
This article says Bitstamp got $10m investment from Pantera Capital in 2013. That alone's enough to cover a $5m loss.
http://www.coindesk.com/paypal-bitstamp-chief-compliance-officer/
yes im sure their investors will be "okay" with taking half of their capital investment to cover their incompetence in this latest hack.
If they got robbed, you would think they have some form of insurance covering the losses.
Fees they get per trade should IMO cover any flaw or hack that gets exploited.
If they have learned anything from GOX they will give people their money without fuss and bite the bullet.
If they do that trust in Bitcoin will remain and they will be a trusted and respected exchange.
For now they are taking the only valid approach and that is shutting it down to stop any secondary hacks and scan for forensics.
I have no money in Bitstamp but I am looking how Bitstamp resolves this problem.
Fees they get per trade should IMO cover any flaw or hack that gets exploited.
If they have learned anything from GOX they will give people their money without fuss and bite the bullet.
If they do that trust in Bitcoin will remain and they will be a trusted and respected exchange.
For now they are taking the only valid approach and that is shutting it down to stop any secondary hacks and scan for forensics.
I have no money in Bitstamp but I am looking how Bitstamp resolves this problem.
I would imagine there would be a run on coins and fiat to get out of bitstamp as soon as f*cking possible.
If I had a hefty sum of BTC and/or fiat I would want 100% of each out of there as soon as possible
If bitstamp doesn't have enough of their own stash to cover the losses and a run on coins and fiat withdraws they will be mtgox 2.
Biting the bullet would be ideal for trust of their customers.
If they don't bite the bullet and cover the losses and allow full BTC and fiat withdrawals with no unnecessary delays... I will never use them again and will do the same as I did with mtgox and post all over this forum how they are hiding their insolvency.
Let us hope they step up to the plate and take the loss from their own funds and let people get their money out.
This article says Bitstamp got $10m investment from Pantera Capital in 2013. That alone's enough to cover a $5m loss.
http://www.coindesk.com/paypal-bitstamp-chief-compliance-officer/
yes im sure their investors will be "okay" with taking half of their capital investment to cover their incompetence in this latest hack.
i suppose i had a lucky escape, i never saw reason to keep coins in the bitstamp exchange. i traded out of my bitstamp iou's on rippletrade when the prices went out of sync. i had to take a poor ask price in ripples but at least i got my money. the bitstamp gateway was open long after the initial announcement, and i thought i was being a little paranoid by bailing out with a haircut of about 2%.
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
Bitstamp has 200,000 BTC in reserves. Unlike Gox, they only lost a small percentage of total bitcoins during this hack so I think customers' deposits are safe. Poloniex suffered a similar hack which saw them lose 12.3 percent of their total BTC. They made it out fine.
Smells like fractional reserves...
yes, i agree. it is similar. now, a hacker cannot steal a digital iou, as they could only redeem it from the issuer who would recognise it as stolen and not accept it. the often cited weakness in ripple iou's has benefit in this case.
i suppose i had a lucky escape, i never saw reason to keep coins in the bitstamp exchange. i traded out of my bitstamp iou's on rippletrade when the prices went out of sync. i had to take a poor ask price in ripples but at least i got my money. the bitstamp gateway was open long after the initial announcement, and i thought i was being a little paranoid by bailing out with a haircut of about 2%.
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
Bitstamp has 200,000 BTC in reserves. Unlike Gox, they only lost a small percentage of total bitcoins during this hack so I think customers' deposits are safe. Poloniex suffered a similar hack which saw them lose 12.3 percent of their total BTC. They made it out fine.
Smells like fractional reserves...
Bitstamp was audited by Mike Hearn, a Bitcoin dev back in May 2014. He said that everything seemed OK and all the funds were fully backed in their cold storage wallets. This was just 8 months ago and I'd be surprised if the situation has changed since then.
from the sound of what the ceo said that they are moving the bitstamp environment to a more secure server location means that the physical servers were not so secured.
where do they keep their physical servers ?? in their moms basement ?? seems like bitstamp should at least be PCI compliant which means their servers need to be physically secured.
when they do an 'audit' then they need to do a security audit. if their stuff is not secure then they should not be in the business. hiring the engineer is expensive but cheaper than losing 5M a year.
from what i have read it sounds like someone walked in to their datacenter (or moms basement) and stuck a flash drive into the server and walked away with the wallet.dat file.
i not saying that is what happened but gathering what the ceo said and what i have read it sounds like maybe that what happened. whatever the case is they did not have sufficient security.
From wall observer
This is pretty weird -> https://twitter.com/AdamGuerbuez/status/551862867956617216
WTF is this? Who is this guys?
obviously.... that is Adam Guerbuez.
Bitstamp was audited by Mike Hearn, a Bitcoin dev back in May 2014. He said that everything seemed OK and all the funds were fully backed in their cold storage wallets. This was just 8 months ago and I'd be surprised if the situation has changed since then.
From what i can read this only pertained to the BTC balance, not the USD balance.On the other hand i don't think Pantera would have invested $10 million without a proper audit.
i suppose i had a lucky escape, i never saw reason to keep coins in the bitstamp exchange. i traded out of my bitstamp iou's on rippletrade when the prices went out of sync. i had to take a poor ask price in ripples but at least i got my money. the bitstamp gateway was open long after the initial announcement, and i thought i was being a little paranoid by bailing out with a haircut of about 2%.
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
Bitstamp has 200,000 BTC in reserves. Unlike Gox, they only lost a small percentage of total bitcoins during this hack so I think customers' deposits are safe. Poloniex suffered a similar hack which saw them lose 12.3 percent of their total BTC. They made it out fine.
Smells like fractional reserves...
Bitstamp was audited by Mike Hearn, a Bitcoin dev back in May 2014. He said that everything seemed OK and all the funds were fully backed in their cold storage wallets. This was just 8 months ago and I'd be surprised if the situation has changed since then.
i suppose i had a lucky escape, i never saw reason to keep coins in the bitstamp exchange. i traded out of my bitstamp iou's on rippletrade when the prices went out of sync. i had to take a poor ask price in ripples but at least i got my money. the bitstamp gateway was open long after the initial announcement, and i thought i was being a little paranoid by bailing out with a haircut of about 2%.
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
Bitstamp has 200,000 BTC in reserves. Unlike Gox, they only lost a small percentage of total bitcoins during this hack so I think customers' deposits are safe. Poloniex suffered a similar hack which saw them lose 12.3 percent of their total BTC. They made it out fine.
Smells like fractional reserves...
i suppose i had a lucky escape, i never saw reason to keep coins in the bitstamp exchange. i traded out of my bitstamp iou's on rippletrade when the prices went out of sync. i had to take a poor ask price in ripples but at least i got my money. the bitstamp gateway was open long after the initial announcement, and i thought i was being a little paranoid by bailing out with a haircut of about 2%.
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
Bitstamp has 200,000 BTC in reserves. Unlike Gox, they only lost a small percentage of total bitcoins during this hack so I think customers' deposits are safe. Poloniex suffered a similar hack which saw them lose 12.3 percent of their total BTC. They made it out fine.
i suppose i had a lucky escape, i never saw reason to keep coins in the bitstamp exchange. i traded out of my bitstamp iou's on rippletrade when the prices went out of sync. i had to take a poor ask price in ripples but at least i got my money. the bitstamp gateway was open long after the initial announcement, and i thought i was being a little paranoid by bailing out with a haircut of about 2%.
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
now my ~bitstamp iou balance is nil, i had some dust in there. will be interesting to see if it comes back. anyone else see this?
This BTC exchange supports multisig (from 3 servers) >>> http://multigateway.org/
Bitcoin, Litecoin, BitcoinDark, Doge, Blackcoin, Viacoin and Nxt are currently supported (others listed on the site above). There are plans to offer asset to asset trading in the future (i.e. BTC to LTC).
Support can be found here, if required >>> https://nxtforum.org/nxtservices-releases/multigateway-user-support-thread/
Quote
The coin assets are backed up by the coins deposited in MGW[Multigateway], stored by the three MGW servers in multiple multisignature accounts for every supported coin.
In a multisignature account, the same address has several associated private keys or signatures. This means the servers have to agree, each of them providing their signature, in order to process the coin transactions – similar way to a joint bank account. The use of multisignature accounts and independent servers is what makes MGW more secure than any traditional centralized exchange account.
In a multisignature account, the same address has several associated private keys or signatures. This means the servers have to agree, each of them providing their signature, in order to process the coin transactions – similar way to a joint bank account. The use of multisignature accounts and independent servers is what makes MGW more secure than any traditional centralized exchange account.
Bitcoin, Litecoin, BitcoinDark, Doge, Blackcoin, Viacoin and Nxt are currently supported (others listed on the site above). There are plans to offer asset to asset trading in the future (i.e. BTC to LTC).
Support can be found here, if required >>> https://nxtforum.org/nxtservices-releases/multigateway-user-support-thread/
It is a terrible image to bitStamp , the bitcoin as protocol is very fine ... The error/mistake is from the negligence of bitStamp.
True, Bitstamp is the one to blame and Bitcoin is a good protocol, but that is not what most people going to read. The people that are not on the forums and only get the highlights will read there was another theft of Bitcoins. Which is not the whole story with all the in and outs, but still it’s the truth. It’s more negative news.
Yeah you effectively still have to deal with centralized exchanges and thus depend on their trustworthiness. People will furthermore confuse things. This is pretty bad PR for Bitcoin. Nothing positive about this. Still, Bitstamp is handling the whole situation okay. Not good, but not bad either.
Will bitstamp ever come back online after this?
Imagine this: thief already had some other coins ( i.e. LTC, DRK etc. ) an can mix it all ?
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