Topic: Coinapult Claims $40k Lost in Hot Wallet Compromise - page 2. (Read 1613 times)
My main concern is how these exchanges have $40k worth of their own funds in the first place that, operationally, they can "get by" without... how are these guys making so much money in the first place?
At least this time no costumer funds were lost and Coinapult is able to survive with the loss, others were not so luck.
Some customer funds might have been in the hot wallet but they will be refunded if that's the case.
I have nothing against Coinapult and wish them best but one concern I have lately with these hacks that are either partially recovered or "don't effect customer funds" (bitstamp, coinapult, ect..)is that it could be setting future clients up under either a premeditated scam or the operation doesn't really back up all their clients assets and are running as a fractional reserve operation.
Coinapult seems to be pumping their "locks" feature which encourages users to trust them to store both their bitcoins and fiat in a centrally controlled company. This is not a safe or advisable thing we should be encouraging users to do.
By all means use them as an exchange or payment processor.... but secure your bitcoins yourself.
Coinapult seems to be pumping their "locks" feature which encourages users to trust them to store both their bitcoins and fiat in a centrally controlled company. This is not a safe or advisable thing we should be encouraging users to do.
By all means use them as an exchange or payment processor.... but secure your bitcoins yourself.
Blincoe told CoinDesk:
“Our team is looking into all possible scenarios in regards to what happened.”
It is a very short read, and I hope they are able to fully recover soon.
“Our team is looking into all possible scenarios in regards to what happened.”
It is a very short read, and I hope they are able to fully recover soon.
Well hey, at least it's a relatively low (in comparison to other breaches) amount of bitcoins lost to the hackers this time and hopefully the company will learn from it and come back bigger, better & even more secure.
At least this time no costumer funds were lost and Coinapult is able to survive with the loss, others were not so luck.
There are security risks when you centralize private key storage whether it is an encrypted database of credit cards or bitcoin private keys:
http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/
The message is clear that people need to use exchanges and payment processors as gateways and not a place of storing their assets.
Secure your bitcoins yourself:
https://bitcointalksearch.org/topic/options-for-securing-your-bitcoin-wallet-858604
http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/
The message is clear that people need to use exchanges and payment processors as gateways and not a place of storing their assets.
Secure your bitcoins yourself:
https://bitcointalksearch.org/topic/options-for-securing-your-bitcoin-wallet-858604
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