Kipcoin lost 3000 btc and shutdown | Bitcointalksearch.org

abyrnes81

hero member

Activity: 714

Merit: 500

Quote from: ca333 on March 06, 2015, 12:29:21 PM

this is not possible to be hacked. in my eyes ALL recent "hacks" = inside attack from employers. because when you run btc-wallet on secured enviroment it s practically impossible to hack funds. but you must keep safe (hardware in controlled location, alternative transport layer for broadcasting funds from cold storage, and so and so on).... it s very sad this is happening again and again. this is only point when i say maybe a little bit control/regulation for exchanges is good. (example - BTC foundation makes team for testing btc-exchanges and only when it s really secure it gets a certification for securement)... but there is 10000 ways for making it s all better and safer.
(all is only my opinion)

thank you

This is obvious how can someone hack an offline wallet with a remote attack? It is impossible. Maybe as you said them were only a lot of inside job for stole all the bitcoin and claim a presumed hack.

ca333

hero member

Activity: 520

Merit: 522

Developer - EthicHacker - BTC enthusiast

this is not possible to be hacked. in my eyes ALL recent "hacks" = inside attack from employers. because when you run btc-wallet on secured enviroment it s practically impossible to hack funds. but you must keep safe (hardware in controlled location, alternative transport layer for broadcasting funds from cold storage, and so and so on).... it s very sad this is happening again and again. this is only point when i say maybe a little bit control/regulation for exchanges is good. (example - BTC foundation makes team for testing btc-exchanges and only when it s really secure it gets a certification for securement)... but there is 10000 ways for making it s all better and safer.
(all is only my opinion)

thank you

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

To be perfectly honest, this is the first I've ever heard of Kipcoin.

3000BTC is a whole lot of moolah, but small potatoes if you compare it to Gox, BitStamp, Mycoin hacks.

Just goes to show you not to keep a whole lot of your stash online on centralized wallet services. Not sure why you'd need to use Kipcoin to trade on exchanges instead of funding exchanges directly, but that's a whole other discussion.

dsly

full member

Activity: 168

Merit: 100

Just read this. Sad to see so many hacks happening every month.

hl5460

legendary

Activity: 1620

Merit: 1000

news.8btc.com

A detailed description of the hacking process and the compensation proposal by Kipcoin CEO.
http://8btc.com/thread-14368-1-1.html

feryjhie

hero member

Activity: 882

Merit: 595

Quote from: soccosocco on February 19, 2015, 03:17:13 AM

Quote from: ronaldo40 on February 19, 2015, 01:21:56 AM

Quote from: gbianchi on February 18, 2015, 06:58:13 AM

DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK

https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

I used to keep it on a third party / exchanger. so I am ready to buy the coin when the price down. so that bad?

I am also to keep it on a third party / exchanger but Don't keep the amount you can't loose
so that if one day there is a problem, we are not too regret

Me too, i'm still keep my btc on a exchanger but the amount is not too big just around 0.1BTC

ronaldo40

legendary

Activity: 1554

Merit: 1014

Quote from: pereira4 on February 18, 2015, 03:21:55 PM

Remember guys keep your coins with you and do not store them anywhere else.

yes you must store on trusted sites and so many who use it

ronaldo40

legendary

Activity: 1554

Merit: 1014

Quote from: soccosocco on February 19, 2015, 03:17:13 AM

Quote from: ronaldo40 on February 19, 2015, 01:21:56 AM

Quote from: gbianchi on February 18, 2015, 06:58:13 AM

DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK

https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

I used to keep it on a third party / exchanger. so I am ready to buy the coin when the price down. so that bad?

I am also to keep it on a third party / exchanger but Don't keep the amount you can't loose
so that if one day there is a problem, we are not too regret

yes of course, I did not save too much only 0.1 Wink

so if the loss is not so sorry

koelen3

legendary

Activity: 1022

Merit: 1007

Sooner or later, a man who wears two faces forgets

That was expected of kipcoin sooner or later
it was always a ponzi for me

hl5460

legendary

Activity: 1620

Merit: 1000

news.8btc.com

CEO of Kipcoin is a well-known person among the Chinese bitcoin circle. Two reports of him/kipcoin:
http://8btc.com/thread-14335-1-1.html
http://8btc.com/forum.php?mod=redirect&goto=findpost&ptid=14319&pid=91443

Victims are angry because Kipcoin has been withholding information and still throwing around their "Interest Return" products just a couple of days ago. But such weibo has been deleted.

soccosocco

sr. member

Activity: 392

Merit: 250

Quote from: ronaldo40 on February 19, 2015, 01:21:56 AM

Quote from: gbianchi on February 18, 2015, 06:58:13 AM

DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK

https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

I used to keep it on a third party / exchanger. so I am ready to buy the coin when the price down. so that bad?

I am also to keep it on a third party / exchanger but Don't keep the amount you can't loose
so that if one day there is a problem, we are not too regret

bryant.coleman

legendary

Activity: 3654

Merit: 1217

Quote from: howzar on February 18, 2015, 05:23:47 AM

Wow another hack, much surprise.

Not sure whether this one is a real hack or an insider job (a la Mt Gox). I expected the hackers to slow down, as the exchange rates have hit rock bottom. Grin

ronaldo40

legendary

Activity: 1554

Merit: 1014

Quote from: gbianchi on February 18, 2015, 06:58:13 AM

DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK

https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

I used to keep it on a third party / exchanger. so I am ready to buy the coin when the price down. so that bad?

cozk

hero member

Activity: 812

Merit: 500

Ah yes. The "hack".

I made a dream last night.
In that dream exchange operators all over the web were stealing BTC from their exchange wallets and blaming all of this on a ''hacker''.
Everybody believed it. Life is good.

Then again that is just a "dream"

tss

hero member

Activity: 742

Merit: 500

when will people ever learn.. greedy greedy. keep your coin and you wont lose it.

teukon

legendary

Activity: 1246

Merit: 1004

Quote from: ChuckBuck on February 18, 2015, 02:11:47 PM

Quote from: Netnox on February 18, 2015, 02:06:52 PM

The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.

Exactly this, no regulation, no framework, no recourse.

It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.

Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".

It's one of the reasons I'm not too hard on exchanges like Gemini which actively seek regulations for themselves and hope to use state approval to advertise and bring in customers fed up with losing money in the wild west.

However, this is no reason to back Bitlicense or AML/KYC rules. As far as I understand it, the Bitlicense is not optional, a significant loss in freedom of choice and potential efficiency (the market is cut out of the process of determining efficient regulations) for no real gain in safety (I'd argue indeed a long-term loss in safety). Furthermore, AML/KYC rules wouldn't have prevented the loss of these 3000 BTC. All AML/KYC would have done here is cause hassle for Kipcoins customers, put a bunch of passport scans in the hands of potential fraudsters, and cost taxpayers money paying the salaries of bureaucrats to make this all happen.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

It's just coins changing hands. I bet they kipt it all in a hot wallet. Now there's no 3000 bitcoin and no kipcoin Cheesy

Borisz

sr. member

Activity: 476

Merit: 251

Quote from: moriartybitcoin on February 18, 2015, 06:30:07 PM

Doh. They're paying interest, so OF COURSE its a ponzi!

Banks are also paying interest.

If some of the profit is given out to attract more customers, it makes more profit. But yea it might be a ponzi, regardless.
Let's wait for the news.

moriartybitcoin

hero member

Activity: 560

Merit: 500

★777Coin.com★ Fun BTC Casino!

Only an IDIOTIC exchange would store bitcoin the server where hackers can get to it. So either this exchange was:

A. Extremely stupid or
B. Scam

What do you think?

moriartybitcoin

hero member

Activity: 560

Merit: 500

★777Coin.com★ Fun BTC Casino!

Doh. They're paying interest, so OF COURSE its a ponzi!

Topic: Kipcoin lost 3000 btc and shutdown (Read 7501 times)