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Topic: Kipcoin lost 3000 btc and shutdown (Read 7497 times)

hero member
Activity: 714
Merit: 500
March 06, 2015, 12:35:25 PM
#73
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.
hero member
Activity: 520
Merit: 522
Developer - EthicHacker - BTC enthusiast
March 06, 2015, 12:29:21 PM
#72
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
hero member
Activity: 1372
Merit: 783
better everyday ♥
February 23, 2015, 12:16:36 PM
#71
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.
full member
Activity: 168
Merit: 100
February 23, 2015, 12:04:48 PM
#70
Just read this. Sad to see so many hacks happening every month.
legendary
Activity: 1620
Merit: 1000
news.8btc.com
February 23, 2015, 11:15:53 AM
#69
A detailed description of the hacking process and the compensation proposal by Kipcoin CEO.
http://8btc.com/thread-14368-1-1.html
hero member
Activity: 882
Merit: 595
February 21, 2015, 03:38:51 PM
#68

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  Smiley

Me too, i'm still keep my btc on a exchanger but the amount is not too big just around 0.1BTC
legendary
Activity: 1554
Merit: 1014
February 20, 2015, 03:14:15 AM
#67
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 Smiley
legendary
Activity: 1554
Merit: 1014
February 20, 2015, 03:01:56 AM
#66

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  Smiley

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

so if the loss is not so sorry  Smiley
legendary
Activity: 1022
Merit: 1007
Sooner or later, a man who wears two faces forgets
February 19, 2015, 05:58:13 AM
#65
That was expected of kipcoin sooner or later
it was always a ponzi for me
legendary
Activity: 1620
Merit: 1000
news.8btc.com
February 19, 2015, 04:00:41 AM
#64
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.
sr. member
Activity: 392
Merit: 250
February 19, 2015, 03:17:13 AM
#63

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  Smiley
legendary
Activity: 3654
Merit: 1217
February 19, 2015, 02:32:37 AM
#62
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
legendary
Activity: 1554
Merit: 1014
February 19, 2015, 01:21:56 AM
#61

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?
hero member
Activity: 812
Merit: 500
February 18, 2015, 11:29:21 PM
#60
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
February 18, 2015, 10:52:04 PM
#59
when will people ever learn.. greedy greedy.  keep your coin and you wont lose it. 
legendary
Activity: 1246
Merit: 1004
February 18, 2015, 08:32:27 PM
#58
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.
legendary
Activity: 2296
Merit: 1335
Don't let others control your BTC -> self custody
February 18, 2015, 07:51:12 PM
#57
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
sr. member
Activity: 476
Merit: 251
February 18, 2015, 07:34:49 PM
#56
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.
hero member
Activity: 560
Merit: 500
★777Coin.com★ Fun BTC Casino!
February 18, 2015, 06:31:02 PM
#55
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?
hero member
Activity: 560
Merit: 500
★777Coin.com★ Fun BTC Casino!
February 18, 2015, 06:30:07 PM
#54
Doh. They're paying interest, so OF COURSE its a ponzi!
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