So lets see
Bitstamp
Mycoin
bter
kipcoin
and a bunch more.
Topic: Kipcoin lost 3000 btc and shutdown - page 3. (Read 7557 times)
legendary
Activity: 1862
Merit: 1011
Reverse engineer from time to time
"Inferior companies" are getting eliminated: Welcome to the free market, please enjoy your journey.
Hold your breath and stick to your money!
WTF, this is very very bad. The 2015 hasn't begun in a good way, I've read that it gave an interest for keep bitcoin on the site. I hope now people will start (really) to not keep their own coins on an exchange, site, etc.... but instead in their own bitcoin wallet.
Not a hack. Exchange owners panicking and running away with incautious people's money. Do not leave money in exchanges! wake up people.
"Inferior companies" are getting eliminated: Welcome to the free market, please enjoy your journey.
4th one and only 2 months into the year.
Is there a site taking bets on who is next?
Is there a site taking bets on who is next?
Probably too soon to be able to reach firm conclusions, but as time passes I'd like to see someone research all the reported "hacked exchanges/online wallets/etc." and identify the root causes of the hacks. Is it malware/remote intrusion? Or inside jobs by employees? Or the owner of the exchange/business taking the funds and running? I suspect the 2nd cause (inside jobs by non-owners) may be the principal cause of theft.
Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.
Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.
Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.
Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.
1% ++ monthly returns is a pretty obvious ponzi if you ask me.
These services and exchanges are a paradise for hackers.
Why should they work if they can make millions in just a single day......
Very sad news, once again. It's quite clear that these amateurs can't run such a service.
Why should they work if they can make millions in just a single day......
Very sad news, once again. It's quite clear that these amateurs can't run such a service.
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
https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881
to say this is useless i guess (i did it alot)
when bitcoin has a 100 billion market value, we will see even bigger scams. but there is also:
http://www.coindesk.com/security-standard-proposed-bitcoin-exchanges-wallets/
this would not have happened if they used multisig.
Bitstamp implemented multisig after the hack. And after what happened to Bter, there will be a major pressure on every exchange to do the same. And there's no really excuse not to do it.
So it seems to be a last call for any shady exchanges to "get hacked".
Someone's gonna have to do a thread summarising all the recent hacks as I only have a certain amount of time to read all the individual threads.
+1, but I'd like to see a comprehensive list with all the hacks, not just the recent ones (with short description). I'm sure there have been ~20 over the years.
Someone's gonna have to do a thread summarising all the recent hacks as I only have a certain amount of time to read all the individual threads.
this would not have happened if they used multisig.
The only wallet i use if not a cold wallet is Coinapult.
Another hack, I am shocked 
When will they learn not to keep BTC online.
When will they learn not to keep BTC online.
Probably too soon to be able to reach firm conclusions, but as time passes I'd like to see someone research all the reported "hacked exchanges/online wallets/etc." and identify the root causes of the hacks. Is it malware/remote intrusion? Or inside jobs by employees? Or the owner of the exchange/business taking the funds and running? I suspect the 2nd cause (inside jobs by non-owners) may be the principal cause of theft.
Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.
Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.
Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.
Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.
Is this another centralized service that users are willingly trusting their private keys to?
Not saying it's right that they lose their stash, but I mean COME ON MAN!!!
If you leave your keys in the hands of the 3rd party centralized entity with no laws or recourse in place, you kinda deserve whatever happens...
I have seen the same warning since GOX and it is still true to this day, if you don't have the keys you don't have the coins. Not saying it's right that they lose their stash, but I mean COME ON MAN!!!
If you leave your keys in the hands of the 3rd party centralized entity with no laws or recourse in place, you kinda deserve whatever happens...
Bitcoin gives you the possibility to be your own bank, don't get greedy and trust others with all your money for an interest you know is from a ponzi.
It's kinda why I don't mind the Bitlicense, regulation, and AML/KYC coming to Bitcoin exchanges even though some of it goes against the tenets of what Bitcoin stands for.
At this point, scammers, hackers, ponzis, and bad actors/players continue to tarnish whatever good will and potential Bitcoin provides. Not that there isn't in Fiat based economies, but could you imagine if the NYSE or NASDAQ ever got hacked. There'd be blood on the streets, and alot of people would be unemployed. I mean even after the Target or JP Morgan Chase hacks, there's recourse, and all funds are pretty much insured at least. No such recourse with Bitcoin exchanges or wallet services yet...
Can't believe people are still using online wallets to store btc...
Any service offering interest on btc deposits should be treated with caution.
Any service offering interest on btc deposits should be treated with caution.
Kipcoin is a China-based bitcoin wallet service that started operation around May 2014, featuring interest return around 1.x% per month. Their operation expanded to fiat trade and later futures (bcoin.com).
Earlier today, the Chinese Lunar New Years Eve, they released a statement saying that their wallet server had been hacked and lost of over 3,000 btc. Kipcoin.com is now shutdown.
More: http://8btc.com/thread-14319-1-1.html
Warning of ponzi scheme: http://8btc.com/thread-13432-1-1.html
Earlier today, the Chinese Lunar New Years Eve, they released a statement saying that their wallet server had been hacked and lost of over 3,000 btc. Kipcoin.com is now shutdown.
More: http://8btc.com/thread-14319-1-1.html
Warning of ponzi scheme: http://8btc.com/thread-13432-1-1.html
Promising 1.x%/month return is definitely a red flag.
But what I wonder is since they offered fiat/BTC trade, the owners must have been known and not anonymous, therefore can they be prosecuted in China for fraud? Or can they just claimed to be "hacked" and close the business without any liability?
I have seen the same warning since GOX and it is still true to this day, if you don't have the keys you don't have the coins.
Bitcoin gives you the possibility to be your own bank, don't get greedy and trust others with all your money for an interest you know is from a ponzi.
Bitcoin gives you the possibility to be your own bank, don't get greedy and trust others with all your money for an interest you know is from a ponzi.
Some people need to learn the hard way, and some will never learn...
Is this another centralized service that users are willingly trusting their private keys to?
Not saying it's right that they lose their stash, but I mean COME ON MAN!!!
If you leave your keys in the hands of the 3rd party centralized entity with no laws or recourse in place, you kinda deserve whatever happens...
Not saying it's right that they lose their stash, but I mean COME ON MAN!!!
If you leave your keys in the hands of the 3rd party centralized entity with no laws or recourse in place, you kinda deserve whatever happens...
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