Kipcoin lost 3000 btc and shutdown | Bitcointalksearch.org

abyrnes81

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Quote from: ca333 on March 06, 2015, 11:29:21 AM

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

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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

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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

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

hl5460

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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

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Quote from: soccosocco on February 19, 2015, 02:17:13 AM

Quote from: ronaldo40 on February 19, 2015, 12:21:56 AM

Quote from: gbianchi on February 18, 2015, 05:58:13 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

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Quote from: pereira4 on February 18, 2015, 02:21:55 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

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Quote from: soccosocco on February 19, 2015, 02:17:13 AM

Quote from: ronaldo40 on February 19, 2015, 12:21:56 AM

Quote from: gbianchi on February 18, 2015, 05:58:13 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

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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

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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

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Quote from: ronaldo40 on February 19, 2015, 12:21:56 AM

Quote from: gbianchi on February 18, 2015, 05:58:13 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

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Quote from: howzar on February 18, 2015, 04:23:47 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

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Quote from: gbianchi on February 18, 2015, 05:58:13 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

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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

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

teukon

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Quote from: ChuckBuck on February 18, 2015, 01:11:47 PM

Quote from: Netnox on February 18, 2015, 01:06:52 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

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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

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Quote from: moriartybitcoin on February 18, 2015, 05:30:07 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

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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

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★777Coin.com★ Fun BTC Casino!

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

ElectricMucus

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Marketing manager - GO MP

Another day another scam.

BCwinning

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Quote from: SirChiko on February 18, 2015, 04:56:10 PM

Well hackers have aways been here and even shitload cards with fiat get stolen every year.

Very good point and if you think about it.
Major multinational banks with tons more money to throw at security can't even keep their networks free of hackers.

SirChiko

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Well hackers have aways been here and even shitload cards with fiat get stolen every year.

ebliever

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Quote from: luckyluigi on February 18, 2015, 11:48:07 AM

Quote from: ebliever on February 18, 2015, 09:11:45 AM

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.

1% ++ monthly returns is a pretty obvious ponzi if you ask me.

Yeah, I missed that detail when I made my first post. Anyone promising returns, particularly returns over 3-5% annually, is pretty much a guaranteed crook.

ChuckBuck

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better everyday ♥

Quote from: GigaBit on February 18, 2015, 02:17:13 PM

Quote from: ChuckBuck on February 18, 2015, 01:11:47 PM

Quote from: Netnox on February 18, 2015, 01:06:52 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".

Hey old friend

I agree, in most cases, exchanges fall and have no accountability; they should be insured against heists and such, just like banks.

Even for mining, in many jurisdictions you need a prospector license for like $25 a year; slight money grab.

Only a few have exchanges actual backing... people want to genuinely trust exchanges.

New ones come up with big promises of interest and what not... they always all fail.

Alas, it will never work as long as they don't have banking-level insurance and/or backing in case of heists.

Exchanges and online wallets are the only weak spot in the entire Bitcoin infrastructure.

However, people are ultimately responsible if the exchanges or online wallet loses their coins.

No reason to leave your coin purse at the craps table at the end of the night, right?

If you do, you deserve to lose it; exchanges are not banks, they are casinos.

I can't stand having any coins of any type in an exchange and when I do send some it's not all my cache and WD as soon as my trades are done.

Knowing the wild wild west is a good way to make a killing today and protecting your coin yesterday!

It's always a good idea is also using a reputable exchange.

Agreed, Gigabuddy! Grin

Trust is HUGE part of it when it comes money exchangers or money services. Right now, there really isn't a trust system in place where an average Bitcoiner can leave their funds online.

Like if I leave my funds online in say BitStamp for a couple minutes, make a couple of trades, and then before I click Withdraw, the website's down. I check back in 5 minutes, and it's still down. I check back in an hour, try to email Support, and it ricochets back with a Undeliverable, now I'm panicking. There's simply no entity or authority that can insure, or refund you, or go to bat for you.

That's why I'm most excited about Gemini launching. Ticks all the checkboxes for me.

pereira4

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

GigaBit

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Quote from: ChuckBuck on February 18, 2015, 01:11:47 PM

Quote from: Netnox on February 18, 2015, 01:06:52 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".

Hey old friend

I agree, in most cases, exchanges fall and have no accountability; they should be insured against heists and such, just like banks.

Even for mining, in many jurisdictions you need a prospector license for like $25 a year; slight money grab.

Only a few have exchanges actual backing... people want to genuinely trust exchanges.

New ones come up with big promises of interest and what not... they always all fail.

Alas, it will never work as long as they don't have banking-level insurance and/or backing in case of heists.

Exchanges and online wallets are the only weak spot in the entire Bitcoin infrastructure.

However, people are ultimately responsible if the exchanges or online wallet loses their coins.

No reason to leave your coin purse at the craps table at the end of the night, right?

If you do, you deserve to lose it; exchanges are not banks, they are casinos.

I can't stand having any coins of any type in an exchange and when I do send some it's not all my cache and WD as soon as my trades are done.

Knowing the wild wild west is a good way to make a killing today and protecting your coin yesterday!

It's always a good idea is also using a reputable exchange.

leopard2

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Activity: 1372

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Quote from: newIndia on February 18, 2015, 04:21:33 AM

Looks like 2015 is going to be the year of hacks...

no

Year of Ponzi

it is not in Chinese calendar but maybe it should?

This was NOT an exchange either

Lauda

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Terminated.

That's what happens when your everyday random person with a Word certificate works as your Security Engineer.

Borisz

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Happened to this site as well?

Man this year is starting BAD!

ChuckBuck

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better everyday ♥

Quote from: redsn0w on February 18, 2015, 01:48:48 PM

Quote from: ChuckBuck on February 18, 2015, 01:11:47 PM

Quote from: Netnox on February 18, 2015, 01:06:52 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".

I think it is so difficult to "regulate" a crypto currency exchange, because the government should first regulate bitcoin (as cryptocurrency) and this is impossible. Because it is decentralized and not compatible with this economy system.

The unique rule I can give is : don't keep your coins on an exchange (in this case a sort of web wallet).

Actually it's not so difficult:

https://blog.gemini.com/welcome-to-gemini/

There has to be some give and take, unfortunately, and we need more exchanges like Gemini to prove to the masses that Bitcoin can be safe medium of exchange and trading.

redsn0w

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#Free market

Quote from: ChuckBuck on February 18, 2015, 01:11:47 PM

Quote from: Netnox on February 18, 2015, 01:06:52 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".

I think it is so difficult to "regulate" a crypto currency exchange, because the government should first regulate bitcoin (as cryptocurrency) and this is impossible. Because it is decentralized and not compatible with this economy system.

The unique rule I can give is : don't keep your coins on an exchange (in this case a sort of web wallet).

ChuckBuck

hero member

Activity: 1372

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better everyday ♥

Quote from: Netnox on February 18, 2015, 01:06:52 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".

Netnox

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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.

dimfot

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stolen btc is the reason that price is going down..they sell the btc and investors get screwed

oblivi

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Quote from: FattyPonzi on February 18, 2015, 12:54:54 PM

Quote from: redsn0w on February 18, 2015, 12:53:35 PM

Quote from: FattyPonzi on February 18, 2015, 12:51:31 PM

Quote from: newflesh on February 18, 2015, 09:05:59 AM

Can't believe people are still using online wallets to store btc...

Any service offering interest on btc deposits should be treated with caution.

Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..

Then I suggest you to use electrum or greenAddress (a multiSig webWallet).

Here more articles in english language :

- http://www.cryptoarticles.com/crypto-news/chinese-exchange-platform-kipcoin-admits-to-hackers-stealing-over-3000-bitcoin
- http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

electrum is safe like normal wallet?

Yes. Even tho i still use qt wallet cause im paranoid as fuck.

FattyPonzi

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Quote from: redsn0w on February 18, 2015, 12:53:35 PM

Quote from: FattyPonzi on February 18, 2015, 12:51:31 PM

Quote from: newflesh on February 18, 2015, 09:05:59 AM

Can't believe people are still using online wallets to store btc...

Any service offering interest on btc deposits should be treated with caution.

Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..

Then I suggest you to use electrum or greenAddress (a multiSig webWallet).

Here more articles in english language :

- http://www.cryptoarticles.com/crypto-news/chinese-exchange-platform-kipcoin-admits-to-hackers-stealing-over-3000-bitcoin
- http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

electrum is safe like normal wallet?

redsn0w

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#Free market

Quote from: FattyPonzi on February 18, 2015, 12:51:31 PM

Quote from: newflesh on February 18, 2015, 09:05:59 AM

Can't believe people are still using online wallets to store btc...

Any service offering interest on btc deposits should be treated with caution.

Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..

Then I suggest you to use electrum or greenAddress (a multiSig webWallet).

Here more articles in english language :

- http://www.cryptoarticles.com/crypto-news/chinese-exchange-platform-kipcoin-admits-to-hackers-stealing-over-3000-bitcoin
- http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

FattyPonzi

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Quote from: newflesh on February 18, 2015, 09:05:59 AM

Can't believe people are still using online wallets to store btc...

Any service offering interest on btc deposits should be treated with caution.

Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..

David Latapie

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Monero Core Team

Quote from: newIndia on February 18, 2015, 04:21:33 AM

Looks like 2015 is going to be the year of hacks...

And ponzi. Or, as someone theorized it, many exchanges are just not profitable because of BTC price. So they shutdown . The honest one say the truth, other get "hacked".

Winner: multisig implementation. Hopefully.

Vitalik Buterin on multisig

Quote

Some people, initially including myself, are seeing this as a “changing of the guard” moment for the Bitcoin community, where it was amateur and badly managed services that were at fault for their own thefts and professionals would soon come in and take over. If this was a mere one or two thefts, then this would indeed be a reasonable, and fully satisfactory, explanation.

Remember remember the 5th of November

legendary

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Reverse engineer from time to time

So lets see

Bitstamp
Mycoin
bter
kipcoin

and a bunch more.

tee-rex

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Quote from: Bit_Happy on February 18, 2015, 11:54:15 AM

"Inferior companies" are getting eliminated: Welcome to the free market, please enjoy your journey.

Hold your breath and stick to your money!

redsn0w

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#Free market

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.

manselr

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Not a hack. Exchange owners panicking and running away with incautious people's money. Do not leave money in exchanges! wake up people.

Bit_Happy

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A Great Time to Start Something!

"Inferior companies" are getting eliminated: Welcome to the free market, please enjoy your journey.

BCwinning

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4th one and only 2 months into the year.
Is there a site taking bets on who is next? Tongue

luckyluigi

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Quote from: ebliever on February 18, 2015, 09:11:45 AM

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.

1% ++ monthly returns is a pretty obvious ponzi if you ask me.

gadman2

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https://bitcointalksearch.org/topic/m.10468445

1Referee

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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.

LiteCoinGuy

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In Satoshi I Trust

Quote from: gbianchi on February 18, 2015, 05:58:13 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

to say this is useless i guess (i did it alot) Undecided

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/

pawel7777

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Quote from: ninjaboon on February 18, 2015, 10:57:14 AM

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".

Quote from: btbrae on February 18, 2015, 11:01:19 AM

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.

btbrae

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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.

ninjaboon

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this would not have happened if they used multisig.

rememberme

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The only wallet i use if not a cold wallet is Coinapult.

peligro

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1NoBanksLuJPXf8Sc831fPqjrRpkQPKkEA

Another hack, I am shocked Roll Eyes

When will they learn not to keep BTC online.

ebliever

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Merit: 1036

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.

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Quote from: ?? on ??

Quote from: ChuckBuck on February 18, 2015, 08:52:28 AM

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.

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...

newflesh

hero member

Activity: 630

Merit: 500

Can't believe people are still using online wallets to store btc...

Any service offering interest on btc deposits should be treated with caution.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: hl5460 on February 18, 2015, 04:13:35 AM

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

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?

Quote from: ?? on ??

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.

Some people need to learn the hard way, and some will never learn...

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

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...

Q7

sr. member

Activity: 448

Merit: 250

Another one? Mere coincidence. Or hacker has found a way to exploit loopholes in exchangers.

Wendigo

legendary

Activity: 2604

Merit: 1036

What a surprise, I guess someone needed the pocket money for a new mansion in Dubai from the management.

Nancarrow

hero member

Activity: 492

Merit: 503

"Online wallet"... "wallet service"... why it's almost as if some people don't understand what Bitcoin is about.

(or, what gbianchi said)

ronaldo40

legendary

Activity: 1554

Merit: 1014

wow too much hacker Sad

I fear a negative impact in 2105 Cry

gbianchi

legendary

Activity: 3276

Merit: 2898

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

Madness

hero member

Activity: 644

Merit: 500

My goal is becaming a billionaire.

What the hell .
Like seriously , They are going down one by one and all of them from China . I would say it's basically an inside job or from goverment, It's the best way to find execuses then ban Bitcoin in China once for all .

~ Madness

BitCoinNutJob

legendary

Activity: 1316

Merit: 1000

Quote from: howzar on February 18, 2015, 04:23:47 AM

Wow another hack, much surprise.

Its the final scam hacks to try and get the market to dump before the big pump.

bubble83

member

Activity: 72

Merit: 10

I had never heard of Kipcoin. It cannot have been big because I never noticed it on the Bitcoinity Chinese markets. 3k is a fair amount of coins but nothing like the amount Bitstamp and Bter lost.

a1choi

sr. member

Activity: 323

Merit: 254

not really a hack if its a ponzi.. ppl gotta be careful

howzar

hero member

Activity: 574

Merit: 500

Wow another hack, much surprise.

newIndia

legendary

Activity: 2226

Merit: 1052

Looks like 2015 is going to be the year of hacks...

hl5460

legendary

Activity: 1621

Merit: 1000

news.8btc.com

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

Topic: Kipcoin lost 3000 btc and shutdown (Read 7561 times)