03 Apr '13, 7pm

Bitcoin wallet service Instawallet hacked, shuts down ‘indefinitely’

Bitcoin wallet service Instawallet hacked, shuts down ‘indefinitely’

Updated at 12:57 p.m. with more detail about current Bitcoin prices. Bitcoins are a hot commodity now, but are your Bitcoins actually safe? Bitcoin wallet company Instawallet has suspended its service “indefinitely” after being hacked. Bitcoin is a virtual, decentralized currency that no government or central bank controls. Several companies, including Reddit and Expensify, have recently added Bitcoin support , helping the value bubble up. The value of Bitcoin surpassed $100 per coin just two days ago , and early today it reached as high as $145. Now the price reportedly sits below $117 . Instawallet provided a way to easily set up a Bitcoin wallet that can be used to store your Bitcoins and associated data. But the company had its database “fraudulently accessed,” so it has decided to close down until it can develop a new architecture that is safe from hacking attacks. In...

Full article: http://venturebeat.com/2013/04/03/bitcoin-wallet-instawal...

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