03 Apr '13, 8pm

Bitcoin service Instawallet 'suspended indefinitely' after hack

Users who stored their Bitcoin in the system will be able to get the money back after a waiting period. The site will be opening a claims system, refunding amounts of less than 50BTC (currently around $6400) within 90 days as long as only one person makes a claim on it and processing larger amounts on a case-by-case basis. Little has been disclosed about the hack itself, but it's not the first time such a service has been taken down. In 2012, exchange service BitFloor closed temporarily after losing around $250,000 in Bitcoin; it later reopened with promises to repay the victims. Hackers were able to spirit about $12,000 in Bitcoin away from Bitinstant in March, partly due to security flaws, though no user information or financial data was compromised.

Full article: http://www.theverge.com/2013/4/3/4180020/bitcoin-service-...

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