16 Sep '13, 5pm

Virtual robbery: Bitcoin theft on the rise

Virtual robbery: Bitcoin theft on the rise

Just as a pickpocket or mugger can rob you on the street, so a hacker can swipe your virtual money. And it can be much more difficult to recover stolen virtual cash than legal tender. The combination of the fairly anonymous nature of the bitcoin world and hacker know-how makes it difficult for law enforcement agencies to track thieves. And because bitcoin transactions are nonreversible, users often have little recourse when they discover that their bitcoin "wallet"-which stores their virtual coins and notes any transactions-has been ripped off. (Read more: Megatrends: Fast food and the middle class ) "If the wallet is held on a personal device and they accidentally delete it or forget the password or even if the device is severely damaged, we can use our digital forensic expertise to recover" the wallet," said Simon Lang, senior digital forensics consultant at SyTech, a co...

Full article: http://hereisthecity.com/2013/09/16/virtual-robbery-bitco...

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