26 Nov '13, 2pm

$1M lost in attack against Bitcoin Internet Payment Services

$1M lost in attack against Bitcoin Internet Payment Services

Copenhagen-based Bitcoin Internet Payment Services (BIPS) has been hit with a DDoS attack and has had 1,295 BTC stolen (a little over $1M) mostly from the company’s own holdings, but some from their customers’ wallets. “On November 15th BIPS was the target of a massive DDoS attack, which is now believed to have been the initial preparation for a subsequent attack on November 17th that overloaded our managed switches and disconnected the iSCSI connection to the SAN on BIPS servers,” BIPS’ CEO Kris Henriksen explained in a post on the Bitcoin Talk Forum. “Regrettably, despite several layers of protection, the attack caused vulnerability to the system, which has then enabled the attacker/s to gain access and compromise several wallets.” The company has immediately disable all wallet functions - BIPS is primarily a merchant processor, and its consumer wallet initiative was a f...

Full article: http://www.net-security.org/secworld.php?id=16015

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