14 Feb '14, 1am

Silk Road 2 Hacked: Entire Bitcoin Wallet Drained, $2.7 Million Stolen - International Business Times: The Ver...

The hackers made off with 4474.27 bitcoins, roughly the equivalent of $2.7 million. Silk Road 2’s administrator, known by the username Defcon, said that because transaction malleability is a problem with bitcoin itself, none of its anti-hacking measures could prevent the hack. The only currency accepted on Silk Road 2 is bitcoin. As it did when the original Silk Road was shut down , news of the hack drove down the cost of bitcoin (some believe the now-imprisoned founder of Silk Road had ties with the mysterious creator of bitcoin ). This time, bitcoin tumbled $50 and is currently sitting around $600 per bitcoin. Silk Road 2 used a centralized escrow service to send and receive bitcoins from buyers and sellers, and only used the bitcoin transaction ID to confirm the transfer. The transaction malleability bug allows nefarious users to mask the transaction ID and continually ...

Full article: http://www.ibtimes.com/silk-road-2-hacked-entire-bitcoin-...

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