14 Aug '12, 3pm

Bitcoin trading platform sued by members for $460,000

Bitcoin trading platform sued by members for $460,000

Four ex-Bitcoin users are suing the coin exchange for $460,000 USD, accusing the now frozen Bitcoin trading platform Bitcoinica for breach of contract and negligence. In 2009, an open-source, peer-to-peer digital cash system launched. Cutely called Bitcoin, it was based on a paper [PDF] entitled "Bitcoin: A Peer-to-Peer Electronic Cash System". Earlier this year, Bitcoinica suffered two malware attacks where over 60,000 Bitcoins were stolen. In terms of real monetary values, Bitcoin fluctuates wildly, but it is currently guesstimated at around $10 per Bitcoin unit. After these attacks, Bitcoinica was taken offline, and it still hasn't returned. Its homepage states: We apologize for this incident and the inconveniences it has caused. The incident happened during a transition period, which was initiated to bring Bitcoinica up to a professional level of security. Bitcoinica w...

Full article: http://nakedsecurity.sophos.com/2012/08/14/bitcoin-tradin...

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