07 Sep '12, 12pm

Bitcoin security mistake allows for $250,000 hacker heist. #Infosec

Bitcoin security mistake allows for $250,000 hacker heist. #Infosec

Virtual currency provider BitCoin is in big trouble after a security blunder resulted in the theft of $250,000. The heist at the BitFloor "exchange" came after operators did the online equivalent of leaving the keys in the door. The idea behind BitCoin is to create a currency that isn't controlled by a government and therefore isn't subject to any seizure of funds. With no government backing, BitCoin has value only so long as enough people agree to use it. Unlike most currencies, BitCoin exists only online, with no physical currency (like coins or bills). Each BitCoin exists solely as a unique identification code, while every BitCoin user has a personal, secret code for use in transactions. Because both codes are necessary in every transaction, it's not possible to "spend" the same BitCoin twice or to use somebody else's BitCoins without permission. BitCoins can be used fo...

Full article: http://www.infopackets.com/news/internet/2012/20120907_hu...

Tweets

One poor security choice results in $250,000 Bi...

infoworld.com 06 Sep '12, 9pm

Bitcoin exchange Bitfloor reportedly suffered a virtual heist of 24,000 BTCs, worth a cool quarter-million U.S. dollars. T...

One poor security choice results in $250,000 Bi...

infoworld.com 06 Sep '12, 8pm

Bitcoin exchange Bitfloor reportedly suffered a virtual heist of 24,000 BTCs, worth a cool quarter-million U.S. dollars. T...

One poor security choice results in an easy heist

akamai.infoworld.com 07 Sep '12, 7am

Bitcoin exchange Bitfloor reportedly suffered a virtual heist of 24,000 BTCs, worth a cool quarter-million U.S. dollars. T...

Bitcoin

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digitaltrends.com 08 Sep '12, 10pm

Hackers took off with $250,000 worth of Bitcoins from the Bitfloor currency exchange, leaving the site's reserves tapped a...

Hacker Steals 250,000USD From Bitcoin Exchange ...

cyberwarnews.info 06 Sep '12, 5pm

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theverge.com 05 Sep '12, 11am

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Bitcoin Exchange Bitfloor Suspends Operations Following $250K Hacker Heist [Bitcoin]:

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gizmodo.com 05 Sep '12, 3am

As much as I regret the post I am about to write I feel that it is only fair and holding to the spirit of BitFloor that I ...

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theregister.co.uk 05 Sep '12, 2am

Bitcoin exchange Bitfloor has suspended its operations while it tries to figure out who pinched 24,000 units of the virtua...

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packetstormsecurity.org 05 Sep '12, 3am

Bitcoin Exchange Shuts After Heist Source The Register Link | Favorite | Comments (0)

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nakedsecurity.sophos.com 06 Sep '12, 2am

Bitcoin is a an open-source, peer-to-peer digital cash system launched in 2009. The Bitcoin "currency" has no physical man...

Bitcoin exchange market hacked for US$250,000 loss: Bitfloor, the largest Bitcoin exchange market in the US, is

Bitcoin exchange market hacked for US$250,000 l...

news.yahoo.com 05 Sep '12, 8pm

Bitfloor founder ceases operation until server hack can be resolved Bitfloor, the largest Bitcoin exchange market in the U...