Bitcoin site is hacked, with $1million of the virtual currency stolen
2013-11-12 0:00

Red Ice Creations

Bitcoin, an online decentralized currency, is a method of exchanging digital money without the usual regulations, policing or taxation (for now).

It’s been reported that a major hack of a Bitcoin site has occurred, stripping one user of more than a million virtual dollars. This hack and theft serves as a reminder that digital currencies are as vulnerable as other currencies, and perhaps even more so as the movements are designed to be anonymous and are largely untraceable.

With the announcement that Bitcoin was installing ATMs in several locations to allow for digital money to become ’real’ money that you put in your wallet, the future of the Bitcoin currency is becoming a reality on the streets, with people using Bitcoins to as easily donate to charities around the world as pay for a cup of coffee on the way to work.

News of the hack and theft has affected the reputation of Bitcoin with users wondering at the security of their online funds, but this isn’t the first blow the digital currency has suffered:

Because they are untraceable and unregulated, bitcoins have garnered a reputation as a convenient way for criminals to move money across borders undetected. Last month, U.S. authorities shut down Silk Road, a billion-dollar website that sold drugs, weapons and fake IDs for bitcoins. Source


Are these legitimate concerns, or are all these troubles part of an attack by financial big boys (banks, governments, intelligence agencies) who don’t want their system undermined?

You pays your money, you takes your chances.

---
Australian bitcoin user TradeFortress says site hacked, $1 million in virtual currency stolen
| ABC NEWS

A young Australian entrepreneur says his bitcoin website has been hacked and thieves have stolen more than $1 million in virtual currency.

Unlike old currencies bitcoin is digital, traded computer-to-computer, and often used to pay for goods and services on the internet.

But it has no central authority or government-based backing, and the alleged theft - one of the largest in the currency’s four-year history - raises questions about digital money and if it can ever be regulated.

A bitcoin user who calls himself TradeFortress says more than 4,100 bitcoins worth about $1.1 million have been robbed from his website.

The stolen bitcoins are owned by the users of his website, who had trusted their bitcoins to him.

TradeFortress, who says he is not much older than 18, does not want to be identified because he is worried about his personal safety.

He and his users know the chances of getting their bitcoins back are extremely unlikely because bitcoin transactions cannot be reversed.

The bitcoin transaction trail is designed to be anonymous, which has led to speculation this was an inside job and that TradeFortress took the coins for

But when asked by the ABC’s AM he strenuously denied those accusations, and said that despite his $1 million loss he is unlikely to report the theft to the police.himself.

[...]

Read the full article at: abc.net.au









READ: Meet Dark Wallet – How Crypto-Anarchists Will Store Their Bitcoins



Tune into Red Ice Radio:

Jason Erb - Hour 1 - Economic History & Alternative Currencies

John Perkins - An Economic Hitman on Predatory Capitalism & Corporate Monopoly

Joseph P. Farrell - Babylon’s Banksters, Global Financial Blackmail, Geo Warfare & The End Game

Bill Still - The Money Masters & The Secret of Oz

Tracy Twyman - Alconomics, Money & Magic




Related Articles
A Bitcoin Exchange Holding $4.1 Million For 1,000 Customers Has Simply Vanished
Bitcoin Group to Meet with 7 Government Agencies
Why Bitcoins Are Just Like Gold: Both are valuable because we say so
Occupy Wall Street Bank Card - Priceless?


Latest News from our Front Page

“Us” and “Them”
2015-04-01 22:30
I’ve decided to translate yet another one of Julia Caesar’s popular Sunday chronicles available in Swedish on the website Snaphanen. This one is named “Us and Them” and concerns a scandal of epic proportions, the Swedish governments “society coach” program. The plan was for the coaches to assist newly arrived immigrants with getting jobs and becoming integrated into society. The ...
The Expulsion and Extermination of Eastern European Germans: An Overview
2015-04-01 17:40
"Since the end of the war about 3,000,000 people, mostly women and children and overaged men, have been killed in eastern Germany and south-eastern Europe; about 15,000,000 people have been deported or had to flee from their homesteads and are on the road. About 25 per cent of these people, over 3,000,000 have died. About 4,000,000 men and women have ...
Your Smartphone Could be Tracking You Every 3 Minutes, Study Says
2015-04-01 2:24
Your apps want to know where you are Smartphone apps regularly collect large amounts of data on users’ locations, sometimes as often as every three minutes, new research suggests. Researchers at Carnegie Mellon University conducted a study where they asked 23 people to use their Android smartphones normally, and tracked location data requests from each device with specially designed software, the Wall ...
Facebook accused of tracking all users even if they delete accounts, ask never to be followed
2015-04-01 2:14
A new report claims that Facebook secretly installs tracking cookies on users’ computers, allowing them to follow users around the internet even after they’ve left the website, deleted their account and requested to be no longer followed. Academic researchers said that the report showed that the company was breaking European law with its tracking policies. The law requires that users are ...
'Gay cake' bakery discriminated against client over sexual orientation, court told
2015-04-01 2:37
David Scoffield QC, acting for the bakery, said if Lee’s argument was right, a Muslim printer could not turn down a contract to print leaflets about the prophet Muhammad, an atheist could not turn down an order saying God made the world and a Roman Catholic printer could not decline making leaflets calling for the legalisation of abortion on demand. Judge ...
More News »