Bitcoin site is hacked, with $1million of the virtual currency stolen
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
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
Sweden may be at war "in a few years" - top brass in leaked document
In a few years Sweden may be engaged in a war with a “qualified opponent” after two centuries of peace, a senior Swedish commander has told soldiers in an internal brochure.
The alarming message was reportedly sent by Major General Anders Brännström, the Army chief, in a brochure distributed among the participants of a major annual event that is to open ...
Danish imam urges govt to accept child marriages among refugees
A high-profile imam has urged the Danish government to accept child brides, as the practice is part of the culture of many refugees arriving in the country. It follows an announcement by Denmark that such couples will be separated under Danish law.
Imam Oussama El-Saadi, of the Aarhus mosque in Denmark, said that child brides should be looked at from a ...
White Parents in Virginia Shutdown White Guilt Video!
You see folks? This is what happens when you stop blaming the Joo, and you get the fuck off your favorite bitch corner and start taking action! This is what happens when parents start parenting again! What? You’re gonna brainwash our kids with your filth and lies? We don’t think so. How would you like an empty school with no ...
Hungarian Top Economist: Civil War is Coming to Europe
Zsolt Bayer, Hungarian journalist, publicist, and co-founder of Hungary's currently ruling political party, and Dr. László Bogár, former politician and leading economist, discuss the Cologne sexual assualts committed by migrants on New Year's Eve, 2016.
This short part of the 60-minute long television program that aired on Echo TV on January 8, 2016, is of a rant by Mr. Bogár warning ...
British scientists granted permission to genetically modify human embryos
The Francis Crick institute will genetically edit the leftover embryos from from IVF clinics
British scientists have been granted permission to genetically modify human embryos by the fertility regulator.
The scientists want to deactivate genes in leftover embryos from IVF clinics to see if it hinders development.
It will only be the second time in the world that such a procedure has ...
|More News » |