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

The Jewish Roots of Leonard Nimoy and What the ‘Live Long and Prosper’ Hand Symbol Really Means
2015-02-28 0:20
Leonard Nimoy first saw what became the famous Vulcan salute, “live long and prosper,” as a child, long before “Star Trek” even existed. The placement of the hands comes from a childhood memory, of an Orthodox Jewish synagogue service in Boston. The man who would play Spock saw the gesture as part of a blessing, and it never left him. “Something ...
Baby born still INSIDE his amniotic sac is hailed a ‘medical miracle’ by doctors [Video]
2015-02-27 22:46
What an incredible miracle… Not only was the little boy three months early – he was born inside his amniotic sac. I’ve never heard of this happening before. If you look at the picture, you can see him clearly with his little arms and legs curled up. He was still being given oxygen by his mom until the sac was ...
California Infant Dies after 8 Vaccines, Family Gets Him Back from Hospital Cremated
2015-02-27 21:55
Parents in California are distraught after losing their infant son after being vaccinated. He died in his sleep and was taken to the hospital already deceased. Hospital staff ruled his death as sudden infant death syndrome. The couple was told an autopsy was required to be performed on their son. After returning home, waiting to get an update, they never received ...
DNA: Data-storage for eternity
2015-02-27 20:57
How can we preserve our knowledge today for the next millennia? ETH researchers have found a way to store information in the form of DNA, preserving it for nearly an eternity. Scrolls thousands of years old provide us with a glimpse into long-forgotten cultures and the knowledge of our ancestors. In this digital era, in contrast, a large part of our ...
Hypercleanliness is making us sick - Children develop allergies and eczema
2015-02-27 20:31
Could using a dishwashing machine increase the chances your child will develop allergies? That's what some provocative new research suggests — but don't tear out your machine just yet. The study involved 1,029 Swedish children (ages 7 or 8) and found that those whose parents said they mostly wash the family's dishes by hand were significantly less likely to develop eczema, ...
More News »