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

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

Secret underground tunnels of ancient Mesopotamian cult revealed under Ani ruins
2014 09 01
For the first time in history, the academic world is paying attention to the spectacular underground world of Ani, a 5,000-year-old Armenian city located on the Turkish-Armenian border. Hurriyet Daily News reports that scientists, academics, and researchers have just met at a symposium in Kars titled ‘Underground Secrets of Ani’ to discuss the city’s underground world mentioned in ancient ...
A Government Vision Of The Future That Isn’t That Great
2014 09 01
Here’s a report by the UK Ministry of Defense, a document that they’re not hiding - it’s not classified. In fact, they WANT you to read it: the Global Strategic Trends 2045. For your convenience, they’ve even produced a handy video about their dire predictions: They present a warning call for how things are going to be bad in the future. ...
Bad Memories Turned to Happy Ones in Mice Brains
2014 09 01
Memories are often associated with emotions, and these feelings can change through new experiences and over time. Now, using light, scientists have been able to manipulate mice brain cells and turn the animals’ fearful memories into happy ones, according to a new study. Memories are encoded in groups of neurons that are activated together or in specific patterns, but it is ...
CIA MKULTRA: they intended to use drugs for “everything”
2014 09 01
Drugs to transform individuals…and even, by implication, society. Drug research going far beyond the usual brief descriptions of MKULTRA. The intention is there, in the record. A CIA document was included in the transcript of the 1977 US Senate Hearings on MKULTRA, the CIA’s mind-control program. The document is found in Appendix C, starting on page 166. It’s simply labeled “Draft,” dated 5 May ...
Harmful Compound Found in Many BPA-Free Bottles
2014 09 01
A chemical found in many products labeled “BPA free” may produce many of the same health problems as the original chemical, including hyperactivity and cardiac arrhythmia, according to a pair of studies presented recently at the joint meeting of the International Society of Endocrinology and the Endocrine Society in Chicago. “BPS, termed the safe alternative to BPA, may be equally as ...
More News »