BitFloor Shuts Down

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Bitfloor bitcoin exchange Bitfloor has suspended its operations while it tries to figure out who pinched 24, units of the virtual currency by accessing an unencrypted backup and using information it contained to transfer 24, BTC to destinations unknown. As a result, the attacker gained accesses to an unencrypted backup of the wallet keys the actual keys live in an encrypted area. Using these keys they were able to transfer the coins.

This attack took the vast majority of the coins BitFloor was holding on hand. As a result, Bitfloor bitcoin have paused all exchange operations.

Even tho only a small majority of the coins are ever in use at any time, I felt it inappropriate to continue operating not having the capability to cover bitfloor bitcoin account balances for BTC at the time. No records were lost in this attack. The bad news is that 24, Bitcoins is aboutreal world US dollars, according to Bitcoin conversion site Preev.

Bitfloor bitcoin the long and fast-growing thread following Shtylman's confession, users are angrily bitfloor bitcoin why he used lax security practices to protect their virtual cash. Another thread on the Bitcoin Forum is dedicated to figuring out who committed the theft, and where the Bitcoins have gone. Minds Mastering Machines - Bitfloor bitcoin for papers now open.

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The past year and a half have not been kind to Bitcoin BTC electronic cash exchanges. Gox, the main Bitcoin exchange, fell victim to hackers who drove the crypto-currency's value below a penny in June Then in February, Canadian e-payment company Paxum was forced to stop trading Bitcoins because their more established banking partners considered the digital currency to be "high-risk.

Bitcoin is electronic cash that uses public-key cryptography to enable trading partners to make, verify and accept instant, sometimes anonymous, online payments. Bitcoin addresses, or "keys," stored in an electronic wallet on a network or computer, have corresponding public and private keys used to authorize transactions between wallets.

This attack took the vast majority of the coins BitFloor was holding on hand," Shtylman wrote. The theft has left BitFloor's future uncertain. At the moment, BitFloor doesn't have the capital on hand to pay back all the losses, but it is exploring its options for paying back customers. In response to a thread comment that asked about potential investors who may be willing to cover the funding gap, Shtylman said it was a move he'd definitely consider.

He added that while only a "small majority of the coins are ever in use at any time," he decided it was "inappropriate" to continue to operate without having the funds to cover Bitcoin account balances. For now, BitFloor has put a stop to all trading and is totally offline except for a notice that asks customers not to deposit anything else into their accounts. If a shutdown does occur, Shtylman said BitFloor will make every effort to make its customers' accounts whole.

In the event of a complete dismantling, BitFloor will use its cash on hand to begin making account repayments. BitFloor, which also holds accounts in U.

Bitcoin has traditionally been used by those who like to lurk in the darker corners of the Internet. Because of its anonymous qualities, the online currency has been used as a way for groups on the wrong side of the law, such as LulzSec and WikiLeaks, to accept donations. It's also the only way to buy or sell items on Silk Road, an online, open illicit drug bazaar.

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