Sunday, March 26, 2017
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
LG's Mobile Payment Service Coming Soon
Samsung Backs Away From Restructuring Plan, Gears Up For Galaxy S8 Release
Microsoft Delivers Telemetry-free Windows 10 To China
Samsung Plans To Release New Curved TVs
ASUS STRIX GD30 Gaming Desktop Released
New Alcatel A30 and Moto G5 Plus Available On Amazon
CIA Used Sophisticated Hack Techniques To Apple Devices: WikiLeaks
Samsung Adds 4G LTE Capability to Gear S3 Classic
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > General Computing > Bitcoin...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, March 05, 2014
Bitcoin Bank Closes After Hackers' Attack


Flexcoin bank, a bank specializing in bitcoins, has closed after computer hackers stole 896 bitcoins from its online vaults.

Flexcoin said that its was attacked by hackers on March 2nd 2014. The attacker made off with 896 BTC, which translates into a loss of about $600,000, based on bitcoin's current trading value.

The bank has determined that the extent of the theft was enabled by a flaw within the front-end, which allowed the attacker to logg into the flexcoin system. The attacker then exploited a flaw in the code which allowed transfers between flexcoin users. By sending thousands of simultaneous requests, the attacker was able to "move" coins from one user account to another until the sending account was overdrawn, before balances were updated. This was then repeated through multiple accounts, snowballing the amount, until the attacker withdrew the coins.

Bitcoins that Flexcoin kept offline remain secure, according to the bank. Users who put their coins into cold storage will be contacted by Flexcoin and asked to verify their identity. Once identified, cold storage coins will be transferred out free of charge.

The closure of the Flexcoin bank comes just a week after the collapse of Mt. Gox, a major bitcoin exchange.

The failures will likely raise more doubts about bitcoin's ability to establish itself as an alternative currency.

According to Reuters, Japan will this week set out rules on how to handle bitcoins.

Bitcoin, a digital currency that is traded on a peer-to-peer network independent of central control, saw its value soaring in the past year, and the total worth of bitcoins minted is now about $7 billion.




Previous
Next
Corning Says Its Gorilla Glass Is Superior To Sapphire        All News        Pioneer Debuts New DJE-2000 and DJE-1500 in-ear Professional Headphones
Facebook To Take New Enforcement Measures for Commercial Activity     General Computing News      Yahoo to Phase Out Support For Facebook, Google IDs In Its Services

Get RSS feed Easy Print E-Mail this Message

Related News
U.S. to Auction $1.6 million of Bitcoin
Bitfinex Exchange Customers to Get Haircut
Bitcoin Worth $72 Million Stolen from Bitfinex
Microsoft Store No Longer Accepts Bitcoin
Reports Claim Bitcoin Founder Found In Australia
Bitstamp Stops Service Following A Hack
BitPay and PayPal Announce Bitcoin Integration
DISH To Start Accepting Bitcoin
Japanese Court Rejects Mt Gox Bankruptcy Protection Application
MtGox Allows Users To Check Their Wallets
FINRA Issues Alert On Bitcoin Risks
Bitcoin Exchange Mt. Gox Files For Bankruptcy

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2017 - All rights reserved -
Privacy policy - Contact Us .