Hackers infiltrate wallet service and get away with 4,100 Bitcoins worth $1.18 million

By Shawn Knight
Nov 8, 2013
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  1. An Australian entrepreneur going only by the name TradeFortress responsible for running Bitcoin wallet service Inputs.io claims two hackers recently infiltrated the website and stole roughly 4,100 Bitcoins, or about $1.18 million based on current conversion rates.

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  2. cliffordcooley

    cliffordcooley TechSpot Paladin Posts: 5,803   +1,431

    Who was it described Bitcoins as a secure currency?

    It amuses me to finally see hackers prove bitcoins are not as secure as we are being lead to believe.
  3. RzmmDX

    RzmmDX TechSpot Enthusiast Posts: 178   +25

    I thought that the constant hash checks for transactions or mining would provide some authentication to prevent this?

    If not then why does it take so long to create bitcoins...
  4. cliffordcooley

    cliffordcooley TechSpot Paladin Posts: 5,803   +1,431

    From what I gather secure storage of bitcoins is not the same thing as secure transaction. The way it was explained to me is the machines that do all the processing are those that process the transactions. Multiple machines doing the same transactions, and the first one to finish passing the security measures is the one that gets credit (a small commission from the transaction) for the work. But if someone could hack into a bitcoin wallet, they could transfer bitcoins anywhere else as they would have control of the contents of the wallet.
  5. Bigcabrito

    Bigcabrito Newcomer, in training

    It's an online wallet. You can take precautionary measures to avoid getting your wallet stolen. Instead of trusting your hard earned cash to online wallet, keep them yourself. If you have no idea how to do it, learn and adapt. Personally, at this point in Bitcoin, online wallets are not all that secure. You have no contro
  6. Bigcabrito

    Bigcabrito Newcomer, in training

    You have no control of your money if you keep it in an online wallet. These sites are not like the common banks we use nowadays.
    avoidz likes this.
  7. NTAPRO

    NTAPRO TechSpot Enthusiast Posts: 807   +91

    That sucks so damn much lol
  8. JohnAus

    JohnAus Newcomer, in training

    I like this bit comment from end of article<> " the best bet is to keep your Bitcoin address offline complete, say by writing it down on a piece of paper so nobody in the digital world can access it."

    Paper is your friend and very ancient technology...Ouch!
    I dont believe it!!!
  9. Jim$ter

    Jim$ter TechSpot Enthusiast Posts: 119   +20

    Bitcoins were not hacked nor were they ever...LOL They are super secure. Where you store your bitcoins are what can be hacked. There are super safe ways to store your bitcoins. They are usually offline the same way you could store your money buried in the yard you could do the same with your bitcoins on a flash drive or as a piece of paper. Blockchain is a safer on-line wallet as the private keys are never stored on the site. You retain those keys and you you can save them to paper or encrypt them to a flash drive or whatever you want. So if the site goes down or away you still have your bitcoins. Coinbase is a online wallet similar inputs.io but they are based in the US and as such couldn't get away by saying oh too bad we last all your money..Coinbase is the best way to buy bitcoins currently in the US. Bitcoins could go to 1 million or drop down to $0. All I know is they have been going up over 5% a day :)
  10. Skidmarksdeluxe

    Skidmarksdeluxe TechSpot Evangelist Posts: 2,915   +724

    Not bad pay for a couple of hours work.


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