Bitcoin Forum

Hackers siphon off funds from BoM to invest in Bitcoin

http://timesofindia.indiatimes.com/city/pune/hackers-siphon-off-funds-from-bom-to-invest-in-bitcoin/articleshow/58356718.cms

In an unprecedented case of hacking and money- laundering, four persons in just 49 days hacked the Unified Payments Interface (UPI) app of Bank of Maharashtra (BoM) to siphon off Rs 6.14 crore from several accounts of 23 branches in Pune district, for investment in cryptocurrency Bitcoin through three companies in Ahmedabad, Gujarat.

Police have frozen all three accounts of the companies which were involved in the transactions of Bitcoin, a virtual currency legalised in few countries but yet to get the Reserve Bank of India (RBI) nod. The cybercrime cell of Pune police recovered Rs 4.58 crore from the accused, which involved Bitcoin of Rs 1 crore.

What needs to be terrifying is the lack of security in the upi interface and awareness about its misuse. The banks hurriedly implemented the UPI without much awareness generation and should be held responsible too.

Very terrifying indeed. Not just the bank, even RBI should be held responsible.

Certainly this is not a good news for India because when the rules and regulations are being formed related to this currency and such news will dampen the future as this are the demerits of this technology. Well hope things go smoothly in right direction.

Actually this could prove a blessing in disguise.

If DABFI could help in recovering the funds, it might end in assuring banks that BTCs are traceable and not a threat to banking system.

I am curious if exchanges managed to recover any funds from hackers as mentioned in:
https://bitcointalk.org/index.php?topic=1886835.msg18769592#msg18769592

well seeing the current crazy rate of BTC , i guess may be bitcoin will hit 2000$ and besides i also hope Indian Govt. don't go nuts to ban it for some of these incidents which is always normal for any kind of monetary system :P ; such crazy price of bitcoin my god ...