Bitcoin Forum

Bitcoinica Shutdown is Potentially Permanent

Saturday, May 12, 2012 by GoWest

The latest from Zhou Tong in regards to yesterday's hack and the loss of over 18,000 Bitcoins:

- It's more serious than we thought. We need some additional time to come up with a compensation proposal.

- Likely we will either shut down the platform or re-develop entirely (which will take months instead of days).

- The preliminary decision: reimburse for the full amount, including margin balances and position P/L.

- The root cause of this problem is an email server compromise. The email server belongs to one of our team members.
[...]

Sadly, these events are unfolding only 18 days after ownership of Bitcoinica was transferred to Intersango, who is now left holding the bag.

http://www.thebitcointrader.com/2012/05/bitcoinica-potentially-to-shutdown.html (http://www.thebitcointrader.com/2012/05/bitcoinica-potentially-to-shutdown.html)