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Author Topic: [2016-04-08] Coinwallet.co bitcoin wallet hacked and is closing down  (Read 1245 times)
BitcoinXio
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April 08, 2016, 01:26:15 PM
 #1

In a message posted to their website, Coinwallet.co announced that their wallet service has suffered a data breach and that they are closing down their wallet permanently.

Read more: http://bitcoinx.io/news/articles/coinwallet-co-bitcoin-wallet-hacked-and-is-closing-down/

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D3m0nKinGx
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April 08, 2016, 04:12:22 PM
 #2

In a message posted to their website, Coinwallet.co announced that their wallet service has suffered a data breach and that they are closing down their wallet permanently.

Read more: http://bitcoinx.io/news/articles/coinwallet-co-bitcoin-wallet-hacked-and-is-closing-down/

thanks for the post.

withdrawals are working, i just finished taking out my coins  Smiley

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MintyAllDay
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April 09, 2016, 01:52:50 AM
 #3

From their site:

Please withdraw all coins before the 1st of May 2016.


It is with great regret that we announce the closure of CoinWallet.co.

Our decision to close is based on several factors. Primarily, on the 6th of April we suffered a data breach.

Despite our best efforts there was a small error in a part of our code that should have checked and sanitized user input on a recently added function. Checks were in place but the check was then subsequently not used to block the database call.

Our backup security system kicked in as it was designed to and no coins were lost. We have since patched the vulnerability but are still trying to determine the extent of the breach. However it would be advised to change passwords on any other crypto related websites where you use the same password and username as coinwallet.co. We used encrypted and salted passwords but given enough time these should be assumed compromised.

Effective immediately, we have reset all passwords, deleted all API keys, and halted the twitter Tip Bot.

This incident prompted us to reassess the viability of running coinwallet.co and it was decided it is just not viable taking into consideration the risk, costs and time involved.

As mentioned above all coins are safe and available for immediate withdrawal. Given the large number of transactions that will occur over the next few days and weeks, we expect there may be some delays in processing some transactions. Please be patient and rest assured we will process all transactions as quickly as possible and make sure all outstanding transactions are processed before we close.

Again, the decision to close was not taken lightly, especially given we had several large updates in the works and plenty of plans for the future.

We hope you enjoyed using coinwallet.co.

If anyone has the time to devote and is interested in taking over CoinWallet.co you can contact us at: support@coinwallet.co

Twitter @MintyAllDay
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April 09, 2016, 01:55:02 AM
 #4

This is a bad news for the crypto community. Another company closing down their business. I hope that new company will tighten their security and never happen this type of incident again.

I do not have Coinwallet.co Bitcoin wallet and so I am still safe. Hopefully the price of Bitcoin will not drop because of this incident.

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April 09, 2016, 06:17:24 AM
 #5

This is a bad news for the crypto community. Another company closing down their business. I hope that new company will tighten their security and never happen this type of incident again.

I do not have Coinwallet.co Bitcoin wallet and so I am still safe. Hopefully the price of Bitcoin will not drop because of this incident.

The only bad news is that their services will no longer be provided.  It sounds like no funds were lost and there is opportunity for the torch to be passed.  In comparison to the unprofessional and outright criminal closure of many other services, this is not bad news at all.
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April 09, 2016, 12:47:38 PM
 #6

It's a shame on the entire community that innovation and hard work is met with attacks and thefts.

When someone works for several years, with peanuts for profits, then realizes he's become a target for nefarious actors, I guess this is the only option.

Seeming more and more that it doesn't pay to be fair and honest, and crooks are the only ones who succeed in this space.

TT
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April 09, 2016, 05:17:04 PM
 #7

This is a bad news for the crypto community. Another company closing down their business. I hope that new company will tighten their security and never happen this type of incident again.

I do not have Coinwallet.co Bitcoin wallet and so I am still safe. Hopefully the price of Bitcoin will not drop because of this incident.

No this is good.
Only the strongest, smartest with best competence should survive and there are more than enough wallet providers out there you can choose from.
What do you think how many startups had to close during the early internet boom?!
That is how the markets work.

richardsNY
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April 09, 2016, 08:17:49 PM
 #8

This is a bad news for the crypto community. Another company closing down their business. I hope that new company will tighten their security and never happen this type of incident again.

I do not have Coinwallet.co Bitcoin wallet and so I am still safe. Hopefully the price of Bitcoin will not drop because of this incident.

No this is good.
Only the strongest, smartest with best competence should survive and there are more than enough wallet providers out there you can choose from.
What do you think how many startups had to close during the early internet boom?!
That is how the markets work.

I do agree that services that can't keep up with the security and get hacked must either close their service, or invest some serious money into their security. The only good thing is that there are no stolen coins.

btvGainer
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April 09, 2016, 08:22:34 PM
 #9

I wonder why bitcoin related services are so vulnerable to security breach? I smell inside hand every time I hear or read any such news.Do you guys echo my views?

BellaBitBit
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April 09, 2016, 08:30:55 PM
 #10

This is too bad.  I imagine a little bit of work for people to transfer coins out.  I was looking into storing on there and now this.

I love Bitcoin
D3m0nKinGx
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April 10, 2016, 05:59:01 AM
 #11

from:   CoinWallet Support <support@coinwallet.co>
to:   <email omitted>
date:   Sun, Apr 10, 2016 at 1:46 AM
subject:   Re: curious about something
mailed-by:   coinwallet.co
signed-by:   coinwallet-co.20150623.gappssmtp.com
encryption:   Standard (TLS) Learn more
CoinWallet Support
1:46 AM (13 minutes ago)

to me
Hi -

We are closing down because of the data breach and we want users coins to be safe.

We are in discussions with several parties to keep the website open.

Radium will be fixed shortly. We will look at Dopecoin soon too, hopefully we can get the client working.

Thank you



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ethought
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April 10, 2016, 06:34:41 AM
 #12

The general support from the community has been overwhelming.

The amount of people / groups that have reached out to us to keep the website going has been heartening to say the least.




BitcoinXio
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April 12, 2016, 12:12:36 AM
 #13

I wonder why bitcoin related services are so vulnerable to security breach? I smell inside hand every time I hear or read any such news.Do you guys echo my views?
I agree that there have been a lot more bitcoin exchange "hacking" lately. Also exchanges are being targeted for DDoS attacks, in extortion attempts and/or trying to hack them. Either way, the ante has been raised for exchanges to up their security or get hacked.

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April 29, 2016, 12:01:27 AM
 #14

Hello CoinWallet.co Team!

Please, PLEASE fix [PAC] Paccoin wallet for withdrawals!
My deposit is too big (14,954,055,219 PACs) and I do not have time
to withdraw funds before May 1 because there is a limit on the size
of the transaction in Paccoin (100,000,000 PACs)!

I've been collecting (mine, stake, buy) these coins 1.5 years and
I feel sorry for her time and money!

I waited ten days, but you have not repaired Paycoin wallet.
Paccoin blockchain works (e.g. bleutrade.com/exchange/PAC/DOGE and
cryptopia.co.nz/Exchange?market=PAC_DOGE).

Have respect to the users, do not lose your reputation!

My Username:   D5L7P9
E-mail:      anvool.anvool.ac002@gmail.com

Once again, PLEASE fix Paccoin wallet!

Sorry for poor English and...
Thanks!

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April 29, 2016, 12:05:36 AM
 #15

Also dopecoin please, thanks!

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BunkerChain.Labs.Inc.
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April 29, 2016, 02:10:41 AM
 #16

I wonder why bitcoin related services are so vulnerable to security breach? I smell inside hand every time I hear or read any such news.Do you guys echo my views?
I agree that there have been a lot more bitcoin exchange "hacking" lately. Also exchanges are being targeted for DDoS attacks, in extortion attempts and/or trying to hack them. Either way, the ante has been raised for exchanges to up their security or get hacked.

They certainly have the volume these days to make it a top priority. Sad though every time this happens. Too many victims, not enough justice.
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