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Author Topic: Instawallet down - Should we be worried?  (Read 2574 times)
steelboy
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April 01, 2013, 06:20:53 PM
 #1

What do you think?

Has it happened before?

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April 01, 2013, 06:21:54 PM
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As it's the same team as Bitcoin Central, it's no suprise that they, too, are down.

Prior to this downtime message, transactions have been frozen for over two hours at BTCentral.  Undecided
moni3z
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April 01, 2013, 06:48:14 PM
 #3

Hope to god this isn't their idea of an April Fool's day joke because it's a bad one
Amitabh S
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April 01, 2013, 07:39:30 PM
 #4

Hmm should I take out mt btc from mtgox and risk losing out on a dump and buy?

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April 01, 2013, 07:45:29 PM
 #5

Depending on who owns that bitcoin address, you should potentially be pretty worried http://blockchain.info/address/1LrPYjto3hsLzWJNstghuwdrQXB96KbrCy

enginehead
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April 01, 2013, 07:58:07 PM
 #6

They could just be moving the bitcoins to protect them from a security breach  Smiley or someone could just have stolen them  Angry
grantbdev
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April 01, 2013, 08:01:38 PM
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If you were using a service that lumps all BTC together in the first place, then it's your fault.

Don't use BIPS!
moni3z
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April 01, 2013, 08:03:16 PM
 #8

If you were using a service that lumps all BTC together in the first place, then it's your fault.

That's the 'cold wallet', supposedly offline storage. Which appears to not be offline at all since a gigantic amount of coins just got looted from it.
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April 01, 2013, 08:36:12 PM
 #9

Related:

[Apr-1 10:30 CET] Bitcoin-Central and Paytunia update: Our customer's bitcoins and euros are safe and will not be affected by the security breach. We have taken the websites off-line for proper investigation.

 The address 1LrPYjto3hsLzWJNstghuwdrQXB96KbrCy is under our exclusive control.

 We thank you for your patience and will provide updates exclusively on this page as they come in. We are committed to resuming service as soon as possible. Expect normal service to resume within 48 hours.
BTC Books
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April 01, 2013, 08:40:48 PM
 #10

It sounds like you are one lucky sunuvabitch, steelboy.

The impression I get is that your bitcoin holdings were all in Instawallet, and extensive.

Don't do that.

Dankedan: price seems low, time to sell I think...
twolifeinexile
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April 01, 2013, 08:44:15 PM
 #11

It sounds like you are one lucky sunuvabitch, steelboy.

The impression I get is that your bitcoin holdings were all in Instawallet, and extensive.

Don't do that.

Concur on this, I had some funds for quick spending purposes on Instawallet and I already got very worried. Puting your majority funds on instawllet is a very bad idea.
steelboy
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April 01, 2013, 08:52:50 PM
 #12

It sounds like you are one lucky sunuvabitch, steelboy.

The impression I get is that your bitcoin holdings were all in Instawallet, and extensive.

Don't do that.


Your impressions are correct. I know I shouldn't have but I am working on it.

https://bitcointalk.org/index.php?topic=164097.0

I'm still not completely calm, I don't like the way they haven't mentioned instawallet customers
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April 02, 2013, 12:55:32 PM
 #13

Looks like a fairly standard "Take the wallets and run!" inside job.

If I were davout, I would be very tempted to do the same thing, knowing that the coins deposited on the sites I ran were rocketing up in value every single day.

Even modest deposits of 10'000 BTC would be worth over $1M today :O

I think this will happen more and more as the price keeps going up. Site admins simply can't be trusted with your coins.

steelboy
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April 02, 2013, 01:03:43 PM
 #14

Looks like a fairly standard "Take the wallets and run!" inside job.

If I were davout, I would be very tempted to do the same thing, knowing that the coins deposited on the sites I ran were rocketing up in value every single day.

Even modest deposits of 10'000 BTC would be worth over $1M today :O

I think this will happen more and more as the price keeps going up. Site admins simply can't be trusted with your coins.

How is that possible though?

I thought the URls were strong enough to sustain brute force attacks and were not listed in instawallet itself?
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April 02, 2013, 02:13:36 PM
 #15

Like he said, Inside job.    Undecided

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