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Author Topic: Close to US$500k stolen in first major Bitcoin theft  (Read 1552 times)
CanaryInTheMine
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June 17, 2011, 09:43:54 PM
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http://thenextweb.com/industry/2011/06/15/close-to-us500k-stolen-in-first-major-bitcoin-theft/

In the first Bitcoin theft of its size, a user has lost 25,000 BTC — or nearly $487,749 at today’s market rates — to an unknown thief.

While the Bitcoin community has always been quick to point out that it’s harder to forge a Bitcoin than to forge a dollar, it’s quite easy to take someone else’s Bitcoins: all you have to do is gain access to their computer’s hard drive. Once you’re in, stealing Bitcoins is easier than taking a wallet in the real world, and there’s no recourse for getting them back.

That said, it is possible to verify the movement of funds to ensure complainants are telling the truth due to Bitcoin’s public nature — services such as BlockExplorer allow users to see every transaction that has ever occurred through the network. The receiving account in this case, for instance, can be seen here.

As a decentralized network with no authority and no identities attached to the addresses used to send and receive Bitcoins, once Bitcoins are stolen they’re as good as gone.

While at the time of this writing the BTC is trading at $19.51, I wouldn’t be surprised to see their value drop over the course of the day as this news spreads.

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stic.man
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June 17, 2011, 09:45:10 PM
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No shit
imperi
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June 17, 2011, 09:45:42 PM
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You're an idiot. Screw you and your 10 post count. Go back to newbie ville.
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June 17, 2011, 09:45:56 PM
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Dude, there will be like a shitload of people reporting the same news in a few minutes!

CanaryInTheMine
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June 17, 2011, 09:49:08 PM
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You're an idiot. Screw you and your 10 post count. Go back to newbie ville.

I'm sure you had 10 posts at some point as well.

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jatajuta
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June 17, 2011, 09:49:55 PM
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Good,

bad press = discounts time!

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TraderTimm
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June 17, 2011, 09:58:12 PM
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But my wallet story has a dog, PBJ, and exciting blood-loss!

http://forum.bitcoin.org/index.php?topic=18371.msg234635#msg234635

And I'm pretty sure I lost... (scanning block chain...) oh .. yeah, 1,000 BTC around... 21:55 UTC. Truly. For realz.


fortitudinem multis - catenum regit omnia
Timo Y
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June 17, 2011, 10:06:47 PM
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While at the time of this writing the BTC is trading at $19.51, I wouldn’t be surprised to see their value drop over the course of the day as this news spreads.

If the value drops as a result of this news that would suggest that a lot of speculators are idiots who didn't even do basic research on what they were investing in.

The weakness that a wallet.dat can be stolen by a hacker has been discussed ad nauseum, and consensus on effective countermeasures, such as keeping an offline savings wallet has been reached months ago.

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CanaryInTheMine
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between a rock and a block!


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June 17, 2011, 10:50:30 PM
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While at the time of this writing the BTC is trading at $19.51, I wouldn’t be surprised to see their value drop over the course of the day as this news spreads.

If the value drops as a result of this news that would suggest that a lot of speculators are idiots who didn't even do basic research on what they were investing in.

The weakness that a wallet.dat can be stolen by a hacker has been discussed ad nauseum, and consensus on effective countermeasures, such as keeping an offline savings wallet has been reached months ago.

All true...

maybe the thieves are unloading what they stole?  that would cause a spike down.  just don't know how big.

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KingFisher9
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June 17, 2011, 10:59:47 PM
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Theres a 20+ page thread on this already...

TraderTimm
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June 18, 2011, 09:25:39 AM
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With no sign of ending, you know, just so the 'truth' comes out.

Its like a hipster block party, everyone is too busy finding reasons why everything sucks, except themselves.

fortitudinem multis - catenum regit omnia
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