Ozcoin Hacked

[Eich]

Code:

http://bitcoinmagazine.com/ozcoin-hacked-stolen-funds-seized-and-returned-by-strongcoin/

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[jubalix]

Ok so let me get this straight, at any time any online service can just change their code that despite any address you select to send to their server just injects what ever address they wish.

This means no BTC on any wallet online usage is safe in any way. Basically any govt agency can require service to point all addresses at a collection address or no where.

Would it not have been possible for the "user" to get their private keys and then load them into qt-client, then use that to direct and strong coin could have done nothing to stop this!!!

Also as good practice when sending large amounts always send a test amount first just to check everything is ok.

I would like to see a online service where this can't be done. That must surely be the next step. As things stand for hosted transactions atm....

[Raize]

This particular instance is pretty cut and dry. The hacker started moving the funds immediately from the hacked address and then started using StrongCoin almost immediately afterward. The accused person just needed to publicly ridicule Strongcoin to redeem themselves, but all we've had so far is a few of the regular trolls and SA goons whining about a hacker's right to steal, essentially.

That said, online web services like Blockchain.info and Strongcoin do provide a single-point-of-failure whereby a government could potentially steal your coin. There are a few ways to get around this, but we need more use of Shamir's secret sharing and/or m-of-n wallet creation.

[jubalix]

This particular instance is pretty cut and dry. The hacker started moving the funds immediately from the hacked address and then started using StrongCoin almost immediately afterward. The accused person just needed to publicly ridicule Strongcoin to redeem themselves, but all we've had so far is a few of the regular trolls and SA goons whining about a hacker's right to steal, essentially.

That said, online web services like Blockchain.info and Strongcoin do provide a single-point-of-failure whereby a government could potentially steal your coin. There are a few ways to get around this, but we need more use of Shamir's secret sharing and/or m-of-n wallet creation.

My concern is purely about the implications....I am surprised so few people have posted ITT considering the wide spread use of online wallets

The time is coming when a lot of people are going to be in for a big shock if a govt makes a decision...to crack down. The lack on interest here is telling

[greyhawk]

SA goons whining about a hacker's right to steal, essentially.

No, we haven't actually dealt with this one yet. It seems kinda boring in relation to yet another bitcoin-central hack, slush's pool being hacked, the fall of transfer-wise and Ron Paul shitting on Bitcoin. Also that Cascacius video. That was pretty lulzy.

[Eich]

This particular instance is pretty cut and dry. The hacker started moving the funds immediately from the hacked address and then started using StrongCoin almost immediately afterward. The accused person just needed to publicly ridicule Strongcoin to redeem themselves, but all we've had so far is a few of the regular trolls and SA goons whining about a hacker's right to steal, essentially.

That said, online web services like Blockchain.info and Strongcoin do provide a single-point-of-failure whereby a government could potentially steal your coin. There are a few ways to get around this, but we need more use of Shamir's secret sharing and/or m-of-n wallet creation.

My concern is purely about the implications....I am surprised so few people have posted ITT considering the wide spread use of online wallets

The time is coming when a lot of people are going to be in for a big shock if a govt makes a decision...to crack down. The lack on interest here is telling

The answer? one that works for me: regular backups and cold storage.

[crazy_rabbit]

The accused person just needed to publicly ridicule Strongcoin to redeem themselves, but all we've had so far is a few of the regular trolls and SA goons whining about a hacker's right to steal, essentially.

As a Donator and "Hero Member" I would have thought you would take the principles of bitcoin more to heart. I happen to be one of those "whiners" your talking about and I suppose you call the russians who had money in Cyprus bank accounts also "whiners"?

Strongcoin took the law into their own hands and exacted vigilante justice by demonstrating that their service is neither secure nor safe- the exact opposite of what they claimed. It is a lie and it's bad for bitcoin. The whiners are people who think that for the sake of righting one wrong we should all have to compromise our integrity and security.

[lophie]

If you are not eh ONLY one knowing the private keys. You are BETTER off hacked!. Just my opinion.

[lophie]

Wait wait... so the article is pissed towards StrongCoin and not the thief  ... I understand their point but.... what?

Yeah sure ozcoin ASICMINER will point some miners at you... yeah sure.....