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Author Topic: mybitcoin.com potential lawsuit  (Read 5407 times)
broker11
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June 21, 2011, 05:55:11 PM
 #1

There is probably a potential lawsuit against mybitcoin.com for negligence.

Numerous users have complained about the theft of bitcoins from mybitcoin.com
http://forum.bitcoin.org/index.php?topic=20427.0

If they were aware of the potential security breach and did not take adequate measure to protect their members they could be liable.

They would be held to a reasonable standard.

It seems Tradehill and Mt. Gox halted trading until passwords were reset to protect their members accounts.

That is the standard they should be held to.

I am not clear if mybitcoin went that far.

They have this message on their site:

IMPORTANT NOTICE - PLEASE READ!


MTGOX was recently hacked. Their password list was stolen and leaked to the internet. If you have a MTGOX account and the password is the same as your MyBitcoin account you MUST change your password immediately or risk having your account compromised. You have been warned.

If that is all they did it would not be sufficient compared to what reasonable competitors did, and was not sufficient as many users lost their coins.
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bitcoinconnection
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June 21, 2011, 06:01:17 PM
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Yes, you are right. I am glad I dont use mybitcoin.com








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randomguy7
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June 21, 2011, 06:03:34 PM
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Lol why should mybitcoin be sued? Because idiotic users are to lazy to use strong passwords and use the same password in the whole www? That's simply the price they have to pay for that lection but I assume suing other people is easier. Undecided
GeniuSxBoY
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June 21, 2011, 06:05:37 PM
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no, it's not about users not changing their passwords



mybitcoin's database was hacked.
fcmatt
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June 21, 2011, 06:08:13 PM
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no, it's not about users not changing their passwords



mybitcoin's database was hacked.

is that speculation or based on something i just do not know about?
randomguy7
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June 21, 2011, 06:08:45 PM
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They too? Are you sure? Are their passwords hashed?

I thought it's because many users might use their mtgox pwd for mybitcoin (and the mtgox db was leaked).
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June 21, 2011, 06:12:09 PM
 #7

See for yourself.

http://forum.bitcoin.org/index.php?topic=20275.0

M4v3R
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June 21, 2011, 06:13:04 PM
 #8

Please stop spreading FUD unless you have some evidence that they were hacked. For now it looks like some users had shared password on both MtGox and mybitcoin.com. And to me, that version looks very probable.
onesalt
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June 21, 2011, 06:13:19 PM
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actually if you'd bothered reading the standard eula for most websites it specifically tells you to use a password you do not use anywhere else. If you didn't do this it absolves mybitcoin from all liability. cya later.
bitcola
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June 21, 2011, 06:21:04 PM
 #10

Funny that everyone who suffered in this incident used the same passwords at both places.

I bet those sueing will deny this now  Roll Eyes

Can't blame mybitcoin for that.
randomguy7
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June 21, 2011, 06:27:44 PM
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Interesting read, some people seem to had passwords different to their mtgox pass. I better withdraw my coins before the shit hits the fan (just in case).
LittleGnome
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June 22, 2011, 01:16:20 AM
 #12

So, do they have class action suits in the West Indies?
Clipse
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June 22, 2011, 01:22:25 AM
 #13

Sorry for my stereo-typing but is this an american scheme to approach something?

Sue Sue SUE sue whenever something goes wrong, no matter who the guilty party all I keep hearing from americans is to sue the other party.

Mybitcoin gave a fair warning on their FREE service website that have had no issues, still havnt got any except if you used your user/pass of mtgox on mybitcoin.com then OF FUCKING COURSE it will be usuable, wtf do you expect them to do? Delete your wallet/everyones wallet on mybitcoin.com just to be safe? If you did any research you would realise that mybitcoin.com also disabled access to accounts post-shitstorm-sunday.

Grow the fk up, this is getting rediculous.

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CurbsideProphet
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June 22, 2011, 01:29:25 AM
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Sorry for my stereo-typing but is this an american scheme to approach something?

Sue Sue SUE sue whenever something goes wrong, no matter who the guilty party all I keep hearing from americans is to sue the other party.

Yes, unfortunately it's usually the course of action taken.  But can you really blame people?  I mean, if you can win a lawsuit against McDonalds for burning yourself because they didn't state their coffee was hot, you can pretty much sue for anything.

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chuckypalumbo
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June 22, 2011, 01:31:59 AM
 #15

I've never even heard of mybitcoin, but these sites need to increase their security so that they don't continue to have these hacking problems.

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SmokeAndMirrors
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June 22, 2011, 01:34:02 AM
 #16

Protect your investments or deal with the consequences. Perhaps, maybe don't store your funds in a free service online database? Seems like a logical thing NOT to do considering the past weeks circumstances with missing funds. What's worse is that now these forums have a flood of posts about people suggesting theft. In my opinion, it was theft to steal the database of MTGox. However, not changing your passwords if you were on the list (or maybe not even on the list) is just ignorant to your own good.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

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Clipse
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June 22, 2011, 01:34:37 AM
 #17

Sorry for my stereo-typing but is this an american scheme to approach something?

Sue Sue SUE sue whenever something goes wrong, no matter who the guilty party all I keep hearing from americans is to sue the other party.

Yes, unfortunately it's usually the course of action taken.  But can you really blame people?  I mean, if you can win a lawsuit against McDonalds for burning yourself because they didn't state their coffee was hot, you can pretty much sue for anything.

I actually can blame them, I constantly hear how they want less government in their lives however when something goes wrong they want to piggy back on the government and law suits.

Its time to grow up, face the problems and stop trying to divert it.

...In the land of the stale, the man with one share is king... >> Clipse

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compro01
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June 22, 2011, 03:21:22 PM
 #18

I mean, if you can win a lawsuit against McDonalds for burning yourself because they didn't state their coffee was hot, you can pretty much sue for anything.

i get really tired of this case getting dragged out as an example of frivolous lawsuits.

1. mcDs served their coffee at ridiculous temperatures, far higher than any other competing restaurant.
2. the woman originally sued for only her medical costs.  the larger punitive damaged were added by the jury.
3. they had previously settled out of court on multiple similar cases.
joepie91
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June 22, 2011, 03:27:10 PM
 #19

Regardless of password reuse, and them not forcing a password change, there is a much more severe liability issue: MyBitcoin had _no_ fraud prevention measures whatsoever. Hundreds of accounts getting all their funds withdrawn to the very same address at the same time should have been detected, especially after a known breach. There is no two factor auth. Basically there is _nothing_ that stops someone from stealing ALL funds when he has the passwords.

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Alex Beckenham
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June 22, 2011, 03:33:40 PM
 #20

My experience with mybitcoin.com is this:

If you accidentally double-spend to a merchant using the same mybitcoin.com address twice, the merchant won't get the 2nd payment, and mybitcoin.com won't return the overpayment to either you or the merchant.

Oh, plus it takes 3+ weeks to actually have any staff get back to you to tell you they're keeping them.

Ever since then I've kept a zero balance there.

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