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Author Topic: What's did mybitcoin walk away with?  (Read 6095 times)
NothinG
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August 04, 2011, 11:05:04 PM
 #41

Wait, so what's the verdict?  Was Mybitcoin's wallet.dat file simply lost by Amazon, or did the guy actually skip town with the loot?
Still unknown.

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August 05, 2011, 07:36:38 AM
 #42

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Thursday, August 4th, 2011

From the desk of Tom Williams, operator of MyBitcoin.com

For immediate release.

As you have probably noticed, MyBitcoin.com had been down for almost a week due to an unfortunate event.

On Friday of last week we noticed that one of our pooled holding servers was missing a large amount of Bitcoins. After a prompt investigation we realized that the security of our SCI (Shopping Cart Interface) system had been breached by an unknown attacker.

Our response was rash, but necessary. We simply switched the system off until we could have system-wide forensics performed. The forensics took some time, as the system is quite complex by nature.

After weighing all of our options, we have realized that we have no option but to go into receivership. We will settle all accounts with a online claim process that we are currently in the process of working out.

We will release more detailed information about the security breach, the claim process, and our balance sheet in the next few days.


Tom Williams

tsvekric
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August 05, 2011, 05:57:59 PM
 #43

what does receivership mean in this context?

And I wonder how large was "a large amount"
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August 05, 2011, 07:43:04 PM
 #44

what does receivership mean in this context?


It means, most likely, that they will submit themselves to an independent third party auditor who will act in the position of arbitor/judge in the effort of distributing the assests that remain as equitable as is possible.

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And I wonder how large was "a large amount"

There were four wallet pools that operated mostly automaticly, so it's roughly one quarter of the total deposits, I would guess.  If there were more pools, independently secured, then the loss ratio would be lower; and if there were only one pool the loss would be total.  This is a good lesson for future online wallet websites to learn from.  Many wallet pools with independent security is better than less.  Best would be something like a single wallet file per user, with a method of single user encryption.  Perhaps something that requires the user to log into his account, and then provide a different passcode to decrypt the user wallet onto a ramdisk for a limited period of time.  Alternatively, an android client could use public/private keys like SSH does to double authenticate the user account, thus requiring that an attacker have access to the individual user's phone, home computer or other device with that secret key, and the phone client can reprovide the server a decryption key every 15 minutes or so.  In this way, the user can conviently use the wallet service on his phone when Internet is available to him, but whenever he closes the client, turns off his phone or leaves the range of his cell service his wallet.dat file is only exposed for (at most) the next 15 minutes until the file is purged from the ramdisk.  A cracker breaking in could (potentially copy the wallet.dat files from the ramdisk, as well as copy as many of the encrypted wallet.dat files as he can find before being noticed, but the encrypted wallet.dat files are useless because his intrusion is unlikely to go unnoticed for long (as this event illustrates) and users can be notified that they need to flush their accounts and then destroy their wallet.dat and not reuse those keypairs again.  These steps would limit the exposure to risk of the membership of an online wallet service, regardless of the degree of security.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
getpaidz
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August 05, 2011, 11:31:08 PM
 #45

I lost 5 starter bitcoins for my beta site and lost it all. I had small amounts at first and thought site was ok then the next day after buying bitcoins they shut down. Alot of other lost alot alot more than I so I can complain much. Smiley

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August 06, 2011, 09:27:52 AM
 #46

i had 23 BTC on mybitcoin.
I know its not much compared to what some people have lost.

having a letter from the owner does make me feel much better, but still wary.
what took him 1 week to respond? also a large chunk? i have a feeling most if not all users
will only get a fraction of what they actually had.
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August 06, 2011, 09:31:35 AM
 #47

i had 23 BTC on mybitcoin.
I know its not much compared to what some people have lost.

having a letter from the owner does make me feel much better, but still wary.
what took him 1 week to respond? also a large chunk? i have a feeling most if not all users
will only get a fraction of what they actually had.

Something is better than nothing.

Binford 6100
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August 10, 2011, 09:19:48 PM
 #48

And I wonder how large was "a large amount"

not reviving this thread, just posting the obvious fact, seemingly 75k btc will not be returned to the users
from cca 150.000 btc held at MBC 49% will be paid back via the claim page

You can't build a reputation on what you are going to do.
pjwaffle
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August 10, 2011, 09:32:01 PM
 #49

I lost 40 BTC when I sent it to myself (my computer). Not sure if it was mybitcoin or just me...
Ten98
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August 16, 2011, 12:30:41 PM
 #50

And I wonder how large was "a large amount"

not reviving this thread, just posting the obvious fact, seemingly 75k btc will not be returned to the users
from cca 150.000 btc held at MBC 49% will be paid back via the claim page

To be fair to him he's been perfectly transparent about all of this and I really don't think that he's "walking away" with much of anything at all other than some valuable life experience.

I should imagine simply dealing with the emails and phone calls is a 24/7 occupation right now, you have to respect the guy for at least trying to make things right for his customers.
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