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Author Topic: 2012-05-12 - Bitcoinica Shutdown is Potentially Permanent  (Read 732 times)
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May 15, 2012, 06:06:16 AM

Bitcoinica Shutdown is Potentially Permanent

Saturday, May 12, 2012 by GoWest

The latest from Zhou Tong in regards to yesterday's hack and the loss of over 18,000 Bitcoins:

- It's more serious than we thought. We need some additional time to come up with a compensation proposal.

- Likely we will either shut down the platform or re-develop entirely (which will take months instead of days).

- The preliminary decision: reimburse for the full amount, including margin balances and position P/L.

- The root cause of this problem is an email server compromise. The email server belongs to one of our team members.

Sadly, these events are unfolding only 18 days after ownership of Bitcoinica was transferred to Intersango, who is now left holding the bag.

Very short, however it ilustrates what conclusions media are jumping to.

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