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Author Topic: NEW Bitcoinica hack! 30% of all funds stolen!  (Read 3767 times)
Bigpiggy01
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July 13, 2012, 06:36:48 PM
 #21

Pirate's PWNing most of the market anyway and 40k is a drop in the ocean compared with what he has on hand so who cares?

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adamstgBit
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July 13, 2012, 06:41:55 PM
 #22

P.S.: I will donate 10k SPC (Spekulatius Coins) to them right now, redeeming them ASAP, personally.



Is it just me or is this Bruce Wagner redeeming Spekulatius Coins?

GeniuSxBoY
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July 13, 2012, 06:42:55 PM
 #23

Now this is the Bitcoin I'm used to Smiley

:breathes in deep:


the smell of mutiny. I love it.

█ DISTRICTS █ 3D Blockchain Platform ICO | Bounty
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July 13, 2012, 06:44:21 PM
 #24

Something like this.

P.S.: I kick harder
guruvan
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July 13, 2012, 06:49:24 PM
 #25

Why in the world did they they keep a online wallet? if the site is not even online

i dont get it..... do you?

Can't be stolen if it's not online, right? Yep. I get it all right. Someone let those funds be stolen on purpose.

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
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goxed
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July 13, 2012, 06:52:44 PM
 #26

How do you guys think this will affect prices?

https://bitcointalk.org/index.php?topic=93074.0

DISCUSS!..

P.S.: I will donate 10k SPC (Spekulatius Coins) to them right now, redeeming them ASAP, personally.

Prices will increase in long run

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adamstgBit
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July 13, 2012, 06:53:09 PM
 #27

Why in the world did they they keep a online wallet? if the site is not even online

i dont get it..... do you?

Can't be stolen if it's not online, right? Yep. I get it all right. Someone let those funds be stolen on purpose.

I think its time we change the meaning of Zonlathonged (how ever you spell it)

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July 13, 2012, 06:58:05 PM
 #28

It's not clear what was done with the US$40k that was stolen but is it possible (likely) that they were used to buy bitcoins with to allow the bitcoins to be withdrawn thus driving the price up yesterday.

i.e. the hacker sent US$40k to some dummy account, immediately converts to bitcoins at whatever rate is available (pushing the price higher), then withdraws the bitcoin.

So this hack might have resulted in some "false" buying pressure. The hacker bought the bitcoins not because they were bullish about the value of bitcoin but rather because it is the most convenient and anonymous way to withdraw the money.
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July 13, 2012, 08:54:32 PM
 #29

How do you guys think this will affect prices?

https://bitcointalk.org/index.php?topic=93074.0

DISCUSS!..

P.S.: I will donate 10k SPC (Spekulatius Coins) to them right now, redeeming them ASAP, personally.

no effect whatsoever

bitcoinica is only for the lulz
FreeMoney
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July 13, 2012, 08:57:24 PM
 #30

It's not clear what was done with the US$40k that was stolen but is it possible (likely) that they were used to buy bitcoins with to allow the bitcoins to be withdrawn thus driving the price up yesterday.

i.e. the hacker sent US$40k to some dummy account, immediately converts to bitcoins at whatever rate is available (pushing the price higher), then withdraws the bitcoin.

So this hack might have resulted in some "false" buying pressure. The hacker bought the bitcoins not because they were bullish about the value of bitcoin but rather because it is the most convenient and anonymous way to withdraw the money.

I dunno if it is 'false' if it is the best way to solve a problem. It may be 'undone' soon, or maybe not, if the thief also considers it a solution to the long term storage problem.

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July 13, 2012, 09:02:43 PM
 #31

no effect on price?

Yep, looks like the market has already written off bitcoinica and all the shit surrounding it.

This is actually the most surprising thing about the event. It was announced just after a new high for the year, and is still sitting there rather comfortably.


It's not clear what was done with the US$40k that was stolen but is it possible (likely) that they were used to buy bitcoins with to allow the bitcoins to be withdrawn thus driving the price up yesterday.

i.e. the hacker sent US$40k to some dummy account, immediately converts to bitcoins at whatever rate is available (pushing the price higher), then withdraws the bitcoin.

So this hack might have resulted in some "false" buying pressure. The hacker bought the bitcoins not because they were bullish about the value of bitcoin but rather because it is the most convenient and anonymous way to withdraw the money.

Most likely the $40k USD was withdrawn to Liberty Reserve.

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CoinDiver
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July 13, 2012, 09:09:46 PM
 #32

*opens chart*

Not at all? It's hours-old news, market hasn't budged.

I think this one is balancing it all out:

http://www.forbes.com/sites/jonmatonis/2012/07/12/kim-dotcoms-pretrial-legal-funds-would-be-safe-with-bitcoin/

Yeah we need more uber scummyfuck bastards associated with bitcoin...

We need more people providing consumable services, and Dotcom might be in a position to do that with his up and coming music service.

We don't need more scammers or scammy services accociating with btc so we need to get rid of the scammers and their services.


great part of our community here doesn't see anything wrong with piracy, they accept it as some sort of Robin Hood action against evil, greedy corporations. Kimdotcom is their idol and hero who became a victim in their cause.

I know this... and I hate this about bitcoin... scummy fucks aren't Robin Hood... they are just greedy bastards

http://www.youtube.com/watch?v=vgMkAVhMG4s
Things aren't always how you see them...

http://mises.org/daily/3229
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adamstgBit
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July 13, 2012, 10:16:36 PM
 #33


http://www.youtube.com/watch?v=vgMkAVhMG4

Things aren't always how you see them...

youtube says:


An error occurred during validation.
Sorry about that.

ineededausername
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July 13, 2012, 10:50:02 PM
 #34

It's not clear what was done with the US$40k that was stolen but is it possible (likely) that they were used to buy bitcoins with to allow the bitcoins to be withdrawn thus driving the price up yesterday.

i.e. the hacker sent US$40k to some dummy account, immediately converts to bitcoins at whatever rate is available (pushing the price higher), then withdraws the bitcoin.

So this hack might have resulted in some "false" buying pressure. The hacker bought the bitcoins not because they were bullish about the value of bitcoin but rather because it is the most convenient and anonymous way to withdraw the money.

No, limits on Bitcoin withdrawal/USD withdrawal are 40k each.  Even if the hacker converted the $40k to bitcoins,
(1) It wouldn't account for the whole volume of the rally yesterday (20k from 7.25 to 7.9)
(2) He could still only withdraw 40k BTC, so he might as well not touch the dollars...
(3) The dummy account would have to be verified.

(BFL)^2 < 0
Bitcoin Oz
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July 13, 2012, 11:20:26 PM
 #35

It's not clear what was done with the US$40k that was stolen but is it possible (likely) that they were used to buy bitcoins with to allow the bitcoins to be withdrawn thus driving the price up yesterday.

i.e. the hacker sent US$40k to some dummy account, immediately converts to bitcoins at whatever rate is available (pushing the price higher), then withdraws the bitcoin.

So this hack might have resulted in some "false" buying pressure. The hacker bought the bitcoins not because they were bullish about the value of bitcoin but rather because it is the most convenient and anonymous way to withdraw the money.

No, limits on Bitcoin withdrawal/USD withdrawal are 40k each.  Even if the hacker converted the $40k to bitcoins,
(1) It wouldn't account for the whole volume of the rally yesterday (20k from 7.25 to 7.9)
(2) He could still only withdraw 40k BTC, so he might as well not touch the dollars...
(3) The dummy account would have to be verified.


Do you think they used false ID on the dummy account ? If not then I wonder who owned that account....

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July 14, 2012, 12:28:45 PM
 #36

The last Bitcoinica fiasco didn't really move the market so I'm expecting nothing from this one, except that it is a good excuse to start a natural correction since we've been on a huge rally mode. It seems that people are writing off hacks more easily these days and especially when it's related to Bitcoinica. Security seems to be the last thing on their mind, this recent fiasco was simply unbelievable.

I do feel really sad for the people involved, on both sides. Most likely both Bitcoinica and Bitcoin Consultancy will end up being sued big time and I support that. What happened was criminal negligence regardless of anything. Tihan should be the one to be investigated but so should the Intersango boys. It's a complete excuse at this point to say that "we didn't know". That counts for little, I hope.

We'll see what happens, I do think that this will become the first major legal case related to Bitcoin, especially now that USD was also stolen. It's going to be interesting. I support the victims (the depositors) and I hope that both Tihan (mostly him) and Bitcoin Consultancy (they are responsible as well at this point) get what they deserve.

As a final note I'll say that I didn't have a single BTC or USD at Bitcoinica. If I had, it would've been small amounts. The depositors need to blame themselves as well for trusting large amounts to a potential bucket shop but the level of absurdness with these hacks is such that I'm actually supporting the victims now. Bitcoinica and everyone related to it need to be sued in every relevant jurisdiction. Big time.

Denarium - Leading Physical Bitcoin Manufacturer - Limited Edition Golden Silver Coins NOW available!
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July 14, 2012, 03:53:01 PM
 #37

(1) It wouldn't account for the whole volume of the rally yesterday (20k from 7.25 to 7.9)
(2) He could still only withdraw 40k BTC, so he might as well not touch the dollars...
The hacker could have converted all of the remaining USD after the 40k was withdrawn to bump up the price, allowing them to sell bitcoins from the previous hack that were already fully laundered at a higher price. Nobody from Bitcoinica has told us that this didn't happen.

Stephen Gornick
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July 16, 2012, 07:14:32 AM
 #38

2012 is turning out to be the reverse of 2011.  Bitcoins get stolen.  Price goes up.

Maybe BitcoinicaHacker is saving them all up, ... waiting for another leveraged trading system to start up, and then use the coins to launch a selloff like we've not seen in over a year.
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July 16, 2012, 01:53:55 PM
 #39


http://www.youtube.com/watch?v=vgMkAVhMG4s

Things aren't always how you see them...

youtube says:


An error occurred during validation.
Sorry about that.


Sorry, missed the last letter in the link.

I fixed my original post as well.
.
.
.
http://www.youtube.com/watch?v=vgMkAVhMG4s
Things aren't always how you see them...

http://mises.org/daily/3229
BTC:1PEyEKyVZgUvV4moXvCD5rQN21QETGPpLc
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