BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE |

[almightyruler]

Can someone explain how is it possible to hack cold wallet? I thought cold wallet means offline and secure

All it supposed to mean is that it's disconnected from the Internet.  

Like maybe printed out in a safe or on a yellow sticky on somebody's computer monitor.    

Not just disconnected, but never connected, ever.

The device or program that creates the wallet and receive address should be 100% standalone, not networked at all. For example, a dedicated boot CD (with HD, USB sticks etc disconnected) that prints out the key and address(es). No need to run a client, download the blockchain, or transfer any data via electronic means.

[rich93]

It's hitting the big news websites now.

http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

[jaxxx]

how does one get hacked through a cold wallet though.. makes me really think all of our bitcoins are unsafe.

[redsn0w]

It's hitting the big news websites now.

http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

Thanks , I've added the link in the OP, 7'000 bitcoins aren't peanuts. Someone from you had coins on it ?

[pedrog]

If it was a cold wallet, how the hell was it stolen?

Somebody physically entered their facilities?

[TookDk]

If it was a cold wallet, how the hell was it stolen?

Somebody physically entered their facilities?

Obviously not cold, if you go back and look at the pattern of the coin movement before the hack, it is typical hot wallet pattern.

What a mistake to keep all the funds in a hot wallet.

[pedrog]

If it was a cold wallet, how the hell was it stolen?

Somebody physically entered their facilities?

Obviously not cold, if you go back and look at the pattern of the coin movement before the hack, it is typical hot wallet pattern.

What a mistake to keep all the funds in a hot wallet.

More than 7000 coins in hot wallet, WOW, that is living dangerously...

[cshelswell]

I think a lot of the reason people keep coins on there is if you're trading it can take a while for funds to confirm so you miss the pumps and dumps. I was lucky and withdrew a lot last week. I wonder if they'll try to make up their loss by selling off the altcoins?

[nachoig]

Price is down. 232 USD on Bitfinex.

[redsn0w]

If it was a cold wallet, how the hell was it stolen?

Somebody physically entered their facilities?

Obviously not cold, if you go back and look at the pattern of the coin movement before the hack, it is typical hot wallet pattern.

What a mistake to keep all the funds in a hot wallet.

More than 7000 coins in hot wallet, WOW, that is living dangerously...

Maybe their definition of cold wallet is a "little bit" different from our. The cold wallet must not be *connected* to internet (indeed the tx is pushed up by a secondary pc/device) or maybe it is only an "inside jobs".

[rich93]

It's hitting the big news websites now.

http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

Thanks , I've added the link in the OP, 7'000 bitcoins aren't peanuts. Someone from you had coins on it ?

I only had a small amount of coins on there when it was hacked. I feel sorry for people with big amounts of coins on bter. The lack of updates is annoying. They have not even a statement on their twitter account.

[SolidStateSurvivor]

I had 1 EXC in there, how dare they! 

[roosmaa]

I sincerely hope that BTER manages to recover some of the stolen funds.

I'm developing a storage solution called Karabraxos (and am looking for co-founders) at the moment. I think it's time for companies who need custodial wallets (exchanges, casinos, etc) to stop reinventing the wheel in-house. As we can see it's very difficult to get it right when security is not their core business and resources are scarce. So this was me doing a shameless plug here to raise some awareness of what I'm currently working on.

[cozytrade]

[DON'T KEEP YOUR MONEY ON AN EXCHANGE]

Do they keep fiat (USD) after egopay suspended operation?

[redsn0w]

I sincerely hope that BTER manages to recover some of the stolen funds.

I'm developing a storage solution called Karabraxos (and am looking for co-founders) at the moment. I think it's time for companies who need custodial wallets (exchanges, casinos, etc) to stop reinventing the wheel in-house. As we can see it's very difficult to get it right when security is not their core business and resources are scarce. So this was me doing a shameless plug here to raise some awareness of what I'm currently working on.

With a simple multiSig you are "safe" at 99%, because you know that the 100% of security doesn't exist.

[DON'T KEEP YOUR MONEY ON AN EXCHANGE]

Do they keep fiat (USD) after egopay suspended operation?

I don't know, I've used bter only 1-2 times a lot of months ago.

[rich93]

I had 1 EXC in there, how dare they! 

I also had a few EXC in there because I thought bter was its only exchange. Is it listed on any other exchanges? If bter closes for good it could finish some of the coins that are only listed on bter.

[Borisz]

Despite all the added security and what not this still happens, at exchanges that hold large amounts of money in both fiat and BTC. It's kind of disappointing. What's the point of having a cryptocurrency when this happens over and over again?

Also, it's a bad name in the press as the public will be even more scared of using/accepting bitcoins as payment.

[SolidStateSurvivor]

I had 1 EXC in there, how dare they!  

I also had a few EXC in there because I thought bter was its only exchange. Is it listed on any other exchanges? If bter closes for good it could finish some of the coins that are only listed on bter.

No, it is not listed anywhere else, AFAIK, so yeah it would be a stick in the mud. It used to be listed on https://www.swisscex.com/market/EXC_BTC, but it's disabled. I'm going to see if I can get them to reopen that market.

[199BTC]

Despite all the added security and what not this still happens, at exchanges that hold large amounts of money in both fiat and BTC. It's kind of disappointing. What's the point of having a cryptocurrency when this happens over and over again?

Also, it's a bad name in the press as the public will be even more scared of using/accepting bitcoins as payment.

You are right just because of these mistakes many exchanges lost big amounts and faith of many peoples now some are thinking to leave  this crypto world

[portice]

I guess people forgot about the NXT fiasco.  Expensive lessons in this crypto world of ours.