Kipcoin lost 3000 btc and shutdown

[hl5460]

Kipcoin is a China-based bitcoin wallet service that started operation around May 2014, featuring interest return around 1.x% per month. Their operation expanded to fiat trade and later futures (bcoin.com).
Earlier today, the Chinese Lunar New Years Eve, they released a statement saying that their wallet server had been hacked and lost of over 3,000 btc. Kipcoin.com is now shutdown.

More: http://8btc.com/thread-14319-1-1.html
Warning of ponzi scheme: http://8btc.com/thread-13432-1-1.html

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[newIndia]

Looks like 2015 is going to be the year of hacks...

[howzar]

Wow another hack, much surprise.

[a1choi]

not really a hack if its a ponzi..  ppl gotta be careful

[bubble83]

I had never heard of Kipcoin. It cannot have been big because I never noticed it on the Bitcoinity Chinese markets. 3k is a fair amount of coins but nothing like the amount Bitstamp and Bter lost.

[BitCoinNutJob]

Wow another hack, much surprise.

Its the final scam hacks to try and get the market to dump before the big pump.

[Madness]

What the hell .
Like seriously , They are going down one by one and all of them from China . I would say it's basically an inside job or from goverment, It's the best way to find execuses then ban Bitcoin in China once for all .

~ Madness

[gbianchi]

DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK

https://bitcointalk.org/index.php?topic=945881.0

[ronaldo40]

wow too much hacker

I fear a negative impact in 2105 

[Nancarrow]

"Online wallet"... "wallet service"... why it's almost as if some people don't understand what Bitcoin is about.

(or, what gbianchi said)

[Wendigo]

What a surprise, I guess someone needed the pocket money for a new mansion in Dubai from the management.

[sandy47bt]

Isn't it ponzi scheme & the owner run away with customers bitcoin ?
But, why always china ? Just like BTER

[Q7]

Another one? Mere coincidence. Or hacker has found a way to exploit loopholes in exchangers.

[ChuckBuck]

Is this another centralized service that users are willingly trusting their private keys to?

Not saying it's right that they lose their stash, but I mean COME ON MAN!!!

If you leave your keys in the hands of the 3rd party centralized entity with no laws or recourse in place, you kinda deserve whatever happens...

[pawel7777]

Kipcoin is a China-based bitcoin wallet service that started operation around May 2014, featuring interest return around 1.x% per month. Their operation expanded to fiat trade and later futures (bcoin.com).
Earlier today, the Chinese Lunar New Years Eve, they released a statement saying that their wallet server had been hacked and lost of over 3,000 btc. Kipcoin.com is now shutdown.

More: http://8btc.com/thread-14319-1-1.html
Warning of ponzi scheme: http://8btc.com/thread-13432-1-1.html

Promising 1.x%/month return is definitely a red flag.

But what I wonder is since they offered fiat/BTC trade, the owners must have been known and not anonymous, therefore can they be prosecuted in China for fraud? Or can they just claimed to be "hacked" and close the business without any liability?

I have seen the same warning since GOX and it is still true to this day, if you don't have the keys you don't have the coins.

Bitcoin gives you the possibility to be your own bank, don't get greedy and trust others with all your money for an interest you know is from a ponzi.

Some people need to learn the hard way, and some will never learn...

[newflesh]

Can't believe people are still using online wallets to store btc...

Any service offering interest on btc deposits should be treated with caution.

[ChuckBuck]

Is this another centralized service that users are willingly trusting their private keys to?

Not saying it's right that they lose their stash, but I mean COME ON MAN!!!

If you leave your keys in the hands of the 3rd party centralized entity with no laws or recourse in place, you kinda deserve whatever happens...

I have seen the same warning since GOX and it is still true to this day, if you don't have the keys you don't have the coins.

Bitcoin gives you the possibility to be your own bank, don't get greedy and trust others with all your money for an interest you know is from a ponzi.

It's kinda why I don't mind the Bitlicense, regulation, and AML/KYC coming to Bitcoin exchanges even though some of it goes against the tenets of what Bitcoin stands for.

At this point, scammers, hackers, ponzis, and bad actors/players continue to tarnish whatever good will and potential Bitcoin provides.  Not that there isn't in Fiat based economies, but could you imagine if the NYSE or NASDAQ ever got hacked.  There'd be blood on the streets, and alot of people would be unemployed.  I mean even after the Target or JP Morgan Chase hacks, there's recourse, and all funds are pretty much insured at least.  No such recourse with Bitcoin exchanges or wallet services yet...

[ebliever]

Probably too soon to be able to reach firm conclusions, but as time passes I'd like to see someone research all the reported "hacked exchanges/online wallets/etc." and identify the root causes of the hacks. Is it malware/remote intrusion? Or inside jobs by employees? Or the owner of the exchange/business taking the funds and running? I suspect the 2nd cause (inside jobs by non-owners) may be the principal cause of theft.

Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.

Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.

[peligro]

Another hack, I am shocked

When will they learn not to keep BTC online.

[rememberme]

The only wallet i use if not a cold wallet is Coinapult.