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Real coins:
Posted on 03/04/2014 8:42:51 AM PST by Izzy Dunne
On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, dividing them into these two addresses:
1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu
1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6
As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately. Users who put their coins into cold storage will be contacted by Flexcoin and asked to verify their identity. Once identified, cold storage coins will be transferred out free of charge. Cold storage coins were held offline and not within reach of the attacker. All other users will be directed to Flexcoin's "Terms of service" located at "Flexcoin.com/118.html" a document which was agreed on, upon signing up with Flexcoin.
Flexcoin will attempt to work with law enforcement to trace the source of the hack.
Updates will be posted on twitter as soon as they become available.
How much, total, BitCoinage has gone “POOF”?
No one could possibly have seen this coming!
I cannot help but wonder if bit coins were under State sponsored attacks and thefts.
Is it possible that the biggest interest in destroying bit coins would be Nation States? If Bit Coins works, and eliminates State control of currency that would be an unparalleled form of freedom.
Just wondering.
I thought the whole allure of Bitcoins was the fact that they have no government involvement, regulation, etc. Why is it that every time they get ripped off they go running to the government for help?
I wonder how one goes about laundering BitCoin? I mean you steal all of it. So it becomes worthless. So what was the point of stealing it?
There were some rumors that Chinese nationals were using bitcoin, especially on the Mt.Gox exchange to get around capital controls and expatriate funds. Nothing but a rumor, but has a whiff of plausibility to it that speculation about the Fed does not.
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Real coins:
Making it worthless would be an end in itself for the PBOC
No. No way is Bitcoin being systematically taken down. No way. It’s still a great investment. Hurry and get in while you still can make millions!
-Nigerian Prince Al Awabi
I think peer-to-peer, it is still a valid technology.
But how it can operate without some sort of main exchanges is a question.
Maybe the developers can build some sort of bid/sell protocols into the software, and have the transactions mediated on the network.
Someone stole more "Tulip Bulbs"...!
What will we do...?
if bitcoins are ‘stolen’ then is’t it easy to fin who suddenly has a lot more bitcoins?
I mean the entire history of transactions is downloaded, isn’t it?
You can only spend bitcoins through this system, who suddenly has a lot more bitcoins?
So, somebody figures a way to hack the system to steal bitcoins crashing the system and in the end make them worthless. I smell government hands in it.
-——Just wondering——
or, by Occam’s Razor, it was an inside job. They chose a day when the Wallet was stuffed and robbed it. They ran off with a big payday and can now go do something else, rich
Considering the coins are not worth what they were before the Gox robbery(I use the term loosely) it looks like the new crooks got robbed before they committed the robbery.
If you ask me, it was never anything but "poof" to begin with.
All the data is contained in the blockchain. But there is no way to “undo” a transaction, that’s the essence of the security features.
It’s a kind of “going forward” only type of implementation.
And anyone can get a wallet, it’s afaik completely anonymous.
When the supposed “good” security technology can’t even keep credit card numbers safe, does anyone really think Bitcoin is ready for prime time?
We have taken every precaution to defend your bitcoins from hackers and/or intruders. However, Flexcoin Inc is not responsible for insuring any bitcoins stored in the Flexcoin system. You are entering into this agreement with Flexcoin Inc. You agree to not hold Flexcoin Inc, or Flexcoin Inc's stakeholders, or Flexcoin Inc's shareholders liable for any lost bit coins.
No matter what happens, it ain't our fault.
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