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The Long Forgotten $1 Billion Cryptocurrency Heists

Published 3 years ago by Michael Kimani

The Long Forgotten $1 Billion Cryptocurrency Heists

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As a custodian of millions of customers' bitcoin funds, it turned into a lucrative honeypot for malicious hackers. The truth was, Mt. Gox had been compromised, and had been leaking funds to hacker's bitcoin address. The exchange moved from a cold storage vault system to individually labeled customer wallets. Hackers made their way into BitFinex's servers, stealing BitGo's API keys and using them to authorize BitGo's system to release 119, 756 bitcoins to their address. Bitstamp has clawed its way back to a reputable exchange after losing 19,000 bitcoins to a hacker in July 2015. A week later on January 4th, the hackers siphoned 18,866 bitcoins from Bitstamp’s hot wallet including incoming customer deposits valued at $5.2 million. Cryptsy's management, led by Paul Vernon, made efforts to restore customer funds while keeping mum about the hack. Cryptocurrency exchanges today are far more mature and professional in handling customer funds. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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