$1 Million Heist Reminds Us That Bitcoin Is Neither Safe nor Secure

get ’s meet a piddling game telephone Good Idea / Bad Idea . Round One : Saving money . That ’s a serious idea ! Round two : save yard of dollars in a Bitcoin wallet that ’s highly susceptible to hacker and heists . As the customers of Bitcoin payment central processing unit BIPS will tell you , that ’s a bad idea .

A crowd of cybercriminalsjust broke into BIPS and stole 1,295 Bitcoin . At the present exchange rate that ’s about $ 1 million . These Bitcoin did n’t go to BIPS , either , but rather to many of its 20,000 customers . consort topostings in a Bitcoin forum , one customer suffer about $ 73,000 worth of the cryptocurrency in the serial of Distributed Denial of Service ( DDoS ) attack that get lieu between November 15 and 17 . you may bribe a star sign for that amount of money in many parts of the country .

After the break , BIPS chief executive Kris Henrickson did n’t exactly instill sureness in his divine service . “ Attacks are not isolated to us , and if you are storing tumid amounts of coin with any third company , you may want to find alternative storage root as soon as possible , ” hetold his customers . “ Web Wallets are like a regular wallet that you carry cash in and not meant to keep large amounts in . ” One customerpointed out in a replythat Henrickson ’s party did , in fact , claim to be dependable : “ In fact , your site tell : ‘ Your data point is secure at BIPS . ’ So yeah , I felt pretty goddamn unattackable leaving my BTC symmetry there . ”

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There ’s an easy lesson to learn here : Don’t put in your Bitcoin on the internet — especially as the central rate continues to skyrocket ( and afterwards clang ) . As much as company like BIPS might speak up their security , it ’s become glaringly obvious that the cryptocurrency is an easy and much sought - after target for hackers . These kinds of breaches happenallthetime . In fact , just a week before the BIPS hack , an attack on the Bitcoin wallet fellowship inputs.io led to $ 1.2 million in stolen Bitcoin . Wired lead with the newspaper headline : “ $ 1.2 M Hack show up Why You Should Never Store Bitcoins on the net . ”

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If you do determine to put your life-time savings in Bitcoin — despite its unpredictability and lack of surety — the good thing you may do is put in those magical code on a information processing system that ’s not connected to the net . Or , even better , print them out on newspaper , the kind made from trees . [ Mashable ]

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