Bitcoin Site Shuts Down After Being Robbed Of Every Single Coin It Held Online

Mar. 4, 2014, 7:43













Mike Nudelman/Business Insider



Another Bitcoin site disappears.



This time Flexcoin — which called itself a bitcoin bank — has announced that it's going out of business after a huge theft that has wiped it clean.


This is the announcement. There's no sugarcoating it. Somehow all the bitcoins were just taken.


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.

It seems unlikely that this will have much effect on the future of Bitcoin.

The Mt. Gox collapse — which was much bigger — was largely shrugged off by the community, which sees the need to become more sophisticated.




Read more: http://www.businessinsider.com/flexcoin-2014-3#ixzz2v65bE0Rt

Bitcoin Site Shuts Down After Being Robbed Of Every Single Coin It Held Online

Joe Weisenthal
[url=aim:goim?screenname=openfilerook][/url]

This is a DIRECT attack on any economic alternative to central bank currencies....WOW and all right out in the open....Where is the outrage??? Where is the protest??? This will continue until all the PTB are positioned to change the economic world we know. Silver is MANIPULATED....Gold is MANIPULATED...Stocks are MANIPULATED...Bond markets are MANIPULATED...Currency markets are MANIPULATED......And the game just keeps on going....How stupid are we as a society to allow this??? All I can say is, Well played PTB.....Well played INDEED!!!!!!

We are too busy with our heads up our butts worrying about who unfriended us on facebook, what time our favorite show is coming on, and if we can BIGGIE UP our happy meal....

Im not a doom and gloom kind of person but given the current circumstances I do think T.S. Eliot was correct when he said:

 "This is the way the world ends, Not with a bang but a whimper."......

I fully expected to see something like this happen in time, and in fact stated so as one of my misgivings about the whole bitcoin scenario. If man can cook something up, another will find a way around the security measures and exploit it. That is life. I considered bitcoins doubly vulnerable, just because they are potentially so easy to make disappear and hide your tracks. You can literally rob the bank with a few strokes of the keys. No bags to transport, no eye witnesses, or video cams ... perfect.

I would not be too quick to place the blame on the PTB, hackers conceived and designed the bitcoin, hackers likely heisted it as well. Welcome to Digital City the old west of cyberspace.

I am with the understanding that Bitcoin is on it's way out. The banks will turn them away soon. Also another source has told me they will go under this year. I suggest if you have a ton of money, get it out and enjoy what you made.

I’m also expecting this to happen. The biggest bitcoin exchange trading goes offline due to attacks, no wonder others will follow. But I beg to disagree that bitcoin is manipulated, it’s fully decentralized. For BTC users, keep you bitcoins in cold wallets, meaning stored it offline--
out of reach of the hackers. How to protect your bitcoin wallet? Read this:

http://bitcoindaily.com/practices-to-protect-your-bitcoin-wallet-2/