Bitcoin is under attack!! weekly news update…

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Bitcoin Exchanges Under Attack

Bitcoin may now be facing the greatest threat in its history. One or more unknown cybercriminals have launched an aggressive attack on Bitcoin exchanges across the globe, bringing down some of the largest exchanges in the world. Bitcoin leaders are now scrambling to contain the problem before it grows out of hand.

In short, cybercriminals are using a design flaw to withdraw funds from their own accounts and then to tamper with the transaction itself in the public ledger. This is causing widespread confusion and could possibly undermine the entire Bitcoin system.

Hackers have been making real Bitcoin transactions but then using the 10 minute window before the transactions are recorded in the public ledger to then post fake transactions. This is creating widespread confusion as it is now becoming near impossible to tell real transactions from fake ones.

Both Mt. Gox and BitStamp have suspended customer withdrawals. Bitcoin exchanges are now working to develop software that will address the glitch. Bitcoin prices have plummeted to about $400 dollars.

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“CoinThief” Trojan Spreading Through Phony Apps

A computer virus that hacks wallets and steals Bitcoins has been spreading through phony ticker apps. The virus has so far managed to hack only a few accounts, however, the threat remains real. A few apps have already been identified, but, it’s always possible that the Trojan virus is a part of other apps.

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New York to Go Forward With Bitcoin Regulation This Year

New York’s top financial regulator has released details regarding plans for regulating Bitcoin and plans to install the regulations this year. From here on out, Bitcoin companies will have to apply for licenses. Also, Bitcoin exchanges might have to provide warnings to customers that all transactions are final and irreversible and monitor customers to make sure they are not conducting illegal activities.

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New Jersey Going After MIT BItcoin Hackers With Subpoena

A group of MIT students, being brilliant as they are, created a Bitcoin program called Tidbit, which allowed websites to essentially swap advertising space for a program that mines Bitcoins. More or less, websites could mine Bitcoins instead of forcing visitors to view web advertising.

Now, however, the state of New Jersey has issued a subpoena for the web developers, forcing them to turn over all of their source codes and other relevant materials. New Jersey may possibly pursue a case against them through the Computer Frauds Act.

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Silk Road 2.0 Hacked With Millions Lost

Silk Road, which grew infamous for enabling the trade of illegal goods, is now a memory among the Bitcoin community. Success, however, breeds success, and after the first Silk Road was closed down, a second quickly popped up.

Silk Road 2.0 has had its own problems, however, and now a recent cyber attack has reportedly cost customers millions. Of course, it’s always possible that the site itself stole money from users’ accounts.

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Brian Booker

An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.

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