Bitcoin Exchanges Hacked

[Harry-Potter]

The infamous cyber currency is seen walloped by attacks from some computer hackers. Security experts found that someone is sending “mutated” lines of code into the app running Bitcoins.

 

 

It is known that the attacks have already caused major headaches for 2 Bitcoin exchanges, because they had to temporarily halt withdrawals by users who stored virtual currency in digital wallets provided by the exchanges. Bitcoin Foundation confirmed that the exchanges suffered from a DDoS attack. However, they explained that hackers are not stealing coins, but rather are preventing some transactions from confirming. In other words, the trouble doesn’t affect customers’ Bitcoin wallets or funds.

Bitcoin Foundation announced that a team of core software developers focused on Bitcoin have been working to fix the problem, but until then some users could be unable to do anything with their coins, while the affected funds would be “tied up” in transactions. Apparently, the only people who will suffer are users making multiple transactions in a short period.

Media reports confirmed that the Slovenia-based Bitstamp is one more Bitcoin exchange to halt customer withdrawals in the recent days, citing “inconsistent results” and blaming a DDoS attack. That was a day after Mt. Gox, the famous digital marketplace operator, claimed a halt on withdrawals would continue indefinitely. Many traders reacted to the halt and sent the value of Bitcoin to its lowest in nearly 2 months.

It was definitely not the best days for the virtual currency, as the US, Canadian and Russian authorities ordered investigations into Bitcoin. As for the Russians, they insisted that Bitcoin violates the law and can be used for money laundering. In the meantime, Canada claimed it will toughen rules targeting money laundering and terrorist financing and keep a closer eye on the use of digital currencies. Finally, New York’s Department of Financial Services is going to adopt consumer disclosure rules and capital requirements, along with a framework for permissible investments with consumer money.

[professa X]

So bitcoin is getting bashed from all sides. When a currency arrives that can revolutionize the world for the better. a currency that tear down the barriers between nations. a currency whose power is equally controlled by the people not by the government. It ix expected of those individuals to feel threaten and those others to try to attain this power.