OK to the title to this blog entry isn’t funny, but honestly if we look at Bitcoin as non-regulated, then anything can happen and nobody can protect anybody, you’re on your own. However there are basic fundamental steps that you can follow to protect your Bitcoin wallet just like how you would protect your actual physical wallet. Would you leave it in plain site? would your have multiple people access to it?
What surprised me this time is that this is a cold wallet, meaning it’s not a live wallet connected to the internet for transactions. This cold wallet supposed to be off the network, or the internet, how does it get hacked? Here comes the conspiracy theory! Yeah sure, bter.com stolen the Bitcoin themselves and claimed it was hacked by hackers. Why would they do this? either to get more fame, to be more popular for a few days or weeks, and then all of a sudden back to business and put those bitcoin back to work but still claiming that hackers stolen those Bitcoins?
If this is true then very sad that Bitcoin have weak security or people just don’t care to protect their Bitcoin wallet with simple fundamental steps.
Now if we look at actual currencies USD, latest news indicated that $1 Billion stolen by hackers hacking about 100 banks, that’s a lot more than the amount of BTC claimed to got hacked over the years including MtGOX.
7170 BTC got stolen from our cold wallet in this transaction:
720 BTC bounty for chasing it back.
All wallets have been shut down and withdrawals of the unaffected coins will be arranged later.