Bitcoin News te Review: Bitstamp Breach, GAW Schouwspel, Bitcoin Price, and More
Blessed Sunday, and welcome back to another Bitcoin News te Review, where wij feature some of the top stories of the week here on CryptoCoins News. This week, Bitstamp wasgoed hacked, resulting ter the loss of almost Nineteen,000 bitcoins, Josh Garza of GAW Miners and PayCoin challenged the Litecoin Association director to a public debate, the bitcoin price continued to fall, and more. Keep scrolling for this week’s top stories.
Bitstamp Temporarily Goes Offline Due to Wallet Breach
Early this week, popular bitcoin exchange Bitstamp halted withdrawals and deposits due to a wallet breach. The exchange lost almost Nineteen,000 bitcoins, about 12% of all its reserves. Many bitcoiners quickly began comparing Bitstamp to Mt Gox, and feared for the worst. However, Bitstamp quickly confirmed the coin loss, and assured users that the exchange would be back online soon. Bitstamp didn’t exactly relaunch ter the given timeframe, but the exchange is now back online with multi-sig security. Bitstamp suggested the following statement explaining the long hiatus:
Wij took the decision to rebuild our systems from the ground up from a secure backup for a few reasons. By redeploying our system from a secure backup onto entirely fresh hardware, wij were able to preserve the evidence for a utter forensic investigation of the crime. Wij have also taken this time to implement a number of fresh security measures and protocols so that customers can resume using Bitstamp with total confidence and trust. While this decision means wij have not bot able to provide you with services for a number of days, wij feel this toegevoegd measure of precaution wasgoed te the best rente of our customers.
Josh Garza Challenges Litecoin Association Director to Public Debate
This week proceeds the PayCoin/GAW Miners controversy. GAW’s CEO Josh Garza has challenged Litecoin Association director Andrew Vegetabile to a public debate te response to Litecoin asking to be delisted from Coin-Swap. Coin-Swap is a cryptocurrency exchange that wasgoed recently acquired by GAW Miners. After hearing about the transfer of ownership, Andrew quickly asked for Litecoin to be delisted due to ethical concerns about association with GAW Miners. While Coin-Swap did delist Litecoin, Garza responded with an emotional appeal, stating:
“The worst part is this: look how this looks to those who are outside our industry,” he said. “Instead of a thriving, diverse set of philosophies, currencies and technologies, they permanently see bickering and bashing on top of the bad news of Silk Road takedowns and scam companies. It is disappointing to see it take us rearwards. Wij need to be working together even if wij don’t agree. It is wrong, and it is sad.”
“I challenge Andrew to an open public debate ter person online any time to discuss how this kleuter of act is bad for our industry and all the coins out there. If he asked the Litecoin community spil a entire and had a vote, would the Litecoin users want a fresh place to use their coins and support their choice of currency? I think yes, they would.”
For those who toevluchthaven’t kept up with the GAW controversy, PayCoin is an altcoin created and marketed by GAW Miners that wasgoed supposed to have a $20 price floor among other things. Yet despite the company’s promises, the price fell below $20, and GAW wasgoed accused by some of running a scam. Josh Garza plans to address the community’s concerns at The North American Bitcoin Conference te Miami, and has exposed a meteen response to the $20 Paycoin price floor.
At the time of this writing, one bitcoin is worth
$267 USD, continuing the downwards price trend of latest weeks. CCN’s latest price analysis suggests that the price may proceed to decline te the coming weeks, perhaps reaching spil low spil $200. What do you think? Will you buy some BTC now that the price is low? Or will you be selling?
How to Launder Stolen Bitcoins
This week, someone stole almost Nineteen,000 bitcoins (
$Five million) from bitcoin exchange Bitstamp. However, what if the hacker wants to spend the stolen coins? Every single bitcoin transaction is publicly recorded on the blockchain. This means that any transaction he/she makes can be traced. What’s the point of stealing so many coins if you can’t even use them? Well, it turns out there are several ways to launder stolen bitcoins.
Note: CCN does not endorse stealing or money laundering. This article is provided purely for educational purposes. Furthermore, the same technics used to launder bitcoins can be used to give yourself more privacy with your LEGITIMATELY obtained bitcoins spil financial privacy is not a crime.
That’s all for this week. To stay up to date with the latest cryptocurrency news, be sure to go after us on Twitter.
- Posted ter: Bitcoin News ter Review, News
- Tagged te: Bitcoin price, bitstamp, gaw
Posted by Neil Sardesai
I love keeping up with the latest stuff te science and technology and have bot following Bitcoin for a few years now. I also sometimes postbode cool stuff on twitter.