Bitcoinica Gets Hacked, Bitcoins Worth $90,000 Stolen
By on May 12th, 2012

Bitcoinica, a Bitcoin exchange started by a 17-year old teenager Zhou Tong, has been shut down for security investigations. Posting on BitCoin Talk forums, Zhou posted a message stating the exchange has been taken down for security investigations after noticing a suspicious transaction in which 18547.66 bitcoins(worth about $91,000) were transferred from the exchange.

This is the transaction in question:

 {
“account” : “”,
“address” : “182tGyiczhXSSCTciVujNRkkMw1zQxUVhp”,
“category” : “send”,
“amount” : -18547.66867623,
“fee” : 0.00000000,
“blockhash” : “00000000000003f6bfd3e2fcbf76091853b28be234b5473a67f89b9d5bee019c”,
“blockindex” : 1,
“txid” : “7a22917744aa9ed740faf3068a2f895424ed816ed1a04012b47df7a493f056e8″,
“time” : 1336738723
}

Bitcoinica transaction

Zhou maintains that apart from the Bitcoins, the database was also stolen but the passwords were salted and encrypted using bcrypt. Zhou mentions that the stolen bitcoins are likely to be reimbursed by Bitcoinica in USD. This isn’t the first time Bitcoinica’s been broken into; few months ago Bitcoinica’s bitcoin wallet which stored the funds were stolen due to a breach in Bitcoinica’s then webhost — Linode. Bitcoinica has been criticized for not making use of offline transactions which would’ve prevented both the break-ins.

 

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Author: Sathya Bhat Google Profile for Sathya Bhat
Sathyajith aka "Sathya" or "cpg" loves working on computers, and actively participates in many online communities. Sathya is a Community Moderator on Super User, a collaboratively maintained Q&A site which is part of the Stack Exchange network. Sathya also contributes to and is a Super Moderator at Chip India Forums. While not writing SQL queries or coding in PL/SQL, Sathya is also a gamer, a Linux enthusiast, and maintains a blog on Linux & OpenSource. You can reach Sathya on twitter.

Sathya Bhat has written and can be contacted at sathya@techie-buzz.com.
 
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