[LINK] BitCoin DDoS and/or Wallet-Hack

[Michael Skeggs mike@bystander.net]

All I needed to know about how seriously to treat this anon banking/trading
attempt I found out when I learned MT Gox is an acronym for Magic the
Gathering online eXchange - a place where people used to swap fantasy
themed game cards.
This is not the banking-level security you are looking for.
The bitcoin reference implementation itself, however, has proven pretty
bullet proof. But it has illustrated there are a bunch of things needed to
make an online currency beside the coinage.
Regards,
Michael Skeggs


On 4 April 2013 12:53, Roger Clarke <Roger.Clarke at xamax.com.au> wrote:

> Bitcoin value in rollercoaster ride after DDoS attack
> Juha Saarinen
> itNews
> Apr 4, 2013 9:46 AM (3 hours ago)
>
> http://www.itnews.com.au/News/338624,bitcoin-value-in-rollercoaster-ride-after-ddos-attack.aspx
>
> Wallet service raided.
>
> Digital cryptographic currency Bitcoin suffered a huge drop in value
> today, allegedly due to a denial of service attack against the
> largest Bitcoin trading exchange.
>
> At the largest Bitcoin exchange, Mt Gox, Bitcoin rose sharply to
> US$147 before dropping to US$126 in just over an hour of trading. It
> then recovered to over US$140 before starting to trend downwards,
> hitting as low as US$113. Bitcoin against the Aussie dollar is
> showing a similar trading pattern.
>
> Currently, Bitcoin is trading at US$123 at Mt Gox.
>
> On its support site, the Mt Gox exhange told users that there would
> be delays with deposits and withdrawals.
>
> "Due to a DDos attack, Dwolla deposits and withdrawals are currently
> not being processed and we are expecting some delays. This is
> expected to be resolved in 12 hours. Our apologies for the delay and
> inconvenience caused. Thank you for your patience while we work to
> resolve this."
>
> As of writing, representatives from Mt Gox said the issue has been
> resolved.
> There is speculation that the swings in value are connected to a
> Bitcoin deposit service, Instawallet, being hacked and suspended its
> operations indefinitely.
>
> Instawallet has not revealed how many Bitcoins were stolen in the
> raid on its database, but says it will start processing claims for
> users with wallets containing less than 50 BTC.
>
> Those with more deposited may not be refunded, however, as
> Instawallet says "claims for wallets that hold a balance greater than
> 50 BTC will be processed on a case by case and best efforts basis."
>
> Despite having little use in the real world, Bitcoin has experienced
> a massive appreciation in value in a short period of time this year,
> with the total monetary base now thought to be around A$1.3 billion.
>
> --
> Roger Clarke                                 http://www.rogerclarke.com/
>
> Xamax Consultancy Pty Ltd      78 Sidaway St, Chapman ACT 2611 AUSTRALIA
>                     Tel: +61 2 6288 1472, and 6288 6916
> mailto:Roger.Clarke at xamax.com.au                http://www.xamax.com.au/
>
> Visiting Professor in the Faculty of Law               University of NSW
> Visiting Professor in Computer Science    Australian National University
> _______________________________________________
> Link mailing list
> Link at mailman.anu.edu.au
> http://mailman.anu.edu.au/mailman/listinfo/link
>