BITCOINICA

DESCRIPTION OF EVENTS

“On July 13, 2012, a thief compromised the Bitcoinica Mt. Gox account. The thief made off with around 30% of Bitcoinica's bitcoin assets, which are likely to cost claimants of Bitcoinica debt. Additionally, 40000 USD was also reported to be stolen. The thief is still unknown at this point, but the theft has supposedly been entirely returned. This theft further complicated the May 2012 Bitcoinica Hack.”

A generous thief returned the funds. More than 30% of the assets on the exchange had been stored in hot wallets.

HOW COULD THIS HAVE BEEN PREVENTED?

This is a case where simply knowing who's holding the funds and storing them properly offline with multiple signatures would have avoided the issues.

Check Our Framework For Safe Secure Exchange Platforms

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Bitcoinica - Bitcoin Wiki (Feb 4)
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