May 2013 - Vircurex Second Exchange Hack - $341k (Unknown)
"The hot wallet and “warm” wallet of Bitcoin to alternative cryptocurrency exchange service Vircurex was emptied in May 2013, resulting in a significant loss of three currencies: Bitcoin, Terracoin, and Litecoin.[57] Initially, Vircurex operated normally despite the loss, though it no longer paid dividends to shareholders. In March 2014, due to strain caused by large withdrawals (in addition to a default by AurumXChange, a fiat processor Vircurex used), Vircurex froze large quantities of many currencies; however, it promises to pay these back eventually.[59]"
Further Analysis
Vircurex experienced a second hack in 2013, which ultimately contributed to the collapse of the exchange later in 2014. It appears that attempts were made to repay the debt with ongoing profits, however this proposal appears to be very poorly implemented and lacked any indication of how the platform was going to prevent future hacks.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Ripple Scam By TradeFortress > > < < Bitcoin Chain Fork Double Spend Incident
Sources/Further Reading
List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses (Dec 31)
Wayback Machine (Dec 31)
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