Sunday 22 April 2012

Bitcoin Hacked

Bitcoin being a product of technology faces far greater dangers from hackers than normal currency would face.   Bitcoin is not just vulnerable on the technology front where it has to upgrade constantly with new patches and versions to improve and combat threats.   Another front where it is vulnerable is that 90% of the Bitcoin Exchange trade is done through Mtgox.   An attack on Mtgox would cause tremendous tremors to be felt in the Bitcoin Community.

This happened on 19 Jun 2011 when hackers attacked Mtgox and transferred 25,000 Bitcoins were transferred from 478 accounts.   The attempts to sell the stolen coins plunged Bitcoin to 0.01 cents.   Bitcoin prices recovered subsequently but the incident does show the vulnerabilities.

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