CoinWallet Forced to Shut Down After Data Breach
Data breaches are a serious threat to platform security and consumers’ private information, and there is no end in sight to the damage these attacks can cause. Even companies active in the digital currency world are not safe from harm, as Coinwallet is shutting down due to a data breach. On April 6th, the Coinwallet team noticed something was wrong with....
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CoinWallet, an online bitcoin and multicoin wallet service has announced the closure of its services. The announcement cites a recent data breach that struck the wallet and bitcoin services provider on April 6, 2016. Online multicoin wallet service Coinwallet is shutting down its services following a recent data breach. Although the extent of the breach hasn’t been determined, the incident led CoinWallet management to conclude that recovery and realigning costs would not be feasible, thereby announcing the closure of the service in its entirety. The announcement also leaves no reason to....
The bitcoin stress tests planned by CoinWallet could breach UK law, a legal professional has suggested. The claim was first posted on Reddit yesterday, with user 'btcdrak' asserting: "The Computer Misuse Act 1990 in the United Kingdom makes it an offence to deliberately cause disruption to computer systems with intent." Eitan Jankelewitz, associate at UK law firm Sheridans, said he would tend to agree with this assessment. The aim of these stress tests is to verify whether the bitcoin network is capable of handling a large stream of very small transactions. CoinWallet's first test in June....
CoinWallet, the UK based bitcoin buying and selling platform has planned to conduct another stress test on the bitcoin network. The company just cannot seem to have enough of these tests, disrupting the service each time. However, what CoinWallet is out to do maybe blatantly illegal and in such case, the implication of such a test need to be looked into and appropriate actions taken by both CoinWallet and law enforcement agencies to ensure that no laws are broken during the process. CoinWallet has already conducted a not so successful stress test earlier this year. Even though the previous....
The Bitcoin network took a hit yesterday as CoinWallet ran its "stress pre-test" for about thirty minutes resulting in a "2-day delay and a 50 MB backlog" according to CoinWallet CCO James Wilson. Reports are still coming in but it seems like most bitcoin exchanges and wallet companies were able to take the test in its stride. Wilson also told Bitcoin Magazine today that the company will be running a major stress test on the Bitcoin network on Thursday, September 10 starting at 10 a.m. GMT. The purpose of these stress tests is to see if the Bitcoin network can handle a barrage of very....
Bitcoin company CoinWallet is set to conduct a stress test on the bitcoin network in September and warned that this could create a 30-day backlog. For now, the company hasn't set a specific date for the stress test but also noted that the results could support calls for a hard fork in the network. CoinWallet's previous stress test achieved only 15% of the output due to a crash in its servers. The company plans to flood the system with countless small transactions, enough to fill two blocks every minute then send out slightly larger transactions. Bitcoin Stress Test. "We feel that our tests....