BTCJam Loses Small Amount of BTC, Shuts Down, Then Reopens
BTCJam is a peer-to-peer bitcoin lending platform that has seen some successful bitcoin businesses born from its womb. Last night, reports started surfacing on Reddit that the site had gone down and immediately previous to that, some users saw their accounts emptied. The site has since been restored and the CEO has stated emphatically that no users will lose their coins. The CEO also has not confirmed this as a hack, noting only that they noticed some “invalid transactions[.]” He also stated that BTCJam keeps the vast majority of their holdings in cold storage. We are offline to resolve....
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BTCJam releases statement as promised. The Bitcoins have moved to 1687v9NexfUC6U6G1xBrEkLWYi3WSDn4qL and are being sent through Shared Coin into cold storage. BTCJam has gone offline for security updates with our servers. Email from BTCJam's Alexis Ajono: "If you guys believe your accounts were hacked, please send me an email. We are currently looking into this, and I am comprising a list of claims. Thank you, and please stand by for an official statement later on today." Original Story. Check out this Bitcoin Address: 1JBBbQkwR6qVmxyPq22VsfygeLdFYgqhmP. Over the last hour, Bitcoin has....
BTCJam has suffered an apparent security breach that affected an unknown number of users. The peer-to-peer lender was quick to reassure its clients that no bitcoins had been lost from their accounts. A spokesperson said the incident was the result of a hack at its email provider, which allowed the attacker to access funds belonging to customers with low security settings. BTCJam started experiencing some issues over the weekend and was offline on Sunday. We are offline to resolve some technical issues with logging in. We would like to assure you that no Bitcions were lost in this process.....
CCN recently published an article about the various ways that you can get a small business funded in the cryptocurrency sphere, but we didn't do the crowdfunding segment justice. As such, it's time we covered a company called BitBond, which is based in Germany, which facilitates crowdfunding in much the same way that BTCJam does. However, because of the problems that BTCJam has had, our first question for Chris Grundy, a representative of the company, was how they can ensure that funds are repaid. After all, a Bitcoin loan can very much be like a cash loan, in that once the debtor has....
Despite the company exiting the US market for the time being, there is no indication BTCJam will withdraw its services from other regions as well. Speculation on Reddit seems to indicate this is good news for US Bitcoin enthusiasts though, as the company does - allegedly - not have the best of reputations. BTCJam is one of those companies who have tried to mix traditional finance with the decentralized aspect of Bitcoin and digital currency. By offering personal loans to consumers all over the world, the company saw an opportunity presented by Bitcoin very few businesses were willing to....
Patrick Murck, executive director of the Bitcoin Foundation, has joined the board of advisors of BTCJam - a bitcoin-powered peer-to-peer lending network. Celso Pitta, BTCJam's CEO, said: Patrick's legal expertise and bitcoin knowledge are absolutely essential to our mission of expanding access to fairly priced credit everywhere. Murck, who took over as executive director of the foundation following Jon Matonis' resignation last October, has "an impressive legal background" and was recently named one of America's Top 50 Outstanding General Counsels by the National Law Journal. He said: "I....