Bitstamp's Ongoing Outage Echoes Through Bitcoin Economy
Following news that Bitstamp has suffered what now appears to be a massive security breach, the effects of the surprise outage at one of the largest cryptocurrency exchanges have spread quickly through the wider bitcoin economy. From payment processors serving billion-dollar merchants to bitcoin ATMs and advanced trading platforms, Bitstamp's stoppage caused quoted prices in bitcoin to become inaccurate, some products to be suspended and select services to be retailored in light of the interruption. The wide-ranging ripple underscores the still-somewhat fragile nature of the bitcoin....
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An API outage at Bitcoin exchange Bitstamp is apparently causing a halt of some services at Coinbase, a service that allows its users to easily buy and sell Bitcoin without the need to sign up for an exchange. Coinbase acquires its bitcoins from exchanges like Bitstamp, and when they don't have Bitcoin to buy, you can almost bet they will not have Bitcoin to sell. No word yet on just when the Bitstamp API outage is to be cleared, but when it is, Coinbase purchasing is likely to resume shortly thereafter.
Bitstamp recently came out that their hot wallet was hacked causing them to lose ~18,866 BTC (~$5 MILLION USD). This incident is bad for the exchange as well as for Bitcoin. What many do not think about is how it can cause issues for other companies. One company that reacted quickly to the situation is BitPay, the largest Bitcoin merchant processor now sponsoring the Bitcoin Bowl. As a company that processes a large volume of Bitcoin transactions for clients, they need timely and accurate exchange rate info. BitPay CFO Bryan Krohn posted on BitPay's blog reporting how they get their....
Wedbush Securities issued a new report today in which it examines how bitcoin evolved in 2014 and why, despite challenges, it believes the ecosystem will bolster its still nascent infrastructure in 2015. The 13-page report is the latest from the US financial services and investment firm, which has been among the more outspoken players in the finance industry on the subject of digital currencies. Though wide-ranging in its analysis of the bitcoin ecosystem, perhaps the most notable comment from Wedbush addressed the ongoing outage at leading US dollar bitcoin exchange Bitstamp, which it....
Bitfinex, while still listed on its website as being in the "beta-phase," is the largest USD based bitcoin exchange. Bitfinex is currently experiencing an outage, as they have acknowledged on twitter. Beyond tweets acknowledging the existence of an issue, Bitfinex has not yet released any information concerning the current service interruption. This latest outage follows an outage just four days ago on July 6th. Few details have been released about that outage, though it was addressed quickly. In late may of this year, Bitfinex' hot wallet was hacked to the tune of $5,400,000. No customer....
It's been a tough week for the bitcoin price. Trading closed on 5th January at $272.95, losing 2.78% over the week to end on 11th January at $265.37, according to the CoinDesk Bitcoin Price Index. With prices trading below $300 for the first time in a year, Bitstamp revealed that it had lost $5m in coins during a security breach. It pulled the plug on trading for four days as its team scrambled to migrate its systems and introduce new security measures. During the outage, punters drew comparisons to the suspension of trading at Mt Gox, which signalled the end of that once dominant venue....