Bitcoin Exchange Closes After Lead Programmer Holds Servers Hostage
After one year of operation, the Romanian bitcoin exchange known as BTCXChange formerly closed its doors to the public after accusing their lead programmer of holding their servers hostage. It began on December 16, 2014. The bitcoin exchange hadn't updated their news section of the website for a few months, but out of the blue they issued a major warning. "Due to security reasons, we ask all BTCXchange.ro platform users to withdraw all their funds, both FIAT and BTC (Bitcoin), from their platform accounts until December 19th, 2014 and TO TRADE NO MORE." The following day, BTCXChange sent....
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The Russian cryptocurrency exchange Livecoin has shut down amid accusations that it has pulled an exit scam. Customers are unable to withdraw their funds and have been asked to provide extensive identifying information which they fear would lead to identity theft. The exchange claims that it was hacked in December. Livecoin Crypto Exchange Closes Down The Russian cryptocurrency exchange Livecoin announced Saturday the decision to close down its platform. The exchange claimed in December that it was hacked. As news.Bitcoin.com reported, hackers supposedly manipulated the prices of several....
We’ve seen it in the films. Someone’s forced with violence to give up sensitive data and allow a bad actor to extract wealth from a hostage. Adding Plausible Deniability to a Bitcoin Wallet. Bitcoiners worry about this, too. On forums where enthusiasts of the cryptocurrency hang out, a popular refrain for some is: “if someone had a gun to your head,....
When online backup provider IDrive tried their hand at mining bitcoin with a slew of servers at their disposal, they thought it might serve to be an additional way to bring in revenue. How wrong they were. The company says they own 3,000 servers, but for the bitcoin mining experiment, 600 were used (each with a quad-core processor clocked at 2.8GHz). The idea was to get the servers to mine the digital currency during the off-peak hours of 3AM-4PM (as most people tend to back up their systems during the night). Using the assumption that the servers would run at 100 percent processing power....
Arbitrage has never been simple. At first glance, it seems like a simple task—buy on one exchange, sell on another—but fees prevent the gap from completely closing, and delays in the deposit/withdrawal process can lead to losses in changing market conditions. Traditionally, traders needed vast amounts of liquid capital to do this effectively, but cryptocurrency has changed that to a degree. With vastly reduced transaction fees and times, they can be more easily moved across exchanges, making for a more even market. At the same time, their revolutionary nature leads to unique new problems....