The LTB Network Forum

Cryptsy and Stolen Funds

Back to General

Comments

D200DSLR

Offline
Posts: 3

I am sure as many here already know, Cryptsy posted a statement on their blog that they were allegedly raided of 10,000 bitcoin thanks to a backdoor that was inserted by a rogue developer in the code of the wallet they were using .

So the question begs is this incident akin to the first crypto " bank robbery" or is it something else?

http://blog.cryptsy.com/

Posted on January 14, 2016 at 8:13 PM

0 likes

• karmatron

  

  Offline
  Posts: 11
  Location: Osaka NYC Manila California

  It's considered a best practice to not store coins with online keys. Therefor I consider this a non-event with respect to confidence in bitcoin. Coins have been stolen and will always be stolen, keys without backups may be lost rendering access impossible forever, but no coin has ever been "lost" out of the system.

  With respect and empathy to those who lost money, was there anything special about cryptsy which warranted extra trust? It's certainly not the first inside job. That is, is it the same lesson being taught again, or is there a new lesson to learn?

  Posted on January 15, 2016 at 12:59 AM
  Permalink
  0 likes

Post Reply