Wednesday, November 30, 2016

Fintech trading sites are banks

BTC News about a small theft at Loanbase:
These hacking and theft incidents are not new in the bitcoin world, as several sites have also been victim to malware or phishing attacks. In Loanbase’s case, the hackers were able to access the site’s SQL database and might’ve leaked or used sensitive user information such as email addresses, names, and phone numbers.
Earlier this year, bitcoin exchange Cryptsy also admitted that it suffered a hacking attack that led to even larger losses of 13,000 bitcoin and around 300,000 litecoin. This was accomplished through an IRC backdoor inserted into a bitcoin wallet code, making it act like a Trojan and take control of the site.
Loanbase clarified that these hackers were not able to access bitcoin wallets themselves and cited that they will provide more details on how their WordPress blog had a security loophole.
Users have been requested to change their passwords and update their 2FA to ensure that login information taken by the hackers will no longer be valid once the website is back up.
Two worlds colliding, the idea that someone else made a crypto currency and someone else made an open internet.  Ultimately, without even being conscious, we want to 'login' to the vault. We are not malicious, we are sitting at the edge of two conflicting technologies. 

No comments: