Another Bitcoin Bank is Robbed By Hackers

Another Bitcoin Bank is Robbed By Hackers


Flexcoin, a Bitcoin wallet and banking service, shut down this morning, after revealing it was hacked and robbed. The unknown hacker was able to steal 869 bitcoins (BTC), which is equivalent to almost $620,000.

The service now has a singular post on its homepage, declaring itself officially closed.

“As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.”

The heist happened on March 2nd, and the hacker stole all the coins in the company’s “hot wallet,” a wallet where all bitcoins that are online are stored.

RELATED: Mt Gox Goes Bankrupt

The bitcoins in “cold storage, ” according to Flexcoin are still safe. Users who put their coins into cold storage “will be contacted by Flexcoin and asked to verify their identity. Once identified, cold storage coins will be transferred out free of charge. Cold storage coins were held offline and not within reach of the attacker.”

The heist comes less than a month after the most popular Bitcoin exchange in the world, Mt. Gox, had over 743,000 bitcoins stolen over the course of a few years. While the theft is nowhere near as gargantuan, the robbery is still indicative of the infancy of the unregulated and uninsured cryptocurrency.


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