“MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins.”
According to the exchange’s founder and CEO, Mt. Gox essentially stumbled upon an old wallet with millions of dollars worth of BTC. However, with the exchange’s history of misleading its customers, it’s hard to believe this story. Either Karpeles has been lying again, or Mt. Gox’s incompetence just reached a new high.
For almost two days, popular web wallet Blockchain went down for unscheduled maintenance. Initial thoughts were that the downtime was due to an issue with Sharedcoin, but official reports from Blockchain staff stated that a database error resulted in the suspension of services. It’s important to note that the downtime was not the result of any sort of hacking attack. Furthermore, since Blockchain gives users control over their private keys, it was easy to import wallet backups to desktop clients such as MultiBit. The issue was resolved within 48 hours and all services have been restored.
Just as bitcoin started to recover from the Mt. Gox disaster, it took another hit this week. A rumour began spreading across the Internet saying that China would ban bitcoin transactions in the country. Although the People’s Bank of China is looking into strengthening regulations, a ban on bitcoin is definitely not on the agenda. BTC China was the first to respond, stating that the exchange received no document about a ban. Most likely, the news was a hoax, and it’s possible that someone attempted to manipulate the market.
Bitcoin-QT, now known as Bitcoin Core, received a major update on Wednesday. The new version features a faster wallet GUI, transaction malleability fixes, lower fees, and more. Version 0.9.0 also supports 64-bit Windows and drops support for Macs running OS X 10.5 or under. It is highly recommended that users update to version 0.9.0 as soon as possible.
After halting trades to investigate a hacking attack, Bitcurex soon resumed operations as promised on Tuesday. Hackers managed to defraud a portion of hot wallet funds, but all funds from the cold wallet and fiat monetary funds were unaffected. Furthermore, Bitcurex promised to fund all hot wallet losses from their own money. It’s clear that Bitcurex knows how to professionally handle a potential crisis.
Another exchange has been hacked. CoinEX, the relatively new altcoin exchange, went offline a few days ago. At first, deposits and withdrawals were frozen. Next, basic trading became unavailable. Soon, one of CoinEX’s founders — erundook, released an official statement saying that the wallet server was hacked and all coins were stolen. CoinEX promised to recover stolen funds from their own pockets, but whether or not they will be able to do this remains to be seen.
That concludes this CCN Week in Review, where every Sunday we feature our top stories of the week.
Last modified: March 25, 2014 03:35 UTC