Hackers Steal $1 Million in Bitcoins

Posted by: Maxine Brimmer (2 years, 11 months ago)

As the digital currency known as Bitcoins are thrust further into the spotlight, security becomes a more important issue than ever for anyone trusting their funds online. However, hackers who launched an attack on European Bitcoin processing company BIPS have managed to make off with 1,295 Bitcoin.

The last few weeks have seen an incredible inflation in the price of Bitcoins, which soared from $100 or $150 in October to prices close to $700 and $800 this month. This means that the hackers responsible for stealing 1,295 Bitcoin have in fact stolen around $1 million at current Bitcoin prices.  

As Bitcoin prices continue to rise around the world, more and more hackers have begun to target companies with large holdings of the digital currency on their servers. The attack on BIPS comes only a few weeks after a similar attack on inputs.io, which also lost an amount equivalent to roughly $1 million at the time.

Hackers orchestrated this attack by launching a Distributed Denial of Service (DDoS) attack on BIPS earlier this month on November 15th, before attacking again a few days later on November 17th. During the second attack, BIPS servers were overwhelmed and the hackers were somehow able to access several BIPS client online wallets, from which the collective amount of 1,295 Bitcoins was stolen.

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