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Bitcoin 'bank' loses $1.3 million after mysterious hacking attack
From: InfoSec News <alerts () infosecnews org>
Date: Mon, 11 Nov 2013 06:31:21 +0000 (UTC)

http://news.techworld.com/security/3481490/bitcoin-bank-loses-13-million-after-mysterious-hacking-attack/

By John E Dunn
Techworld
08 November 2013

The teen owner of an Australian ‘bank’ that reported the theft of 4,100 Bitcoins (BTC) now worth $1.4 million Australian dollars (£820,000 or $1.3 million USD) has denied accusations that their loss was some kind of inside job.

Using the nickname ‘Tradefortress’ to protect his identity, the unnamed 18-year old told ABC News that hackers had broken into his site inputs.io on 23 and 26 October and stolen the currency from his digital wallet in two chunks.

The site was no longer able to pay the balances to the BTC owners, a message on the site said although separate reports in the Australian media claim that input.io’s owner had originally planned to reimburse owners using his own Bitcoin holding.

“The attacker compromised the hosting account through compromising email accounts (some very old, and without phone numbers attached, so it was easy to reset). The attacker was able to bypass 2FA [two-factor authentication] due to a flaw on the server host side,” the message continued.

[...]

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