Tuesday 19 April 2016

Another Bitcoin Exchange Hacked. 315 BTC (130,000USD) stolen by ex-employee.

Luckily, no customer funds were stolen...


  "On the morning of March 14th, in the midst of one of our heaviest volume weeks ever, I get a call from our Head of Operations, Greg. “Erik, our hot wallet is missing 315 Bitcoin.” Why did we have so much in a hot wallet, you ask? Well, with volumes surging, our hot wallet would be drained through normal business in an hour at that level, which then required constant manual rebalancing. Are there ways to automate and reduce that risk? Absolutely… but hindsight of one’s development priorities is always 20/20."


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