Crime “Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down.

tom_mai78101

tom_mai78101

The Helper Connoisseur / Ex-MineCraft Host
Staff member
Reaction score
1,710
Flexcoin, which proclaimed itself to be the "world's first bitcoin bank" and the solver of "nearly every problem that exists with the Bitcoin currency today," says it has shut down after a robbery. An attacker made off with 896 bitcoins, the equivalent of about $620,000 at today's exchange rates.

A statement on Flexcoin's website read as follows:

On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, dividing them into these two addresses:​
​
1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu​
​
1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6​
​
As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.​

The "hot wallet" is what exchanges use to pay out withdrawals instantly. Bitcoins deposited by users are put into "cold storage." Flexcoin said it will help these users get their coins back. "Users who put their coins into cold storage will be contacted by Flexcoin and asked to verify their identity," the bank said. "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."

Flexcoin said it "will attempt to work with law enforcement to trace the source of the hack."

arstechnica.com

“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down

Flexcoin said it solved "nearly all" of Bitcoin's problems, then it lost $600,000.
arstechnica.com arstechnica.com
 
Last edited by a moderator:
Accname

Accname

2D-Graphics enthusiast
Reaction score
1,463
Why would anyone need a bank for bitcoins?
As far as I know the whole idea for that currency was to be independent on any third parties, such as banks, or others.
 
Slapshot136

Slapshot136

Divide et impera
Reaction score
471
Accname said:
Why would anyone need a bank for bitcoins?
As far as I know the whole idea for that currency was to be independent on any third parties, such as banks, or others.
Click to expand...

this is my question - I suppose you need a bank if you want to convert bitcoin to some other currency, but then it's more of a broker service than a bank...
 
Accname

Accname

2D-Graphics enthusiast
Reaction score
1,463
Of course its real money. If you can pay something with it, then its realy money.
Firecat, you clearly are not on top of things.
 
FireCat

FireCat

Oh Shi.. Don't wake the tiger!
Reaction score
536
Slapshot136 said:
what is "real" money?
Click to expand...
You can spend the "real money, for your funny bills?! No?
But seriously, I want to see "Proof" that you can exchange your Bitcoin "Into real money!"
But I haven't seen any evidence, that you can!
 
Slapshot136

Slapshot136

Divide et impera
Reaction score
471
FireCat said:
But seriously, I want to see "Proof" that you can exchange your Bitcoin "Into real money!"
Click to expand...

but seriously, why do you need to convert - why isn't bitcoin already "real money"? - I can buy very real things with bitcoin already.. granted I may not be able to pay U.S. taxes with them, but it's not like I can pay U.S. taxes with yen or euro either, so does that make yen and euro not "real money" as well?
 
FireCat

FireCat

Oh Shi.. Don't wake the tiger!
Reaction score
536
Hmm Sounds like "Deja Vu" All Over ^

Slapshot136 said:
but seriously, why do you need to convert - why isn't bitcoin already "real money"?
Click to expand...
But If you believe that Bitcoins are equal to the money in your pocket, Then why don't you exchange all your money to bitcoin?
 
KaerfNomekop

KaerfNomekop

Swim, fishies. Swim through the veil of steel.
Reaction score
613
FireCat said:
But If you believe that Bitcoins are equal to the money in your pocket, Then why don't you exchange all your money to bitcoin?
Click to expand...

Because it's an experimental currency and highly volatile, so investing all your funds into it is even dumber than you could ever hope to be.
 
Accname

Accname

2D-Graphics enthusiast
Reaction score
1,463
FireCat said:
Hmm Sounds like "Deja Vu" All Over ^

But If you believe that Bitcoins are equal to the money in your pocket, Then why don't you exchange all your money to bitcoin?
Click to expand...
Same reason he does not exchange all his money to yen or euros.
He just does not want to.
 
You must log in or register to reply here.
General chit-chat
Help Users
  • No one is chatting at the moment.
  • Ghan Ghan:
    Still lurking
     +3
  • The Helper The Helper:
    I am great and it is fantastic to see you my friend!
     +1
  • The Helper The Helper:
    Here is a great appetizer recipe Texas style! https://www.thehelper.net/threads/recipe-chicken-stuffed-poblano-peppers.194086/
  • The Helper The Helper:
    If you are new to the site please check out the Recipe and Food Forum https://www.thehelper.net/forums/recipes-and-food.220/
  • Monovertex Monovertex:
    How come you're so into recipes lately? Never saw this much interest in this topic in the old days of TH.net
  • Monovertex Monovertex:
    Hmm, how do I change my signature?
  • tom_mai78101 tom_mai78101:
    Signatures can be edit in your account profile. As for the old stuffs, I'm thinking it's because Blizzard is now under Microsoft, and because of Microsoft Xbox going the way it is, it's dreadful.
  • The Helper The Helper:
    I am not big on the recipes I am just promoting them - I use the site as a practice place promoting stuff
     +2
  • Monovertex Monovertex:
    @tom_mai78101 I must be blind. If I go on my profile I don't see any area to edit the signature; If I go to account details (settings) I don't see any signature area either.
  • The Helper The Helper:
    You can get there if you click the bell icon (alerts) and choose preferences from the bottom, signature will be in the menu on the left there https://www.thehelper.net/account/preferences
  • The Helper The Helper:
    I think I need to split the Sci/Tech news forum into 2 one for Science and one for Tech but I am hating all the moving of posts I would have to do
  • The Helper The Helper:
    New dessert for Summer - https://www.thehelper.net/threads/recipe-lemon-blueberry-layer-cheesecake.194113/
  • The Helper The Helper:
    What is up Old Mountain Shadow?
  • The Helper The Helper:
    Happy Thursday!
     +1
  • Varine Varine:
    Crazy how much 3d printing has come in the last few years. Sad that it's not as easily modifiable though
  • Varine Varine:
    I bought an Ender 3 during the pandemic and tinkered with it all the time. Just bought a Sovol, not as easy. I'm trying to make it use a different nozzle because I have a fuck ton of Volcanos, and they use what is basically a modified volcano that is just a smidge longer, and almost every part on this thing needs to be redone to make it work
  • Varine Varine:
    Luckily I have a 3d printer for that, I guess. But it's ridiculous. The regular volcanos are 21mm, these Sovol versions are about 23.5mm
  • Varine Varine:
    So, 2.5mm longer. But the thing that measures the bed is about 1.5mm above the nozzle, so if I swap it with a volcano then I'm 1mm behind it. So cool, new bracket to swap that, but THEN the fan shroud to direct air at the part is ALSO going to be .5mm to low, and so I need to redo that, but by doing that it is a little bit off where it should be blowing and it's throwing it at the heating block instead of the part, and fuck man
  • Varine Varine:
    I didn't realize they designed this entire thing to NOT be modded. I would have just got a fucking Bambu if I knew that, the whole point was I could fuck with this. And no one else makes shit for Sovol so I have to go through them, and they have... interesting pricing models. So I have a new extruder altogether that I'm taking apart and going to just design a whole new one to use my nozzles. Dumb design.
  • Varine Varine:
    Can't just buy a new heatblock, you need to get a whole hotend - so block, heater cartridge, thermistor, heatbreak, and nozzle. And they put this fucking paste in there so I can't take the thermistor or cartridge out with any ease, that's 30 dollars. Or you can get the whole extrudor with the direct driver AND that heatblock for like 50, but you still can't get any of it to come apart
  • Varine Varine:
    Partsbuilt has individual parts I found but they're expensive. I think I can get bits swapped around and make this work with generic shit though
  • Ghan Ghan:
    Heard Houston got hit pretty bad by storms last night. Hope all is well with TH.
  • The Helper The Helper:
    Power back on finally - all is good here no damage
     +2
  • V-SNES V-SNES:
    Happy Friday!
     +1
  • The Helper The Helper:
    New recipe is another summer dessert Berry and Peach Cheesecake - https://www.thehelper.net/threads/recipe-berry-and-peach-cheesecake.194169/

      The Helper Discord

      Members online

      No members online now.
      Online now:
      96 (members: 2, guests: 94)

      Share this page

      Affiliates

      Hive Workshop NUON Dome World Editor Tutorials

      Network Sponsors

      Apex Steel Pipe - Buys and sells Steel Pipe.
      Top