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ID:

bit-lc-inc--826

Date:

Status:

Incident Count:

February 15, 2013

Unverified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

51,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Bitcoin

Exchange

Assets

Key Management

Extended Method:

Private key leak, cold wallet

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Days in Operation:

0

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Bit LC was a Bitcoin Service Provider offering free and low cost Bitcoin Services, such as a high-end mining pool, online wallet service, bitcoin exchange and a lot more. We're using cutting edge technology to provide you with the best and most secure services available. Our system have full IPv6 support, is built with highest possible security measurements and we're adding new features and services continuously.

This alleged theft was unique in that coins held in the hot wallet were safe, but coins held in a cold wallet compromised. The thief is not expected to have access to the coins regardless, so there was little financial gain from this theft. Erick, allegedly the only one with physical access to Bit LC Inc.'s cold wallet, has failed to communicate and withdraw coins. Bit LC Inc. therefore was required to declare bankruptcy. There is no proof that Erick intentionally stole the coins; indeed, some evidence asserts that he or she may simply have disappeared in some manner."

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