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ID:

bitmarket-eu-827

Date:

Status:

Incident Count:

December 15, 2012

Verified

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:

400,000

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Recovered:

-

Rewards:

Currency:

USD, BTC

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Bitcoin

Exchange

Assets

Unknown

Extended Method:

Unknown

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Days in Operation:

0

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Bitmarket.eu used to be a Bitcoin exchange run by two Polish developers. The developers, Maciej Trebacz and Pawel Makulski operated the exchange platform for about two years before it became a victim of a hacking incident. As Trębacz explained on a BitcoinTalk forum post, BitMarket wasn't to blame for this incident. He says he decided to set up a Bitcoin hedge fund... using the services of Bitcoinica...Unfortunately, Bitcoinica itself got hacked in May 2012, losing all of BitMarket's funds along the way. The updates on Bitcoin Talk show that a significant number of Bitmarket.eu users received a portion of their funds back.

According to reports, a Russian national by the name Yevgeniy Nikulin may have been the person who broke into Bitmarket.eu back in 2012. The hacking incident may have led to a loss of over 20161 BTCs in total during that time, which is now worth over $13.8 Million. The report suggests that most of these losses were due to a security breach suffered by Bitcoinica, a Bitcoin-based online CFD trading service. Bitcoinica experienced two security breaches, once in 2011 resulting in a loss of 43000 BTCs and the second time in 2012 which led to a loss of 18000 BTCs.

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