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ID:

mybitcoin-exchange-840

Date:

Status:

Incident Count:

August 11, 2011

Verified

2

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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:

2,000,000

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Recovered:

-

Rewards:

Currency:

USD, BTC

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Bitcoin

Exchange

Assets

Key Management

Extended Method:

Private key leak, hot wallet

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Days in Operation:

0

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MyBitcoin was a user-friendly wallet platform catering mostly to crypto newbies interested in buying bitcoin for the first time. Dozens of users flocked to the platform in its early days. MyBitcoin built its reputation by providing a free, user-friendly service targeted at newbie Bitcoin buyers. It collected scores of users, including Bitcoin evangelist and host of The Bitcoin Show Bruce Wagner. MyBitcoin had half its deposits in “cold storage,” he said, so it will be refunding all users 49 percent of their deposits. MyBitcoin claims to have had 154,406 Bitcoins in its coffers at the time of the incident, which at the time translated to more than $2 million USD.

Shutdown around 7/20/2011

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