The novelty rapper and her startup-guy husband are now facing trial, but some of the proceeds from the $8 billion Bitfinex hack still haven’t been recovered.
The hackers had been inside the Bitfinex servers for weeks before attempting the heist. They’d watched users on the cryptocurrency exchange buy and sell Bitcoins. They’d studied the commands that controlled the security system. It was as if they were hiding in an air duct above a bank’s vault, watching as tellers meticulously moved cash in and out, looking for vulnerabilities.
They weren’t after Bitcoins, exactly. Bitcoins only exist as entries in a database maintained by computers around the world. What they needed were the private keys: cryptographic passwords that would allow them to unlock the coins and move them. Once they found the keys, they struck. At 10:26 a.m. on Aug. 2, 2016, the hackers raised the exchange’s daily withdrawal limit from 2,500 Bitcoins to 1 million, more than enough to empty out the whole vault. Then,...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...