$72 000 USD

JUNE 2011

UNKNOWN

MYBITCOIN

DESCRIPTION OF EVENTS

“The pseudonymous operator of Mybitcoin acknowledged: “We’ve concluded that around 1% of the users on the leaked Mtgox password file had their Bitcoins stolen on MyBitcoin.” In total, 4,019 BTC worth $72,000 were stolen, with Mybitcoin covering their losses.”

It turns out that many users of Mt. Gox shared the same username/password combination on MyBitcoin. Let this be a reminder to use unique username/passwords on each site and 2FA if you don’t already. MyBitcoin covered losses for users in this incident.

HOW COULD THIS HAVE BEEN PREVENTED?

The primary way to prevent this situation is through the use of proper two-factor authentication. There are multiple solutions widely available and in use on modern exchanges, and operators should be well aware of the risks through greater education.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

Get Social

  • email
  • reddit
  • telegram
  • Twitter

© 2021 Quadriga Initiative. Your use of this site/service accepts the Terms of Use and Privacy Policy. This site is not associated with Ernst & Young, Miller Thompson, or the Official Committee of Affected Users. Hosted in Canada by HosterBox.