BitNZ MailJet Hack - Revision history

Azoundria: Adding initial message from MailJet.

2024-09-25T21:51:27Z

Adding initial message from MailJet.

@@ Line 18: / Line 18: @@
 BitNZ used a MailJet account for sending outgoing mail, including customer password reset emails. Based on the events which occurred, this account appears to have had limited protections against unauthorized access.
-MailJet provided advanced warnings about the breach<ref name=":1">[https://old.reddit.com/r/NZBitcoin/comments/2dak6a/comment/cjoiuhj/ "Unfortunately this possibly could have been prevented - Mailjet sent at least two emails to users before this attack regarding the data security incident that occurred for 57 seconds at 11am UTC on July 30th, 2014. The emails asked users to reset their passwords and API keys." - Reddit] (Accessed Sep 20, 2024)</ref>.
+MailJet provided advanced warnings about the breach<ref name=":1">[https://old.reddit.com/r/NZBitcoin/comments/2dak6a/comment/cjoiuhj/ "Unfortunately this possibly could have been prevented - Mailjet sent at least two emails to users before this attack regarding the data security incident that occurred for 57 seconds at 11am UTC on July 30th, 2014. The emails asked users to reset their passwords and API keys." - Reddit] (Accessed Sep 20, 2024)</ref><ref>[https://pastebin.com/PeTsB0NP Warning From MailJet - Pastebin] (Accessed Sep 25, 2024)</ref>.<blockquote>Hello,
 == What Happened ==

Azoundria: COMPLETE 30 minutes. Prepared a logo/screenshot image for the article. Updated the main description for the article to be new and detailed. Moved information from the introduction into the platform prevention section. Additional sources added to the wiki article for future integration. Prepared a series of promotional tweets on the wiki article.

2024-09-25T21:43:49Z

COMPLETE 30 minutes. Prepared a logo/screenshot image for the article. Updated the main description for the article to be new and detailed. Moved information from the introduction into the platform prevention section. Additional sources added to the wiki article for future integration. Prepared a series of promotional tweets on the wiki article.

← Older revision		Revision as of 15:43, 25 September 2024
Line 1:		Line 1:
	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

	[[File:Bitnz.jpg\|thumb\|~~MintRisesPrices~~ Logo/Homepage]]BitNZ is		[[File:Bitnz.jpg\|thumb\|BitNZ Logo/Homepage]]BitNZ was a cryptocurrency exchange based in New Zealand, which operated since 2011. MailJet is an email delivery service which assisted with sending out emails, including for password resets. Coins were generally stored and withdrawn from a hot wallet, automatically based on customer request. An attacker was able to breach the MailJet service, which allowed them to view outgoing emails from BitNZ. Using that access, they could reset customer credentials and initiate withdrawals in cases where the customer did not enable 2FA. BitNZ took responsibility and repaid customers who lost funds. BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.

			<ref name="mineforeman-209" /><ref name="reddit-210" /><ref name="bitcointalk-213" /><ref name="reddit-214" /><ref>https://old.reddit.com/r/Bitcoin/comments/2dapx7/new_zealand_bitcoin_exchange_hacked_via_mail/ (Accessed Sep 20, 2024)</ref><ref>https://old.reddit.com/r/newzealand/comments/2db20b/bitnz_bitcoin_exchage_announcement_our_email/</ref><ref>https://web.archive.org/web/20140209211037/https://bitnz.com/</ref><ref>https://web.archive.org/web/20130817060344/https://bitnz.com/</ref><ref>https://en.bitcoin.it/wiki/BitNZ</ref>
	An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.

	<ref name="mineforeman-209" /><ref name="reddit-210" /><ref name="bitcointalk-213" /><ref name="reddit-214" /><ref>https://old.reddit.com/r/Bitcoin/comments/2dapx7/new_zealand_bitcoin_exchange_hacked_via_mail/ (Accessed Sep 20, 2024)</ref><ref>https://old.reddit.com/r/newzealand/comments/2db20b/bitnz_bitcoin_exchage_announcement_our_email/</ref>

	== About BitNZ ==		== About BitNZ ==
Line 80:		Line 77:
	There are no ongoing developments as the platform has been shut down. It is unclear whether there is any further investigation going on into the culprits.		There are no ongoing developments as the platform has been shut down. It is unclear whether there is any further investigation going on into the culprits.
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:Individuals:No Individual Funds Lost}}		All funds were ultimately reimbursed by the platform. {{Prevention:Individuals:No Individual Funds Lost}} Individuals should ensure that 2FA is enabled on accounts and that they are using reputable platforms whenever possible.

	{{Prevention:Individuals:Avoid Third Party Custodians}}		{{Prevention:Individuals:Avoid Third Party Custodians}}
Line 89:		Line 86:

	== Platform Prevention Policies ==		== Platform Prevention Policies ==
			The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious, and a multi-signature wallet can protect against an issue with a single administrator.

			2FA was supported but not enabled on many accounts. 2FA was a big part of the strategy following the incident.

	{{Prevention:Platforms:Implement Multi-Signature}}		{{Prevention:Platforms:Implement Multi-Signature}}

Azoundria at 21:14, 25 September 2024

2024-09-25T21:14:39Z

← Older revision		Revision as of 15:14, 25 September 2024
Line 1:		Line 1:
	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

	BitNZ is		[[File:Bitnz.jpg\|thumb\|MintRisesPrices Logo/Homepage]]BitNZ is

Azoundria at 21:13, 25 September 2024

2024-09-25T21:13:18Z

← Older revision		Revision as of 15:13, 25 September 2024
Line 1:		Line 1:
	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

			BitNZ is


	An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.		An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.
Line 7:		Line 10:
	== About BitNZ ==		== About BitNZ ==
	BitNZ was a cryptocurrency exchange based in New Zealand which had operated since 2011.		BitNZ was a cryptocurrency exchange based in New Zealand which had operated since 2011.

			Homepage:<ref>[https://web.archive.org/web/20130817060344/https://bitnz.com/ BitNZ Homepage Archive August 17th, 2013 12:03:44 AM MDT] (Accessed Sep 25, 2024)</ref>

	=== Founder Danial Newton ===		=== Founder Danial Newton ===

Azoundria: COMPLETE 30 minutes. Prepared information on the reality section. Fixed typo Reddit versus Twitter in the post. Applied the Reddit post source throughout the article. Filled in a basic prevention section in the wiki. Found and incorporated information which MailJet published prior to the exploit. Working on filling in transaction information about the donation wallet address. Added some additional sources for later review.

2024-09-20T20:06:22Z

COMPLETE 30 minutes. Prepared information on the reality section. Fixed typo Reddit versus Twitter in the post. Applied the Reddit post source throughout the article. Filled in a basic prevention section in the wiki. Found and incorporated information which MailJet published prior to the exploit. Working on filling in transaction information about the donation wallet address. Added some additional sources for later review.

← Older revision		Revision as of 14:06, 20 September 2024
Line 3:		Line 3:
	An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.		An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.

	<ref name="mineforeman-209" /><ref name="reddit-210" /><ref name="bitcointalk-213" /><ref name="reddit-214" />		<ref name="mineforeman-209" /><ref name="reddit-210" /><ref name="bitcointalk-213" /><ref name="reddit-214" /><ref>https://old.reddit.com/r/Bitcoin/comments/2dapx7/new_zealand_bitcoin_exchange_hacked_via_mail/ (Accessed Sep 20, 2024)</ref><ref>https://old.reddit.com/r/newzealand/comments/2db20b/bitnz_bitcoin_exchage_announcement_our_email/</ref>

	== About BitNZ ==		== About BitNZ ==
	~~“Danial Newton [was] the administrator of bitnz” which~~ was a cryptocurrency exchange in New Zealand.		BitNZ was a cryptocurrency exchange based in New Zealand which had operated since 2011.

	~~He has~~ the ~~username~~ djpnewton ~~on Reddit~~<ref name="reddit-214" />.		=== Founder Danial Newton ===
			“Danial Newton [was] the administrator of bitnz”

			Reddit Username: djpnewton<ref name="reddit-214" />

	== The Reality ==		== The Reality ==
	~~This sections is included if~~ a ~~case involved deception or information that was unknown at~~ the ~~time~~. ~~Examples include:~~		BitNZ used a MailJet account for sending outgoing mail, including customer password reset emails. Based on the events which occurred, this account appears to have had limited protections against unauthorized access.

	* When the service was actually started (if different than the "~~official story~~").		MailJet provided advanced warnings about the breach<ref name=":1">[https://old.reddit.com/r/NZBitcoin/comments/2dak6a/comment/cjoiuhj/ "Unfortunately this possibly could have been prevented - Mailjet sent at least two emails to users before this attack regarding the data security incident that occurred for 57 seconds at 11am UTC on July 30th, 2014. The emails asked users to reset their passwords and API keys." - Reddit] (Accessed Sep 20, 2024)</ref>.
	* Who actually ran a service and their own personal history.
	* How the ~~service was structured behind the scenes~~. (~~For example~~, ~~there was no "trading bot".~~)
	* Details of what audits reported and how vulnerabilities were missed during auditing.

	== What Happened ==		== What Happened ==
	“On Monday, 11 August 2014 at 3am NZ time, \~39 bitcoins were stolen from bitNZ.”		“On Monday, 11 August 2014 at 3am NZ time, \~39 bitcoins were stolen from bitNZ.”<ref name="reddit-214" />
	{\| class="wikitable"		{\| class="wikitable"
	\|+Key Event Timeline - BitNZ MailJet Hack		\|+Key Event Timeline - BitNZ MailJet Hack
Line 25:		Line 25:
	!Event		!Event
	!Description		!Description
			\|-
			\|July 30th, 2014 5:00:00 AM MDT
			\|MailJet Reportedly Warns About Incident
			\|MailJet reportedly sent 2 emails to users of their service, warning them to change API keys<ref name=":1" />.
			\|-
			\|August 8th, 2014 4:57:14 AM MDT
			\|First Deposit To Donation Address
			\|The first deposit of 0.02859706 bitcoin is sent to the donation address. This happened before the breach occurred, which suggests that the wallet was already in active use and reused as a donation wallet<ref name=":0">[https://www.blockchain.com/explorer/transactions/btc/6353196ca0d7ff447d01ce367b9d66b62986e840a7da23ba6c4e708e10f48307 0.01292593 Donation Transaction - Blockchain.com] (Accessed Sep 20, 2024)</ref>.
	\|-		\|-
	\|August 10th, 2014 9:00:00 AM MDT		\|August 10th, 2014 9:00:00 AM MDT
	\|Bitcoin Theft		\|Bitcoin Theft
	\|“On Monday, 11 August 2014 at 3am NZ time, \~39 bitcoins were stolen from bitNZ.”		\|“On Monday, 11 August 2014 at 3am NZ time, \~39 bitcoins were stolen from bitNZ.”<ref name="reddit-214" />
			\|-
			\|August 11th, 2014 10:07:00 AM MDT
			\|First Donation To Donation Address
			\|What is believed to be the first donation of 0.01292593 bitcoin is sent to the donation address<ref name=":0" />.
	\|-		\|-
	\|August 11th, 2014 7:22:55 PM MDT		\|August 11th, 2014 7:22:55 PM MDT
	\|Reddit Announcement Made		\|Reddit Announcement Made
	\|Danial Newton, the administrator of BitNZ, posts on ~~Twitter~~ to announce the theft and the method of breach. According to the post, the thieves were able to get into the BitNX MailJet account and intercept all outgoing mail from the exchange service. From this access, they could intercept password reset emails and access/withdraw bitcoin funds of any account without 2-factor authentication enabled. Danial states that he will cover the losses, although an address is provided if anyone wishes to contribute towards it<ref name="reddit-214" />.		\|Danial Newton, the administrator of BitNZ, posts on Reddit to announce the theft and the method of breach. According to the post, the thieves were able to get into the BitNX MailJet account and intercept all outgoing mail from the exchange service. From this access, they could intercept password reset emails and access/withdraw bitcoin funds of any account without 2-factor authentication enabled. Danial states that he will cover the losses, although an address is provided if anyone wishes to contribute towards it<ref name="reddit-214" />.
	\|-		\|-
	\|February 8th, 2017 2:10:15 AM MST		\|February 8th, 2017 2:10:15 AM MST
Line 45:		Line 57:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost was reported as ~39 BTC and this value has been estimated at $23,000 USD.		The total amount lost was reported as ~39 BTC<ref name="reddit-214" /> and this value has been estimated at $23,000 USD.

	== Immediate Reactions ==		== Immediate Reactions ==
Line 63:		Line 75:
	There are no ongoing developments as the platform has been shut down. It is unclear whether there is any further investigation going on into the culprits.		There are no ongoing developments as the platform has been shut down. It is unclear whether there is any further investigation going on into the culprits.
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:Individuals:~~Placeholder~~}}		{{Prevention:Individuals:No Individual Funds Lost}}

			{{Prevention:Individuals:Avoid Third Party Custodians}}

			{{Prevention:Individuals:Store Funds Offline}}

	{{Prevention:Individuals:End}}		{{Prevention:Individuals:End}}

	== Platform Prevention Policies ==		== Platform Prevention Policies ==
	{{Prevention:Platforms:~~Placeholder~~}}		{{Prevention:Platforms:Implement Multi-Signature}}

			{{Prevention:Platforms:Regular Audit Procedures}}

			{{Prevention:Platforms:Establish Industry Insurance Fund}}

	{{Prevention:Platforms:End}}		{{Prevention:Platforms:End}}

	== Regulatory Prevention Policies ==		== Regulatory Prevention Policies ==
	{{Prevention:Regulators:~~Placeholder~~}}		{{Prevention:Regulators:Platform Security Assessments}}

			{{Prevention:Regulators:Establish Industry Insurance Fund}}

	{{Prevention:Regulators:End}}		{{Prevention:Regulators:End}}

Azoundria at 21:43, 13 September 2024

2024-09-13T21:43:46Z

Show changes

Azoundria at 23:57, 12 April 2023

2023-04-12T23:57:19Z

← Older revision		Revision as of 17:57, 12 April 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitnzmailjethack.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/bitnzmailjethack.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.		An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.

	This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.		This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.<ref name="mineforeman-209" /><ref name="reddit-210" /><ref name="newsdotbitcoin-211" /><ref name="ccn-212" /><ref name="bitcointalk-213" /><ref name="reddit-214" /><ref name="cointelegraph-215" />
	<ref name="mineforeman-209" /><ref name="reddit-210" /><ref name="newsdotbitcoin-211" /><ref name="ccn-212" /><ref name="bitcointalk-213" /><ref name="reddit-214" /><ref name="cointelegraph-215" />

	== About BitNZ ==		== About BitNZ ==
Line 45:		Line 44:
	!Description		!Description
	\|-		\|-
	\|August 1st, 2014 12:00:34 AM		\|August 1st, 2014 12:00:34 AM MDT
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 72:		Line 71:
	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Coming soon.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

	== Prevention Policies ==		== Platform Prevention Policies ==
	~~Coming soon.~~		{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="mineforeman-209">[https://mineforeman.com/2014/08/12/new-zealand-exchange-bitnz-com-hacked-39-bitcoin-stolen/ New Zealand Exchange Bitnz.com hacked, 39 bitcoin stolen. - MineForeman.com] (Mar 2, 2020)</ref>		<references><ref name="mineforeman-209">[https://mineforeman.com/2014/08/12/new-zealand-exchange-bitnz-com-hacked-39-bitcoin-stolen/ New Zealand Exchange Bitnz.com hacked, 39 bitcoin stolen. - MineForeman.com] (Mar 3, 2020)</ref>

	<ref name="reddit-210">[https://www.reddit.com/r/NZBitcoin/comments/5srnhv/bitnz_shutting_down_due_to_bank_hostility/ Bitnz shutting down due to bank hostility : NZBitcoin] (Mar 2, 2020)</ref>		<ref name="reddit-210">[https://www.reddit.com/r/NZBitcoin/comments/5srnhv/bitnz_shutting_down_due_to_bank_hostility/ Bitnz shutting down due to bank hostility : NZBitcoin] (Mar 3, 2020)</ref>

	<ref name="newsdotbitcoin-211">[https://news.bitcoin.com/new-zealand-exchange-bitnz-shuts-down-banking-hostility/ New Zealand Exchange Bitnz Shuts Down Due to 'Banking Hostility' \| Featured Bitcoin News] (Mar 2, 2020)</ref>		<ref name="newsdotbitcoin-211">[https://news.bitcoin.com/new-zealand-exchange-bitnz-shuts-down-banking-hostility/ New Zealand Exchange Bitnz Shuts Down Due to 'Banking Hostility' \| Featured Bitcoin News] (Mar 3, 2020)</ref>

	<ref name="ccn-212">[https://www.ccn.com/new-zealand-sees-new-bitcoin-exchange-bitnz-shutdown/ New Zealand Sees New Bitcoin Exchange after BitNZ Shutdown] (Mar 2, 2020)</ref>		<ref name="ccn-212">[https://www.ccn.com/new-zealand-sees-new-bitcoin-exchange-bitnz-shutdown/ New Zealand Sees New Bitcoin Exchange after BitNZ Shutdown] (Mar 3, 2020)</ref>

	<ref name="bitcointalk-213">[https://bitcointalk.org/index.php?topic=733970.0 Bitnz Offline? down for maintenance] (Mar 2, 2020)</ref>		<ref name="bitcointalk-213">[https://bitcointalk.org/index.php?topic=733970.0 Bitnz Offline? down for maintenance] (Mar 3, 2020)</ref>

	<ref name="reddit-214">[https://www.reddit.com/r/NZBitcoin/comments/2dak6a/bitnz_announcement/ bitNZ Announcement : NZBitcoin] (Mar 2, 2020)</ref>		<ref name="reddit-214">[https://www.reddit.com/r/NZBitcoin/comments/2dak6a/bitnz_announcement/ bitNZ Announcement : NZBitcoin] (Mar 3, 2020)</ref>

	<ref name="cointelegraph-215">[https://cointelegraph.com/news/flagship-new-zealand-exchange-bitnz-refused-banking-shuts-down Flagship New Zealand Exchange bitNZ Refused Banking, Shuts Down] (Mar 2, 2020)</ref></references>		<ref name="cointelegraph-215">[https://cointelegraph.com/news/flagship-new-zealand-exchange-bitnz-refused-banking-shuts-down Flagship New Zealand Exchange bitNZ Refused Banking, Shuts Down] (Mar 3, 2020)</ref></references>

Azoundria at 00:49, 16 February 2023

2023-02-16T00:49:42Z

← Older revision		Revision as of 18:49, 15 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitnzmailjethack.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitnzmailjethack.php}}
			{{Unattributed Citations}}

	An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.		An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.

	This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.		This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.
			<ref name="mineforeman-209" /><ref name="reddit-210" /><ref name="newsdotbitcoin-211" /><ref name="ccn-212" /><ref name="bitcointalk-213" /><ref name="reddit-214" /><ref name="cointelegraph-215" />

	== About BitNZ ==		== About BitNZ ==
Line 23:		Line 25:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 45:		Line 46:
	\|-		\|-
	\|August 1st, 2014 12:00:34 AM		\|August 1st, 2014 12:00:34 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
Line 58:		Line 55:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $23,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 69:		Line 66:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 80:		Line 77:

	== References ==		== References ==
	[https://mineforeman.com/2014/08/12/new-zealand-exchange-bitnz-com-hacked-39-bitcoin-stolen/ New Zealand Exchange Bitnz.com hacked, 39 bitcoin stolen. - MineForeman.com] (Mar 2)		<references><ref name="mineforeman-209">[https://mineforeman.com/2014/08/12/new-zealand-exchange-bitnz-com-hacked-39-bitcoin-stolen/ New Zealand Exchange Bitnz.com hacked, 39 bitcoin stolen. - MineForeman.com] (Mar 2, 2020)</ref>

	[https://www.reddit.com/r/NZBitcoin/comments/5srnhv/bitnz_shutting_down_due_to_bank_hostility/ Bitnz shutting down due to bank hostility : NZBitcoin] (Mar 2)		<ref name="reddit-210">[https://www.reddit.com/r/NZBitcoin/comments/5srnhv/bitnz_shutting_down_due_to_bank_hostility/ Bitnz shutting down due to bank hostility : NZBitcoin] (Mar 2, 2020)</ref>

	[https://news.bitcoin.com/new-zealand-exchange-bitnz-shuts-down-banking-hostility/ New Zealand Exchange Bitnz Shuts Down Due to 'Banking Hostility' \| Featured Bitcoin News] (Mar 2)		<ref name="newsdotbitcoin-211">[https://news.bitcoin.com/new-zealand-exchange-bitnz-shuts-down-banking-hostility/ New Zealand Exchange Bitnz Shuts Down Due to 'Banking Hostility' \| Featured Bitcoin News] (Mar 2, 2020)</ref>

	[https://www.ccn.com/new-zealand-sees-new-bitcoin-exchange-bitnz-shutdown/ New Zealand Sees New Bitcoin Exchange after BitNZ Shutdown] (Mar 2)		<ref name="ccn-212">[https://www.ccn.com/new-zealand-sees-new-bitcoin-exchange-bitnz-shutdown/ New Zealand Sees New Bitcoin Exchange after BitNZ Shutdown] (Mar 2, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=733970.0 Bitnz Offline? down for maintenance] (Mar 2)		<ref name="bitcointalk-213">[https://bitcointalk.org/index.php?topic=733970.0 Bitnz Offline? down for maintenance] (Mar 2, 2020)</ref>

	[https://www.reddit.com/r/NZBitcoin/comments/2dak6a/bitnz_announcement/ bitNZ Announcement : NZBitcoin] (Mar 2)		<ref name="reddit-214">[https://www.reddit.com/r/NZBitcoin/comments/2dak6a/bitnz_announcement/ bitNZ Announcement : NZBitcoin] (Mar 2, 2020)</ref>

	[https://cointelegraph.com/news/flagship-new-zealand-exchange-bitnz-refused-banking-shuts-down Flagship New Zealand Exchange bitNZ Refused Banking, Shuts Down] (Mar 2)		<ref name="cointelegraph-215">[https://cointelegraph.com/news/flagship-new-zealand-exchange-bitnz-refused-banking-shuts-down Flagship New Zealand Exchange bitNZ Refused Banking, Shuts Down] (Mar 2, 2020)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitnzmailjethack.php}} An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have..."

2023-01-22T18:37:51Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitnzmailjethack.php}} An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitnzmailjethack.php}}

An interesting case, where the breach affected accounts directly, by the exploit of a third party mail provider. 2FA was supported but not enabled on many accounts. The exploit suggests that all the coins taken were stored in a hot wallet, so smaller reserves or any sort of time delay would have reduced the losses. Any platform protecting the funds in cold storage would have also been protected the moment the withdrawals were noticed as suspicious. After repaying customers, BitNZ continued to operate until eventually shutting down in 2017 over banking difficulties.

This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.

== About BitNZ ==
“Danial Newton, the administrator of bitnz in a reddit post explained that he believes that the perpetrator gained access to the exchanges outward mail queue at MailJet.com and then set about resetting people’s accounts and intercepting the reset codes.” “On Monday, 11 August 2014 at 3am NZ time, \~39 bitcoins were stolen from bitNZ. Our email relay service provider was hacked which enabled the attacker to view all outgoing emails. The attacker used this information to reset user passwords and intercept the password reset email. If the user did not have 2FA the attacker was able to log on as the user and initiate a withdrawal. At the moment I am still analysing the the event and making sure the vulnerability is plugged (revoke email relay access, reset passwords/api-keys, purge sessions, check if user emails were modified etc).” “In mid-February, New Zealand bitcoin exchange BitNZ revealed it was ‘impossible’ to continue operations claiming New Zealand banks’ refusal to offer banking services to the platform. BitNZ, which has been functional since 2011, claimed to have processed over 11,000 bank transactions” “The New Zealand Bitcoin exchange Bitnz has recently announced to its customers it will be closing its doors soon. The company explains the unfortunate closure is due to a New Zealand banking system that won’t allow Bitcoin operations to hold bank accounts.” “Questions over bitNZ’s compliance with AML/KYC requirements were quickly answered, with the exchange having complied in full.”

This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - BitNZ MailJet Hack
!Date
!Event
!Description
|-
|August 1st, 2014 12:00:34 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Coming soon.

== References ==
[https://mineforeman.com/2014/08/12/new-zealand-exchange-bitnz-com-hacked-39-bitcoin-stolen/ New Zealand Exchange Bitnz.com hacked, 39 bitcoin stolen. - MineForeman.com] (Mar 2)

[https://www.reddit.com/r/NZBitcoin/comments/5srnhv/bitnz_shutting_down_due_to_bank_hostility/ Bitnz shutting down due to bank hostility : NZBitcoin] (Mar 2)

[https://news.bitcoin.com/new-zealand-exchange-bitnz-shuts-down-banking-hostility/ New Zealand Exchange Bitnz Shuts Down Due to 'Banking Hostility' | Featured Bitcoin News] (Mar 2)

[https://www.ccn.com/new-zealand-sees-new-bitcoin-exchange-bitnz-shutdown/ New Zealand Sees New Bitcoin Exchange after BitNZ Shutdown] (Mar 2)

[https://bitcointalk.org/index.php?topic=733970.0 Bitnz Offline? down for maintenance] (Mar 2)

[https://www.reddit.com/r/NZBitcoin/comments/2dak6a/bitnz_announcement/ bitNZ Announcement : NZBitcoin] (Mar 2)

[https://cointelegraph.com/news/flagship-new-zealand-exchange-bitnz-refused-banking-shuts-down Flagship New Zealand Exchange bitNZ Refused Banking, Shuts Down] (Mar 2)