Bitcoin7 Exchange Hack/Fraud - Revision history

Azoundria at 22:22, 3 December 2024

2024-12-03T22:22:03Z

← Older revision		Revision as of 16:22, 3 December 2024
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	== 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? TBD
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	This is a another case where simply knowing who's holding the funds and storing them properly offline with multiple signatures would have avoided the issues.		This is a another case where simply knowing who's holding the funds and storing them properly offline with multiple signatures would have avoided the issues.

Azoundria at 22:21, 3 December 2024

2024-12-03T22:21:19Z

← Older revision		Revision as of 16:21, 3 December 2024
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	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

	Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.<ref name="99bitcoins-83" /><ref name="kylegibson-86" /><ref name="bitcointalklist-87" /><ref name="bitcoinexchangeguide-218" /><ref name=":0">[https://web.archive.org/web/20131127043653/https://flippa.com/2999232-bitcoin-exchange-ready-to-launch-immediately-multi-currency-14-languages Bitcoin Exchange - Ready to launch immediately! Multi-currency, 14 languages - Flippa] (Accessed Nov 15, 2024)</ref><ref>https://forum.bitcoin.org/index.php?topic=17043.msg219839#msg219839 (Accessed Dec 3, 2024)</ref><ref>https://web.archive.org/web/20110816000324/https://bitcoin7.com/ (Accessed Dec 3, 2024)</ref><ref>https://web.archive.org/web/20110619004208/http://forum.bitcoin.org/index.php?topic=17043.msg219839#msg219839</ref>		[[File:Bitcoin7exchange.jpg\|thumb\|Bitcoin7 Exchange Logo/Homepage]]Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.<ref name="99bitcoins-83" /><ref name="kylegibson-86" /><ref name="bitcointalklist-87" /><ref name="bitcoinexchangeguide-218" /><ref name=":0">[https://web.archive.org/web/20131127043653/https://flippa.com/2999232-bitcoin-exchange-ready-to-launch-immediately-multi-currency-14-languages Bitcoin Exchange - Ready to launch immediately! Multi-currency, 14 languages - Flippa] (Accessed Nov 15, 2024)</ref><ref>https://forum.bitcoin.org/index.php?topic=17043.msg219839#msg219839 (Accessed Dec 3, 2024)</ref><ref>https://web.archive.org/web/20110816000324/https://bitcoin7.com/ (Accessed Dec 3, 2024)</ref><ref>https://web.archive.org/web/20110619004208/http://forum.bitcoin.org/index.php?topic=17043.msg219839#msg219839</ref>

	== About Bitcoin7 ==		== About Bitcoin7 ==

Azoundria: COMPLETE 30 minutes. Reviewed the BitcoinTalk article for a final time. 99Bitcoin article. Obtained a screenshot and logo for the site from Internet Archive. Generated an accompanying image. Generated a promotion on Twitter/X for the case.

2024-12-03T22:18:51Z

COMPLETE 30 minutes. Reviewed the BitcoinTalk article for a final time. 99Bitcoin article. Obtained a screenshot and logo for the site from Internet Archive. Generated an accompanying image. Generated a promotion on Twitter/X for the case.

← Older revision		Revision as of 16:18, 3 December 2024
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	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

	Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.~~<ref name="bitcointalklistold-19" />~~<ref name="99bitcoins-83" /><ref name="kylegibson-86" /><ref name="bitcointalklist-87" /><ref name="bitcoinexchangeguide-218" /><ref name=":0">[https://web.archive.org/web/20131127043653/https://flippa.com/2999232-bitcoin-exchange-ready-to-launch-immediately-multi-currency-14-languages Bitcoin Exchange - Ready to launch immediately! Multi-currency, 14 languages - Flippa] (Accessed Nov 15, 2024)</ref>		Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.<ref name="99bitcoins-83" /><ref name="kylegibson-86" /><ref name="bitcointalklist-87" /><ref name="bitcoinexchangeguide-218" /><ref name=":0">[https://web.archive.org/web/20131127043653/https://flippa.com/2999232-bitcoin-exchange-ready-to-launch-immediately-multi-currency-14-languages Bitcoin Exchange - Ready to launch immediately! Multi-currency, 14 languages - Flippa] (Accessed Nov 15, 2024)</ref><ref>https://forum.bitcoin.org/index.php?topic=17043.msg219839#msg219839 (Accessed Dec 3, 2024)</ref><ref>https://web.archive.org/web/20110816000324/https://bitcoin7.com/ (Accessed Dec 3, 2024)</ref><ref>https://web.archive.org/web/20110619004208/http://forum.bitcoin.org/index.php?topic=17043.msg219839#msg219839</ref>

	== About Bitcoin7 ==		== About Bitcoin7 ==
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	\|May 26th, 2012 2:39:04 PM MDT		\|May 26th, 2012 2:39:04 PM MDT
	\|BitcoinTalk Article Lists This Event		\|BitcoinTalk Article Lists This Event
	\|The event is listed in a thread put together by dree12 on BitcoinTalk, which is a list of different exchange ~~hacking~~ events<ref name="bitcointalklistold-19" />.		\|The event is listed in a thread put together by dree12 on BitcoinTalk, which features a list of different exchange heists, thefts, scams, and loss events<ref name="bitcointalklistold-19" />.
			\|-
			\|July 4th, 2013 1:48:14 PM MDT
			\|99Bitcoin Article Published
			\|99Bitcoin publishes a list of "the biggest scams in bitcoin's history"<ref name="99bitcoins-83" /> and features Bitcoin7 at the number 5 position. This includes some additional information and speculation on what happened.
	\|-		\|-
	\|November 26th, 2013 9:36:53 PM MST		\|November 26th, 2013 9:36:53 PM MST
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	== Total Amount Lost ==		== Total Amount Lost ==
	There was an estimate on BitcoinTalk based on the order book size that 11,000 bitcoin were taken<ref name="bitcointalklistold-19" />. This was based on the order book size of 15,000 bitcoin, and that 3 of 4 wallets were breached<ref name="bitcointalklistold-19" />. A note there lists the total loss at up to 15,000 bitcoin<ref name="bitcointalklistold-19" />. The value of the 11,000 bitcoin has been estimated at $50,000 USD<ref name="bitcointalklistold-19" />. Later version of the thread would expand the lower bound to 5,000 bitcoin<ref name="bitcointalklist-87" />.		There was an estimate on BitcoinTalk based on the order book size that 11,000 bitcoin were taken<ref name="bitcointalklistold-19" />. This was based on the order book size of 15,000 bitcoin, and that 3 of 4 wallets were breached<ref name="bitcointalklistold-19" />. A note there lists the total loss at up to 15,000 bitcoin<ref name="bitcointalklistold-19" />. The value of the 11,000 bitcoin has been estimated at $50,000 USD at the time of the loss<ref name="bitcointalklistold-19" />. Later version of the thread would expand the lower bound to 5,000 bitcoin<ref name="bitcointalklist-87" />.

	~~How much was lost and how was it calculated? If there are conflicting reports~~, ~~which are accurate and~~ where ~~does~~ the ~~discrepancy lie?~~		99Bitcoins reported the loss at 10,000 bitcoin<ref name="99bitcoins-83" />. It is unclear where that estimate came from, however a reference in the article to "a reminder to the Bitcoin community to stop trusting new exchanges without identification" suggests the BitcoinTalk article, which reports 11,000 bitcoin<ref name="bitcointalklistold-19" />.

	== Immediate Reactions ==		== Immediate Reactions ==
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	“The Bitcoin7 domain was later sold for $10,000 USD in 2013, but has been offline ever since this incident.”		“The Bitcoin7 domain was later sold for $10,000 USD in 2013, but has been offline ever since this incident.”

	The incident was later featured in a Bitcoin News article on Bitcoin.com<ref name="newsdotbitcoin-7" />.		The incident was later featured in a thread on BitcoinTalk<ref name="bitcointalklistold-19" /> and a Bitcoin News article on Bitcoin.com<ref name="newsdotbitcoin-7" />.

	== Total Amount Recovered ==		== Total Amount Recovered ==
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	<ref name="newsdotbitcoin-7">[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten - Bitcoin News] (Accessed Jan 29, 2020)</ref>		<ref name="newsdotbitcoin-7">[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten - Bitcoin News] (Accessed Jan 29, 2020)</ref>
	<ref name="bitcointalklistold-19">[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 <nowiki>List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old] - BitcoinTalk</nowiki>] (Accessed Jan 28, 2020)</ref>		<ref name="bitcointalklistold-19">[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 <nowiki>List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old] - BitcoinTalk</nowiki>] (Accessed Jan 28, 2020)</ref>
	<ref name="99bitcoins-83">[https://99bitcoins.com/the-biggest-scams-in-bitcoin-history/~~?mod=article_inline~~ The biggest scams in Bitcoin history] (Feb 15, 2020)</ref>		<ref name="99bitcoins-83">[https://web.archive.org/web/20160701223324/http://99bitcoins.com/the-biggest-scams-in-bitcoin-history/ The biggest scams in Bitcoin history - 99Bitcoin Archive July 1st, 2016 4:33:24 PM MDT] (Accessed Feb 15, 2020)</ref>
	<ref name="kylegibson-86">[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 25, 2020)</ref>		<ref name="kylegibson-86">[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 25, 2020)</ref>
	<ref name="bitcointalklist-87">[https://bitcointalk.org/index.php?topic=576337 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses - BitcoinTalk] (Accessed Feb 15, 2020)</ref>		<ref name="bitcointalklist-87">[https://bitcointalk.org/index.php?topic=576337 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses - BitcoinTalk] (Accessed Feb 15, 2020)</ref>
	<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref>		<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref>
	</references>		</references>

Azoundria: COMPLETE 30 minutes. Updated the main template for this case. Information from the about section spread around to various other sections as appropriate. Filling in details as available from the Flippa auction listing for the Bitcoin7.com website. Date modified to October 5th, 2011.

2024-11-15T22:58:44Z

COMPLETE 30 minutes. Updated the main template for this case. Information from the about section spread around to various other sections as appropriate. Filling in details as available from the Flippa auction listing for the Bitcoin7.com website. Date modified to October 5th, 2011.

Show changes

Azoundria at 16:13, 12 April 2023

2023-04-12T16:13:40Z

← Older revision		Revision as of 10:13, 12 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcoin7exchangehackfraud.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/bitcoin7exchangehackfraud.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.		Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.

	The country for this case study is not yet known.		The country for this case study is not yet known.<ref name="newsdotbitcoin-7" /><ref name="bitcointalklistold-19" /><ref name="99bitcoins-83" /><ref name="kylegibson-86" /><ref name="bitcointalklist-87" /><ref name="bitcoinexchangeguide-218" />
	<ref name="newsdotbitcoin-7" /><ref name="bitcointalklistold-19" /><ref name="99bitcoins-83" /><ref name="kylegibson-86" /><ref name="bitcointalklist-87" /><ref name="bitcoinexchangeguide-218" />

	== About Bitcoin7 ==		== About Bitcoin7 ==
Line 45:		Line 44:
	!Description		!Description
	\|-		\|-
	\|October 1st, 2011 12:00:05 AM		\|October 1st, 2011 12:00:05 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 ==
			This is a another case where simply knowing who's holding the funds and storing them properly offline with multiple signatures would have avoided the issues.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

	== Prevention Policies ==		== Platform Prevention Policies ==
	~~This is a another case where simply knowing who's holding the funds and storing them properly offline with multiple signatures would have avoided the issues.~~		{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

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

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="newsdotbitcoin-7">[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten \| Featured Bitcoin News] (Jan 28, 2020)</ref>		<references><ref name="newsdotbitcoin-7">[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten \| Featured Bitcoin News] (Jan 29, 2020)</ref>

	<ref name="bitcointalklistold-19">[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 <nowiki>List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old]</nowiki>] (Jan 28, 2020)</ref>		<ref name="bitcointalklistold-19">[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 <nowiki>List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old]</nowiki>] (Jan 28, 2020)</ref>

Azoundria at 23:54, 18 February 2023

2023-02-18T23:54:30Z

← Older revision		Revision as of 17:54, 18 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcoin7exchangehackfraud.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcoin7exchangehackfraud.php}}
			{{Unattributed Citations}}

	Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.		Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.

	The country for this case study is not yet known.		The country for this case study is not yet known.
			<ref name="newsdotbitcoin-7" /><ref name="bitcointalklistold-19" /><ref name="99bitcoins-83" /><ref name="kylegibson-86" /><ref name="bitcointalklist-87" /><ref name="bitcoinexchangeguide-218" />

	== About Bitcoin7 ==		== About Bitcoin7 ==
Line 75:		Line 77:

	== References ==		== References ==
	[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten \| Featured Bitcoin News] (Jan 28)		<references><ref name="newsdotbitcoin-7">[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten \| Featured Bitcoin News] (Jan 28, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 <nowiki>List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old]</nowiki>] (Jan 27)		<ref name="bitcointalklistold-19">[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 <nowiki>List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old]</nowiki>] (Jan 28, 2020)</ref>

	[https://99bitcoins.com/the-biggest-scams-in-bitcoin-history/?mod=article_inline The biggest scams in Bitcoin history] (Feb 14)		<ref name="99bitcoins-83">[https://99bitcoins.com/the-biggest-scams-in-bitcoin-history/?mod=article_inline The biggest scams in Bitcoin history] (Feb 15, 2020)</ref>

	[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 24)		<ref name="kylegibson-86">[https://medium.com/@kylegibson/100-crypto-thefts-a-timeline-of-hacks-glitches-exit-scams-and-other-lost-cryptocurrency-873c87fd5522 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents] (Jan 25, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=576337 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses] (Feb 14)		<ref name="bitcointalklist-87">[https://bitcointalk.org/index.php?topic=576337 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses] (Feb 15, 2020)</ref>

	[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 4)		<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref></references>

Azoundria at 17:02, 29 January 2023

2023-01-29T17:02:07Z

← Older revision		Revision as of 11:02, 29 January 2023
Line 23:		Line 23:

	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 44:
	\|-		\|-
	\|October 1st, 2011 12:00:05 AM		\|October 1st, 2011 12:00:05 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 53:

	== Total Amount Lost ==		== Total Amount Lost ==
	$50 000 USD		The total amount lost has been estimated at $50,000 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 68:		Line 64:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~$0 USD~~		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?

Azoundria at 19:14, 20 January 2023

2023-01-20T19:14:53Z

← Older revision		Revision as of 13:14, 20 January 2023
Line 80:		Line 80:
	[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten \| Featured Bitcoin News] (Jan 28)		[https://news.bitcoin.com/bitcoin-exchange-thefts-forgotten/ The Bitcoin Exchange Thefts You May Have Forgotten \| Featured Bitcoin News] (Jan 28)

	[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old]] (Jan 27)		[https://bitcointalk.org/index.php?topic=83794.msg923918#msg923918 <nowiki>List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old]</nowiki>] (Jan 27)

	[https://99bitcoins.com/the-biggest-scams-in-bitcoin-history/?mod=article_inline The biggest scams in Bitcoin history] (Feb 14)		[https://99bitcoins.com/the-biggest-scams-in-bitcoin-history/?mod=article_inline The biggest scams in Bitcoin history] (Feb 14)

Azoundria at 19:14, 20 January 2023

2023-01-20T19:14:36Z

← Older revision		Revision as of 13:14, 20 January 2023
Line 39:		Line 39:
	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.		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"		{\| class="wikitable"
	\|+Key Event Timeline - ~~[Case Name]~~		\|+Key Event Timeline - Bitcoin7 Exchange Hack/Fraud
	!Date		!Date
	!Event		!Event

Azoundria at 18:37, 20 January 2023

2023-01-20T18:37:54Z

← Older revision		Revision as of 12:37, 20 January 2023
Line 1:		Line 1:
	{{Imported Case Study}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcoin7exchangehackfraud.php}}

	Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.		Once again, this is a case where the official story is unverifiable and the identities of the operators are unknown. Sources claim that Bitcoin7 had quite high withdrawal fees, which support the narrative.