Bitcurex Targeted by Hacking - Revision history

Azoundria: Another 30 minutes. Twitter promotion completed. Review and revise article for better wording. Removed a small amount of inaccurate or unnecessary information.

2024-03-18T19:26:16Z

Another 30 minutes. Twitter promotion completed. Review and revise article for better wording. Removed a small amount of inaccurate or unnecessary information.

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Azoundria at 20:17, 15 March 2024

2024-03-15T20:17:08Z

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Azoundria: Another 30 minutes. Integrated Chris Skinner article. More information integrated from Reddit thread. Better organizing information and updated timeline.

2024-03-14T21:05:45Z

Another 30 minutes. Integrated Chris Skinner article. More information integrated from Reddit thread. Better organizing information and updated timeline.

Show changes

Azoundria: Another 30 minutes. Added information on the future of Bitcurex based on a more recent article from 2017. Updated every section to replace template parts. Integrated Reddit source.

2024-03-13T22:08:22Z

Another 30 minutes. Added information on the future of Bitcurex based on a more recent article from 2017. Updated every section to replace template parts. Integrated Reddit source.

← Older revision		Revision as of 16:08, 13 March 2024
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	{{Case Study Under Construction}}[[File:Bitcurex.jpg\|thumb\|Bitcurex Logo/Homepage]]The Bitcurex platform featured a magical money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered. The exchange continued operation after this hack without revealing what had happened to any customers.		{{Case Study Under Construction}}[[File:Bitcurex.jpg\|thumb\|Bitcurex Logo/Homepage]]The Bitcurex platform featured a magical money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered. The exchange continued operation after this hack without revealing what had happened to any customers.

	~~https://www.reddit.com/r/BitcoinMarkets/comments/20j3iz/daily_discussion_sunday_march_16_2014/~~

	== About Bitcurex ==		== About Bitcurex ==
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	\|Further Polish Explanation		\|Further Polish Explanation
	\|Bitcurex posts an update on Facebook that they have successfully stopped a hacking attack on Bitcurex, preventing significant theft of BTC funds. Most funds in our Hot Wallet, as well as all Cold Wallet and FIAT funds, are safe. Our team has resolved the issue and is working on resuming service. We'll update you on the full restoration date soon. Thank you for your support<ref name=":4">[https://www.facebook.com/Bitcurex/posts/pfbid0iE99r2GCgT2EzG4n5vQWRXqnd8kZLiK7ZvzJEQKb2Yc4ocHtfyNjEDoPryabAdetl Bitcurex - "We managed to thwart a hacker attack on the Bitcurex website, preventing the mass theft of our users' BTC funds. Thanks to automatic security procedures, the hackers managed to embezzle only part of the funds stored on the operational Bitcurex Hot Wallet." - Facebook] (Accessed Feb 27, 2024)</ref>. .		\|Bitcurex posts an update on Facebook that they have successfully stopped a hacking attack on Bitcurex, preventing significant theft of BTC funds. Most funds in our Hot Wallet, as well as all Cold Wallet and FIAT funds, are safe. Our team has resolved the issue and is working on resuming service. We'll update you on the full restoration date soon. Thank you for your support<ref name=":4">[https://www.facebook.com/Bitcurex/posts/pfbid0iE99r2GCgT2EzG4n5vQWRXqnd8kZLiK7ZvzJEQKb2Yc4ocHtfyNjEDoPryabAdetl Bitcurex - "We managed to thwart a hacker attack on the Bitcurex website, preventing the mass theft of our users' BTC funds. Thanks to automatic security procedures, the hackers managed to embezzle only part of the funds stored on the operational Bitcurex Hot Wallet." - Facebook] (Accessed Feb 27, 2024)</ref>. .
			\|-
			\|March 16th, 2014 10:45:05 AM MDT
			\|Reddit Discussion
			\|The current situation and announcements are discussed as part of the "Daily Discussion" on Reddit<ref>[https://www.reddit.com/r/BitcoinMarkets/comments/20j3iz/daily_discussion_sunday_march_16_2014/ <nowiki>[Daily Discussion] Sunday, March 16, 2014 - Reddit</nowiki>] (Accessed Mar 13, 2024)</ref>.
	\|-		\|-
	\|March 14th, 2014 11:08:00 AM MDT		\|March 14th, 2014 11:08:00 AM MDT
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	\|CCN Article On Relaunch		\|CCN Article On Relaunch
	\|CCN reports that the Bitcurex platform has relaunched successfully<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>. Bitcurex has resumed operations following a major hacking attempt that threatened the security of the exchange. After halting trades to investigate the attack, Bitcurex confirmed that a malicious user had attempted to acquire 19,000 BTC through a fraudulent buy order, but the site was swiftly shut down to prevent further damage. In a statement, Bitcurex reassured users that only a portion of funds from the Hot Wallet were affected, with the majority of funds from both the Hot Wallet and the Cold Wallet remaining secure. The exchange pledged to restore normal service and conduct an external audit to ensure future security. True to their word, Bitcurex resumed PLN operations on March 18 and promised to restore EUR operations on March 20. Additionally, they committed to covering hot wallet losses and reset all user passwords for added security. While prices initially dipped upon the exchange's return, they are gradually stabilizing<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>. This swift response to the hacking attempt demonstrates Bitcurex's ability to effectively manage crises and maintain user trust, in contrast to past incidents like Mt. Gox. Further updates can be found on the Bitcurex website and Facebook page<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>.		\|CCN reports that the Bitcurex platform has relaunched successfully<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>. Bitcurex has resumed operations following a major hacking attempt that threatened the security of the exchange. After halting trades to investigate the attack, Bitcurex confirmed that a malicious user had attempted to acquire 19,000 BTC through a fraudulent buy order, but the site was swiftly shut down to prevent further damage. In a statement, Bitcurex reassured users that only a portion of funds from the Hot Wallet were affected, with the majority of funds from both the Hot Wallet and the Cold Wallet remaining secure. The exchange pledged to restore normal service and conduct an external audit to ensure future security. True to their word, Bitcurex resumed PLN operations on March 18 and promised to restore EUR operations on March 20. Additionally, they committed to covering hot wallet losses and reset all user passwords for added security. While prices initially dipped upon the exchange's return, they are gradually stabilizing<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>. This swift response to the hacking attempt demonstrates Bitcurex's ability to effectively manage crises and maintain user trust, in contrast to past incidents like Mt. Gox. Further updates can be found on the Bitcurex website and Facebook page<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>.
			\|-
			\|October 2016
			\|Bitcurez Shuts Down
			\|"In October 2016, the troubled bitcoin exchange shut down its exchange operations after losing 2300 bitcoins (approx. $1.5 million at the time), citing an “external interference in automated data collection and processing of information”. Digital Future, the exchange platform’s operator, claimed to have filed a report with the Łódź district prosecutor’s office of the losses it suffered."<ref name=":8">[https://www.ccn.com/bitcoin-exchange-bitcurexs-shutdown-investigated-polish-prosecutor/ Shutdown of Bitcoin Exchange Bitcurex Under Investigation by Polish Prosecutor - CCN] (Accessed Mar 13, 2023)</ref>
			\|-
			\|November 30th, 2016
			\|Claimed Relaunch Date
			\|"The notice indicated services to resume on or before November 30, 2016. The operator claimed to ink a recapitalization agreement with an investor to resume services and allow users to withdraw funds." The relaunch did not happen as promised<ref name=":8" />.
			\|-
			\|March 16th, 2017 12:35:05 PM MDT
			\|CCN Article On Investigation
			\|CCN reports that the District Prosecutor’s Office in Łódź, Poland, has initiated an investigation into Bitcurex, the country's first bitcoin exchange, which ceased operations in October 2016 after losing 2300 bitcoins<ref name=":8" />. Despite claims of a recapitalization agreement with an investor to resume services, Bitcurex has remained offline, prompting the prosecutor's office to oversee an investigation into the losses suffered by users<ref name=":8" />. This move comes amid Poland's generally favorable stance towards bitcoin and blockchain technology, with the government showing interest in cooperation with the industry for the future of cryptocurrencies<ref name=":8" />.
	\|-		\|-
	\|December 18th, 2017 6:01:07 PM MST		\|December 18th, 2017 6:01:07 PM MST
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	== Technical Details ==		== Technical Details ==
	~~This section includes specific detailed technical analysis~~ of ~~any security breaches which happened~~. ~~What specific software vulnerabilities contributed to the problem and how were they exploited?~~		The attack was able to take a portion of the funds in the Bitcurex hot wallet.

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost has been estimated at $844,000 USD.		The total amount lost has been estimated at $844,000 USD.

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

	== Immediate Reactions ==		== 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?~~		The Bitcurex platform reported and updated users regularly through social media via their Facebook account<ref name=":1" />.

	=== Facebook Announcements Throughout the Process ===		=== Facebook Announcements Throughout the Process ===
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	== Ultimate Outcome ==		== Ultimate Outcome ==
	~~What was~~ the ~~end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?~~		The Bitcurex platform claimed to cover all losses and continued to operate until [[Bitcurex Exchange Hack\|October 2016, when another hack brought down the platform]].

	=== Inclusion/Recognition In Lists ===		=== Inclusion/Recognition In Lists ===
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~There do not appear~~ to ~~have been any funds recovered~~ in ~~this case~~.		The Bitcurex platform continued to operate and claimed that they would fully cover all losses<ref name=":0" />. The platform continued to operate until 2016, when [[Bitcurex Exchange Hack\|another hack ultimately resulted in closure]]<ref name=":8" />.

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

	== Ongoing Developments ==		== Ongoing Developments ==
	~~What parts~~ of ~~this case are still remaining to~~ be ~~concluded?~~		The events around the closure of the Bitcurex platform may be the subject of investigation by Polish authorities<ref name=":8" />.
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:Individuals:Avoid Third Party Custodians}}		{{Prevention:Individuals:Avoid Third Party Custodians}}

Azoundria: COMPLETE Another 30 minutes. Prevention section filled in. Reviewing and tweaking article further. Added CCN article. Added Cyber Defense Magazine. Added CoinDesk article. Added Reddit link.

2024-03-12T18:09:27Z

COMPLETE Another 30 minutes. Prevention section filled in. Reviewing and tweaking article further. Added CCN article. Added Cyber Defense Magazine. Added CoinDesk article. Added Reddit link.

← Older revision		Revision as of 12:09, 12 March 2024
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	{{Case Study Under Construction}}[[File:Bitcurex.jpg\|thumb\|Bitcurex Logo/Homepage]]The Bitcurex platform featured a magical money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered. The exchange continued operation after this hack without revealing what had happened to any customers.		{{Case Study Under Construction}}[[File:Bitcurex.jpg\|thumb\|Bitcurex Logo/Homepage]]The Bitcurex platform featured a magical money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered. The exchange continued operation after this hack without revealing what had happened to any customers.

			https://www.reddit.com/r/BitcoinMarkets/comments/20j3iz/daily_discussion_sunday_march_16_2014/

	== About Bitcurex ==		== About Bitcurex ==
	~~This~~ exchange or platform is based in Poland.		The Bitcurex exchange platform is based in Poland.

	Archive Homepage: <ref name=":0">[https://web.archive.org/web/20140319190430/https://bitcurex.com/en-index.html Bitcurex conducted by Digital Future LLC - Homepage Archive March 19th, 2014 1:04:30 PM MDT] (Accessed Feb 27, 2024)</ref>		Archive Homepage: <ref name=":0">[https://web.archive.org/web/20140319190430/https://bitcurex.com/en-index.html Bitcurex conducted by Digital Future LLC - Homepage Archive March 19th, 2014 1:04:30 PM MDT] (Accessed Feb 27, 2024)</ref>
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	\|March 14th, 2014 4:06:00 AM MDT		\|March 14th, 2014 4:06:00 AM MDT
	\|Announcement Posted In English		\|Announcement Posted In English
	\|Bitcurex posts an announcement in English that they "decided to temporarily shut down ~~our~~ service" due "to an error and ongoing maintenance works"<ref>[https://www.facebook.com/Bitcurex/posts/pfbid0277vBz4L7oKFiogce675JezouNqKQZftWQcrZ3a8vbcMwGqnobi9Pg2muurWfWMhAl?__cft__[0]=AZVAquqpecoPFON2lPE2SZAtjBdvK58Rt6Ew9XtDrA9UI_VkoVdQopwuvAmqzscnvidwmINE0eiH9-qxvwV5L-RIE0lijLSkeRHOe5z7ygGY2MebQ1hdTIni42yEP2WBDUi6s0DBcfMrbWgInK4h1DAJRLg9KppmXqSfOVR_eDBKJcQ3oKL5FU4-N55IPtgI7RKgVJ0RRZl7FZSDb0gA11FZ&__tn__=%2CO%2CP-R Bitcurex - "Due to an error and ongoing maintenance works, we decided to temporarily shut down our service. Further information coming soon." - Facebook] (Accessed Feb 27, 2024)</ref>.		\|Bitcurex posts an announcement in English that they "decided to temporarily shut down [thei]r service" due "to an error and ongoing maintenance works"<ref>[https://www.facebook.com/Bitcurex/posts/pfbid0277vBz4L7oKFiogce675JezouNqKQZftWQcrZ3a8vbcMwGqnobi9Pg2muurWfWMhAl?__cft__[0]=AZVAquqpecoPFON2lPE2SZAtjBdvK58Rt6Ew9XtDrA9UI_VkoVdQopwuvAmqzscnvidwmINE0eiH9-qxvwV5L-RIE0lijLSkeRHOe5z7ygGY2MebQ1hdTIni42yEP2WBDUi6s0DBcfMrbWgInK4h1DAJRLg9KppmXqSfOVR_eDBKJcQ3oKL5FU4-N55IPtgI7RKgVJ0RRZl7FZSDb0gA11FZ&__tn__=%2CO%2CP-R Bitcurex - "Due to an error and ongoing maintenance works, we decided to temporarily shut down our service. Further information coming soon." - Facebook] (Accessed Feb 27, 2024)</ref>.
	\|-		\|-
	\|March 14th, 2014 7:45:00 AM MDT		\|March 14th, 2014 7:45:00 AM MDT
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	\|March 14th, 2014 8:16:20 AM MDT		\|March 14th, 2014 8:16:20 AM MDT
	\|Platform Shutdown Reported		\|Platform Shutdown Reported
	\|NewsBTC reports that the Bitcurex platform had shut down.		\|NewsBTC reports that the Bitcurex platform had shut down<ref name="btcdotcom-7672" />. Bitcurextemporarily halted trading due to issues that initially seemed unrelated to a hack. However, the company later revealed that they had successfully blocked a hacking attempt, which resulted in only a portion of funds stored in the operational Hot Wallet being defrauded<ref name="btcdotcom-7672" />. The majority of funds from the Hot Wallet, as well as all funds from the Cold Wallet and FIAT monetary funds, remained secure<ref name="btcdotcom-7672" />. Although the exact amount lost was not disclosed, Bitcurex assured that it was manageable and only a part of their Hot Wallet was affected. They have since identified and removed the source of the problem but cannot specify when trading will resume. An external audit is currently underway to further investigate the incident, and updates will be provided as more information becomes available<ref name="btcdotcom-7672" />.
	\|-		\|-
	\|March 14th, 2014 8:23:00 AM MDT		\|March 14th, 2014 8:23:00 AM MDT
	\|English Safety Procedures		\|English Safety Procedures
	\|Bitcurex posts an update in English that "funds are secure" and the "current shutdown results from safety procedures"<ref name=":3">[https://www.facebook.com/Bitcurex/posts/pfbid0SrYrdSc9UCzx2wJwY7Y5eYzhriNWPopD8HibMiy4ViZBXc96UtLyPE8TXPZYHD4Rl Bitcurex - "We are working on resuming our service. We would like to inform you that your funds are secure - current shutdown results from safety procedures. We will soon provide you with further, more detailed information." - Facebook] (Accessed Feb 27, 2024)</ref>.		\|Bitcurex posts an update in English that "funds are secure" and the "current shutdown results from safety procedures"<ref name=":3">[https://www.facebook.com/Bitcurex/posts/pfbid0SrYrdSc9UCzx2wJwY7Y5eYzhriNWPopD8HibMiy4ViZBXc96UtLyPE8TXPZYHD4Rl Bitcurex - "We are working on resuming our service. We would like to inform you that your funds are secure - current shutdown results from safety procedures. We will soon provide you with further, more detailed information." - Facebook] (Accessed Feb 27, 2024)</ref>.
			\|-
			\|March 14th, 2014 8:52:40 AM MDT
			\|CoinDesk Article Published
			\|CoinDesk publishes an article reporting on the Bitcurex hack<ref>[https://www.coindesk.com/markets/2014/03/14/polish-bitcoin-exchange-bitcurex-targeted-by-hacking-attack/ Polish Bitcoin Exchange Bitcurex Targeted by Hacking Attack - CoinDesk] (Accessed Mar 12, 2024)</ref>. Poland's leading bitcoin exchange, Bitcurex, faced a temporary shutdown due to a hacking attack targeting funds in users' bitcoin wallets. The exchange announced the site closure on Facebook, attributing it to an "error and ongoing maintenance works." Bitcurex staff emphasized the closure was necessary for IT verification. Despite assurances of optimism from company representatives, the incident stirred concerns among users and cryptocurrency forums. Bitcurex later released a statement confirming the hacking attempt, stating they successfully blocked it but acknowledged a portion of funds from the operational Hot Wallet was compromised. While specific figures regarding the stolen bitcoins were not disclosed, estimates from user accounts and screenshots hinted at significant losses, with offers totaling millions of dollars. This attack came after Bitcurex's efforts to reassure users following the Mt.Gox meltdown, emphasizing their commitment to security. The incident reflects broader challenges faced by cryptocurrency exchanges regarding security vulnerabilities, as evidenced by previous attacks on Poland-based exchanges like Bidextreme.pl. Established in 2012, Bitcurex operates from Łódź, Poland, under Digital Future Ltd.
	\|-		\|-
	\|March 14th, 2014 10:27:00 AM MDT		\|March 14th, 2014 10:27:00 AM MDT
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	\|Progress Update English		\|Progress Update English
	\|An English version of the same update was posted<ref>[https://www.facebook.com/Bitcurex/posts/pfbid02cNiScueVshJrPHYnbWEV7A39qgDD6VRTd2urLanLMcmvSYYbwnbCc5vCtWZZUSLCl Bitcurex - "IT work on our service is almost completed. Internal testing of our modified system is scheduled for this evening, then the final external audit will be conducted. As soon as the audit has finished successfully, we will post an announcement with the exact date of resuming our service and all the necessary details. Thank you once again for your patience and trust - it means a lot to our entire team." - Facebook] (Accessed Feb 27, 2024)</ref>.		\|An English version of the same update was posted<ref>[https://www.facebook.com/Bitcurex/posts/pfbid02cNiScueVshJrPHYnbWEV7A39qgDD6VRTd2urLanLMcmvSYYbwnbCc5vCtWZZUSLCl Bitcurex - "IT work on our service is almost completed. Internal testing of our modified system is scheduled for this evening, then the final external audit will be conducted. As soon as the audit has finished successfully, we will post an announcement with the exact date of resuming our service and all the necessary details. Thank you once again for your patience and trust - it means a lot to our entire team." - Facebook] (Accessed Feb 27, 2024)</ref>.
			\|-
			\|March 17th, 2014 11:40:42 PM MDT
			\|CCN Article On Relaunch
			\|CCN reports that the Bitcurex platform has relaunched successfully<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>. Bitcurex has resumed operations following a major hacking attempt that threatened the security of the exchange. After halting trades to investigate the attack, Bitcurex confirmed that a malicious user had attempted to acquire 19,000 BTC through a fraudulent buy order, but the site was swiftly shut down to prevent further damage. In a statement, Bitcurex reassured users that only a portion of funds from the Hot Wallet were affected, with the majority of funds from both the Hot Wallet and the Cold Wallet remaining secure. The exchange pledged to restore normal service and conduct an external audit to ensure future security. True to their word, Bitcurex resumed PLN operations on March 18 and promised to restore EUR operations on March 20. Additionally, they committed to covering hot wallet losses and reset all user passwords for added security. While prices initially dipped upon the exchange's return, they are gradually stabilizing<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>. This swift response to the hacking attempt demonstrates Bitcurex's ability to effectively manage crises and maintain user trust, in contrast to past incidents like Mt. Gox. Further updates can be found on the Bitcurex website and Facebook page<ref name=":6">[https://www.ccn.com/breaking-promised-bitcurex-resumes-operations-tuesday/ BREAKING: As Promised, Bitcurex Resumes Operations on Tuesday - CCN] (Accessed Mar 12, 2024)</ref>.
			\|-
			\|December 18th, 2017 6:01:07 PM MST
			\|Cyber Defense Magazine
			\|The incident is included in a list compiled by the Cyber Defense Magazine<ref name=":7">[https://www.cyberdefensemagazine.com/bitcoin-blockchain-and-breaches/ Bitcoin, BlockChain and Breaches - Cyber Defense Magazine] (Accessed Mar 12, 2024)</ref>.
	\|}		\|}

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

			=== Inclusion/Recognition In Lists ===
			The incident is included in a list compiled by the Cyber Defense Magazine<ref name=":7" />.

	== Total Amount Recovered ==		== Total Amount Recovered ==
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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?
	~~== General Prevention Policies ==~~
	~~Coming soon.~~
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:Individuals:~~Placeholder~~}}		{{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:Regular Audit Procedures}}

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

			{{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 17:36, 12 March 2024

2024-03-12T17:36:37Z

← Older revision		Revision as of 11:36, 12 March 2024
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	{{Case Study Under Construction}}[[File:Bitcurex.jpg\|thumb\|Bitcurex Logo/Homepage]]The Bitcurex platform featured a magical money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered ~~(very quickly)~~. The exchange continued operation after this hack without revealing what had happened.		{{Case Study Under Construction}}[[File:Bitcurex.jpg\|thumb\|Bitcurex Logo/Homepage]]The Bitcurex platform featured a magical money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered. The exchange continued operation after this hack without revealing what had happened to any customers.

	== About Bitcurex ==		== About Bitcurex ==
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	== The Reality ==		== The Reality ==
	~~This sections~~ is ~~included if~~ a ~~case involved deception or information that was unknown at the time. Examples include:~~		There is limited motivation and significant risk for a platform to disclose a breach. The likely outcome of such a disclosure is that customers will panic and large-scale withdrawals will ensue.

	* 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 ==		== What Happened ==

Azoundria: COMPLETED Another 30 minutes. About section spread around. Started reviewing and integrating information from many more sources including the Facebook post timeline.

2024-02-27T21:42:36Z

COMPLETED Another 30 minutes. About section spread around. Started reviewing and integrating information from many more sources including the Facebook post timeline.

Show changes

Azoundria at 23:57, 2 May 2023

2023-05-02T23:57:03Z

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

	[[File:Bitcurex.jpg\|thumb\|Bitcurex]]It would appear that there was a wonderful money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered (very quickly), although the company did not reveal the magnitude of the hack. The exchange continued operation after this hack with no customer losses. This highlights of course the need to insure hot wallets.		[[File:Bitcurex.jpg\|thumb\|Bitcurex]]It would appear that there was a wonderful money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered (very quickly), although the company did not reveal the magnitude of the hack. The exchange continued operation after this hack with no customer losses. This highlights of course the need to insure hot wallets.

	This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.		This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.<ref name="btcdotcom-7672" />
	<ref name="btcdotcom-7672" />

	== About Bitcurex ==		== About Bitcurex ==
Line 45:		Line 44:
	!Description		!Description
	\|-		\|-
	\|March 1st, 2014 12:00:31 AM		\|March 1st, 2014 12:00:31 AM MST
	\|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 53:		Line 52:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
Line 72:		Line 74:
	== 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}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

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

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Coming soon.~~

	== References ==		== References ==
	<references><ref name="btcdotcom-7672">[https://www.newsbtc.com/news/bitcurex-issues-follow-statement-hack-attempt-halted-trading/ Bitcurex Issues-Up Statement Hack Attempt That Halted Trading] (May 8, 2022)</ref></references>		<references><ref name="btcdotcom-7672">[https://www.newsbtc.com/news/bitcurex-issues-follow-statement-hack-attempt-halted-trading/ Bitcurex Issues-Up Statement Hack Attempt That Halted Trading] (May 8, 2022)</ref></references>

Azoundria at 00:48, 16 February 2023

2023-02-16T00:48:57Z

← Older revision		Revision as of 18:48, 15 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcurextargetedbyhacking.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcurextargetedbyhacking.php}}
			{{Unattributed Citations}}

	[[File:Bitcurex.jpg\|thumb\|Bitcurex]]~~Bitcurex was an exchange which had a vulnerability allowing balances to be adjusted.~~		[[File:Bitcurex.jpg\|thumb\|Bitcurex]]It would appear that there was a wonderful money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered (very quickly), although the company did not reveal the magnitude of the hack. The exchange continued operation after this hack with no customer losses. This highlights of course the need to insure hot wallets.

	It would appear that there was a wonderful money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered (very quickly), although the company did not reveal the magnitude of the hack. The exchange continued operation after this hack with no customer losses. This highlights of course the need to insure hot wallets.

	This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.		This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.
			<ref name="btcdotcom-7672" />

	== About Bitcurex ==		== About Bitcurex ==
Line 25:		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 47:		Line 46:
	\|-		\|-
	\|March 1st, 2014 12:00:31 AM		\|March 1st, 2014 12:00:31 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 60:		Line 55:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $844,000 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 71:		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 82:		Line 77:

	== References ==		== References ==
	[https://www.newsbtc.com/news/bitcurex-issues-follow-statement-hack-attempt-halted-trading/ Bitcurex Issues-Up Statement Hack Attempt That Halted Trading] (May 8)		<references><ref name="btcdotcom-7672">[https://www.newsbtc.com/news/bitcurex-issues-follow-statement-hack-attempt-halted-trading/ Bitcurex Issues-Up Statement Hack Attempt That Halted Trading] (May 8, 2022)</ref></references>

Azoundria: To make image show up.

2023-01-22T18:33:55Z

To make image show up.

← Older revision		Revision as of 12:33, 22 January 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcurextargetedbyhacking.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitcurextargetedbyhacking.php}}

	[[File:Bitcurex.jpg\|thumb\|Bitcurex]]It would appear that there was a wonderful money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered (very quickly), although the company did not reveal the magnitude of the hack. The exchange continued operation after this hack with no customer losses. This highlights of course the need to insure hot wallets.		[[File:Bitcurex.jpg\|thumb\|Bitcurex]]Bitcurex was an exchange which had a vulnerability allowing balances to be adjusted.

			It would appear that there was a wonderful money duplication “feature”. The hacker used their “magic money” to purchase all the bitcoin on the platform. It appears they managed to make off with 1,323 bitcoin before the issue was discovered (very quickly), although the company did not reveal the magnitude of the hack. The exchange continued operation after this hack with no customer losses. This highlights of course the need to insure hot wallets.

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