Czech Bitcash.cz Hacked: Difference between revisions
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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/czechbitcashczhacked.php}} | {{Imported Case Study 2|source=https://www.quadrigainitiative.com/casestudy/czechbitcashczhacked.php}} | ||
{{Unattributed | {{Unattributed Sources}} | ||
It would appear that this is a simple case where cold storage was not utilized at all. Instead, all of the funds were likely stored in a hot wallet, and this hot wallet was breached. From what I have read, the owner appears to have been doing his best to run a legitimate business operation, and simply lacked the education and technical know-how to properly secure the funds, nor the foresight to establish a contingency plan. | It would appear that this is a simple case where cold storage was not utilized at all. Instead, all of the funds were likely stored in a hot wallet, and this hot wallet was breached. From what I have read, the owner appears to have been doing his best to run a legitimate business operation, and simply lacked the education and technical know-how to properly secure the funds, nor the foresight to establish a contingency plan. | ||
This exchange or platform is based in Czech Republic, or the incident targeted people primarily in Czech Republic. | This exchange or platform is based in Czech Republic, or the incident targeted people primarily in Czech Republic.<ref name="reddit-76" /><ref name="esecurityplanet-77" /><ref name="bitcoinwiki-78" /><ref name="cointelegraph-79" /><ref name="bitcointalk-80" /><ref name="bitcointalklist-87" /> | ||
<ref name="reddit-76" /><ref name="esecurityplanet-77" /><ref name="bitcoinwiki-78" /><ref name="cointelegraph-79" /><ref name="bitcointalk-80" /><ref name="bitcointalklist-87" /> | |||
== About Bitcash.cz == | == About Bitcash.cz == | ||
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!Description | !Description | ||
|- | |- | ||
|November 1st, 2013 12:00:24 AM | |November 1st, 2013 12:00:24 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 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:Regulators:End}} | |||
== References == | == References == | ||
<references><ref name="reddit-76">[https://www.reddit.com/r/Bitcoin/comments/1qjv4u/bitcashcz_exchanged_hacked_4000_btc_stolen/ Bitcash.cz exchanged hacked. 4000 BTC stolen. : Bitcoin] (Feb | <references><ref name="reddit-76">[https://www.reddit.com/r/Bitcoin/comments/1qjv4u/bitcashcz_exchanged_hacked_4000_btc_stolen/ Bitcash.cz exchanged hacked. 4000 BTC stolen. : Bitcoin] (Accessed Feb 15, 2020)</ref> | ||
<ref name="esecurityplanet-77">[https://www.esecurityplanet.com/network-security/czech-bitcoin-exchange-bitcash.cz-hacked.html Czech Bitcoin Exchange Bitcash.cz Hacked] (Feb | <ref name="esecurityplanet-77">[https://www.esecurityplanet.com/network-security/czech-bitcoin-exchange-bitcash.cz-hacked.html Czech Bitcoin Exchange Bitcash.cz Hacked] (Accessed Feb 15, 2020)</ref> | ||
<ref name="bitcoinwiki-78">[https://en.bitcoin.it/wiki/Bitcash.cz Bitcash.cz - Bitcoin Wiki] (Feb | <ref name="bitcoinwiki-78">[https://en.bitcoin.it/wiki/Bitcash.cz Bitcash.cz - Bitcoin Wiki] (Accessed Feb 15, 2020)</ref> | ||
<ref name="cointelegraph-79">[https://cointelegraph.com/news/hackers_attacked_czech_bitcoin_exchange_and_emptied_users_wallets Hackers attacked Czech bitcoin exchange and emptied users' wallets] (Feb | <ref name="cointelegraph-79">[https://cointelegraph.com/news/hackers_attacked_czech_bitcoin_exchange_and_emptied_users_wallets Hackers attacked Czech bitcoin exchange and emptied users' wallets] (Accessed Feb 15, 2020)</ref> | ||
<ref name="bitcointalk-80">[https://bitcointalk.org/index.php?topic=331725.0 Bitcash.cz hacked] (Feb | <ref name="bitcointalk-80">[https://bitcointalk.org/index.php?topic=331725.0 Bitcash.cz hacked] (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] (Feb 15, 2020)</ref></references> | <ref name="bitcointalklist-87">[https://bitcointalk.org/index.php?topic=576337 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses] (Accessed Feb 15, 2020)</ref></references> | ||
Latest revision as of 13:14, 14 March 2025
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It would appear that this is a simple case where cold storage was not utilized at all. Instead, all of the funds were likely stored in a hot wallet, and this hot wallet was breached. From what I have read, the owner appears to have been doing his best to run a legitimate business operation, and simply lacked the education and technical know-how to properly secure the funds, nor the foresight to establish a contingency plan.
This exchange or platform is based in Czech Republic, or the incident targeted people primarily in Czech Republic.[1][2][3][4][5][6]
About Bitcash.cz
“According to Czech news site E15.cz, some 4,000 bitcoin wallets had been opened with Bitcash.cz, with a total value of over 2 million Czech koruna (roughly equivalent to $100,000).” “according to site owner Karel Minx, the entire balance of Bitcoins, including all users' wallets, the "coin vault" and the "escrow sub-account," was emptied (h/t Softpedia).”
This exchange or platform is based in Czech Republic, or the incident targeted people primarily in Czech Republic.
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.
| Date | Event | Description |
|---|---|---|
| November 1st, 2013 12:00:24 AM MDT | Main Event | Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. |
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
The total amount lost has been estimated at $200,000 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
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
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?
Ongoing Developments
What parts of this case are still remaining to be concluded?
General Prevention Policies
Coming soon.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ Bitcash.cz exchanged hacked. 4000 BTC stolen. : Bitcoin (Accessed Feb 15, 2020)
- ↑ Czech Bitcoin Exchange Bitcash.cz Hacked (Accessed Feb 15, 2020)
- ↑ Bitcash.cz - Bitcoin Wiki (Accessed Feb 15, 2020)
- ↑ Hackers attacked Czech bitcoin exchange and emptied users' wallets (Accessed Feb 15, 2020)
- ↑ Bitcash.cz hacked (Accessed Feb 15, 2020)
- ↑ List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses (Accessed Feb 15, 2020)