Picostocks “Cold Wallet” Hack: Difference between revisions
(Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/picostockscoldwallethack.php}} Amazingly, this service (not quite an exchange but more a tool to invest in ICOs) is still operating despite this hack back in 2012. The obvious problem at the time is that their cold wallets weren’t actually cold wallets and were definitely not secure storage. This exchange or platform is based in Marshall Islands, or the incident targeted people primarily in Mar...") |
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== About Picostocks == | == About Picostocks == | ||
Picostocks is a centralized exchange based in Marshall Islands, which was launched on December 24th, 2012<ref name="coinmarketcap" />. | |||
"There is no sign of an intrusion into the systems. Both wallets were located on different computers. We suspect that these have been copied by people who had access to the system in the past and decrypted." | "There is no sign of an intrusion into the systems. Both wallets were located on different computers. We suspect that these have been copied by people who had access to the system in the past and decrypted." | ||
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!Event | !Event | ||
!Description | !Description | ||
|- | |||
|December 24th, 2012 | |||
|Picostocks Launches | |||
|The centralized exchange service Picostocks launches, based in the Marshall Islands<ref name="coinmarketcap" />. | |||
|- | |- | ||
|November 1st, 2013 12:00:22 AM | |November 1st, 2013 12:00:22 AM | ||
|First Event | |First Event | ||
| | |The breach occured<ref name="kylegibson" /><ref name="bitcointalklist" /><ref name="bitcoinexchangeguide" />. | ||
|- | |- | ||
| | | | ||
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== Ultimate Outcome == | == Ultimate Outcome == | ||
Picostocks appears to still be operating as of February 8th, 2023. | |||
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? | ||
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== References == | == References == | ||
[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) | <references> | ||
<ref name="kylegibson">[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> | |||
[https://bitcointalk.org/index.php?topic=576337 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses] (Feb 14) | <ref name="bitcointalklist">[https://bitcointalk.org/index.php?topic=576337 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses] (Feb 14)</ref> | ||
<ref name="bitcoinexchangeguide"> | |||
[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 4) | [https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 4)</ref> | ||
<ref name="coinmarketcap">[https://coinmarketcap.com/exchanges/picostocks/ Picostocks Trading Volume - CoinMarketCap] (Feb 8, 2023)</ref> | |||
</references> | |||
Revision as of 11:17, 8 February 2023
Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' section to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
Amazingly, this service (not quite an exchange but more a tool to invest in ICOs) is still operating despite this hack back in 2012. The obvious problem at the time is that their cold wallets weren’t actually cold wallets and were definitely not secure storage.
This exchange or platform is based in Marshall Islands, or the incident targeted people primarily in Marshall Islands.
About Picostocks
Picostocks is a centralized exchange based in Marshall Islands, which was launched on December 24th, 2012[1].
"There is no sign of an intrusion into the systems. Both wallets were located on different computers. We suspect that these have been copied by people who had access to the system in the past and decrypted."
This exchange or platform is based in Marshall Islands, or the incident targeted people primarily in Marshall Islands.
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 |
|---|---|---|
| December 24th, 2012 | Picostocks Launches | The centralized exchange service Picostocks launches, based in the Marshall Islands[1]. |
| November 1st, 2013 12:00:22 AM | First Event | The breach occured[2][3][4]. |
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
Picostocks appears to still be operating as of February 8th, 2023.
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
- ↑ 1.0 1.1 Picostocks Trading Volume - CoinMarketCap (Feb 8, 2023)
- ↑ 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents (Jan 24)
- ↑ List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses (Feb 14)
- ↑ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com (Mar 4)