Hackers successfully stole more than 4,100 BTC, or $1.18 million, from users of the bitcoin web wallet Inputs.io last month, Finextra reported on November 8.
Tradefortress, the wallet’s developer, stated that hackers bypassed the company’s two-factor authentication protection to complete two successful attacks. The company further indicated that it does not have the money to cover the loss.
The revelation underpins concerns about bitcoin’s longevity that have been raised by commentators. For more on why bitcoin’s black market may be its downfall, read “Bitcoin Is A Remarkable Innovation, Here’s Why It Will Fail” here.
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