Feeds

EFF backs away from Bitcoin

As the Mt Gox outage drags on

The Power of One eBook: Top reasons to choose HP BladeSystem

The Electronic Frontiers Foundation in the US has decided it will no longer accept donations via Bitcoin.

While not itself a member of Bitcoin, the organization had been accepting donations via the currency through an account set up by an anonymous third party. However, only coincidentally following the Bitcoin Mt Gox hack-and-crash, the EFF has reversed its stance.

It cited questions about the legal standing of the crypto-currency with relation to “securities law, the Stamp Payments Act, tax evasion, consumer protection and money laundering”. Further, it was concerned that its acceptance of Bitcoins – through an account it did not establish – was being touted as EFF endorsement.

Mt Gox, meanwhile, has blamed its security woes on an unnamed third party, stating that “someone” who performs audits on its system, and had read-only access to their database, had their system compromised.

The exchange re-opening, well beyond Mt Gox’s original schedule, will now not happen until after users have been given the chance to recover their accounts to pre-attack states.

Account holders will have to provide proofs like transaction records or (this is a peach) “notarized documentation”. The exchange won’t open at least until 24 hours after Mt Gox has decided users have had long enough to recover their accounts.

The organization has also posted to the Bitcoin forums claiming that the attack on its systems is a “force majure” event, giving it the right to reverse the trades. The Mt Gox site is currently dropping connections, so El Reg can’t tell you what the organisation’s terms and conditions have to say about force majure. ®

The Power of One eBook: Top reasons to choose HP BladeSystem

More from The Register

next story
HIDDEN packet sniffer spy tech in MILLIONS of iPhones, iPads – expert
Don't panic though – Apple's backdoor is not wide open to all, guru tells us
Mozilla fixes CRITICAL security holes in Firefox, urges v31 upgrade
Misc memory hazards 'could be exploited' - and guess what, one's a Javascript vuln
BMW's ConnectedDrive falls over, bosses blame upgrade snafu
Traffic flows up 20% as motorway middle lanes miraculously unclog
LibreSSL RNG bug fix: What's all the forking fuss about, ask devs
Blow to bit-spitter 'tis but a flesh wound, claim team
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
Yorkshire cops fail to grasp principle behind BT Fon Wi-Fi network
'Prevent people that are passing by to hook up to your network', pleads plod
Don't look, Snowden: Security biz chases Tails with zero-day flaws alert
Exodus vows not to sell secrets of whistleblower's favorite OS
Researcher sat on critical IE bugs for THREE YEARS
VUPEN waited for Pwn2Own cash while IE's sandbox leaked
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.