Feeds

Bitcoin burglar bags a million bucks

Australian victim says there's no point telling the cops

Build a business case: developing custom apps

An Australia developer who goes by the name of “Trade Fortress” alleges a million dollars worth of Bitcoin has been stolen from his virtual wallet.

Trade Fortress made the allegation to ABC Radio, which reports he's “over 18 but not much over” and doesn't know the whereabouts of the 4100 bitcoin. With Bitcoin exchanges currently offering $US290 or more per coin, that's $US1,189,000 ($AUD1.25m or £738,000).

Trade Fortress has since told Fairfax Media the server at inputs.io, a Bitcoin depository, was breached. That site now offers only a "sorry" notice advising depositors their Bitcoin are gone.

Beyond greed, Bitcoin forums offer other motives for the heist. Posters to this thread and this thread, too accuse an entity called Trade Fortress of failing to deliver agreed-upon development work to their satisfaction and failing to provide refunds. The same forums' profile for Trade Fortress offers coinlenders.com as the user's website. The site offers to loan Bitcoins but charges one per cent of the loan per day for overdue payments. The site's WhoIs information has been anonymised.

The Reg has no idea if the Trade Fortress complained about in the threads we've linked to and the person who spoke to ABC Radio and Fairfax are one and the same and does not suggest they are. But if the same person is behind the name, it's not hard to see why they may have been targeted: usurous money-lenders who don't perform well on contracting jobs or offer refunds aren't the most popular people on the planet!

Trade Fortress denies he pinched the coins himself and says he doesn't see the point in telling Australia's authorities about the heist as he feels Bitcoin's anonymity provisions mean it will be impossible to track the culprit. ®

The essential guide to IT transformation

More from The Register

next story
Rupert Murdoch says Google is worse than the NSA
Mr Burns vs. The Chocolate Factory, round three!
Microsoft cries UNINSTALL in the wake of Blue Screens of Death™
Cache crash causes contained choloric calamity
Know what Ferguson city needs right now? It's not Anonymous doxing random people
U-turn on vow to identify killer cop after fingering wrong bloke
Germany 'accidentally' snooped on John Kerry and Hillary Clinton
Dragnet surveillance picks up EVERYTHING, USA, m'kay?
Snowden on NSA's MonsterMind TERROR: It may trigger cyberwar
Plus: Syria's internet going down? That was a US cock-up
Who needs hackers? 'Password1' opens a third of all biz doors
GPU-powered pen test yields more bad news about defences and passwords
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
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.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.