Feeds

Bitcoin burglar bags a million bucks

Australian victim says there's no point telling the cops

Boost IT visibility and business value

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. ®

Gartner critical capabilities for enterprise endpoint backup

More from The Register

next story
Microsoft: We plan to CLEAN UP this here Windows Store town
Paid-for apps that provide free downloads? Really
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
e-Borders fiasco: Brits stung for £224m after US IT giant sues UK govt
Defeat to Raytheon branded 'catastrophic result'
Hear ye, young cyber warriors of the realm: GCHQ wants you
Get involved, get a job and then never discuss work ever again
Chinese hackers spied on investigators of Flight MH370 - report
Classified data on flight's disappearance pinched
Microsoft cries UNINSTALL in the wake of Blue Screens of Death™
Cache crash causes contained choloric calamity
prev story

Whitepapers

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.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?