Wednesday, October 14, 2015   

Canada bitcoin bank claims to lose US$600,000
(03-05 10:06)

A Canada-based bank specializing in bitcoins says it has closed after computer hackers stole its digital currency.
The closure of the Flexcoin bank comes just a week after the collapse of Mt. Gox, a major bitcoin exchange in Tokyo. Mt. Gox also claimed its demise was due to an electronic heist.
The twin failures of Mt. Gox and Flexcoin will likely raise more doubts about bitcoin's ability to establish itself as an alternative currency.
In a notice Tuesday, Flexcoin says 896 bitcoins were stolen from its online vault. That translates into a loss of about US$600,000, based on bitcoin's current trading value.
Unlike banks dealing in government-backed currencies, Flexcoin's losses aren't covered by deposit insurance. The Alberta, Canada, bank says it can't recover from the setback.
Flexcoin says bitcoins stored offline remain secure. –AP

Other Business breaking news:
Ernst & Young in the crosshairs for fraudster Madoff’s scam (10-13 18:57)
German investor confidence takes a beating (10-13 17:40)
Hang Seng drops, Shanghai climbs (10-13 16:31)
London stocks lower after China data (10-13 16:18)
HK, China stocks fall (10-13 13:17)
China exports and imports weaken further (10-13 12:16)
Dell in US$67b deal to buy EMC (10-12 20:29)
Ford plows US$1.8b into China to develop advanced auto technologies (10-12 19:53)
Glencore to offload copper mines in Australia and Chile (10-12 18:38)
Ex-banker Falciani who lifted lid on HSBC Swiss unit tax dodger accounts, skips trial (10-12 18:20)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.