Saturday, October 25, 2014   

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

   
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