Post
Topic
Board Bitcoin Discussion
Re: [Emergency ANN] Bitcoinica site is taken offline for security investigation
by
muyuu
on 12/05/2012, 13:35:19 UTC
I don't get it. Not so long ago Bitcoinica lost 40k BTC due to Linode hack, and they could afford to fully reimburse the amount and continue normal site operations. Now they've lost "only" less than half of it, and they're closing down? What did change in the meantime?

Last word from Zhoutong is that they'll pony up.

- Likely we will either shut down the platform or re-develop entirely (which will take months instead of days).

Why would you need to re-develop for a compromised email server?

Maybe to use P2SH, Armory cold storage or some other secure means of transaction/storage from the ground up.

A good idea IMO, but if they don't reimburse users I don't think anyone would want to make business with them again. Trust is above tech in this business.

We will reimburse everyone in full. Bitcoinica is a limited partnership, not a teenager's experimental project.

Does that include BTC or is it just US$ as you seemed to imply before?

Everything. We will purchase BTC to return the funds if we don't have enough reserve.