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Bitstarz (originally referred to as Bitstar at launch) was one of many first bitcoin casinos and developed a giant following as slots fans sought to check out the new crypto gaming experience.
On February thirtieth the site made a shocking announcement by shutting down, saying “We is not going to be coming again to the on line casino scene anytime soon”. After this announcement and another one on June 2nd the community was left puzzled by the sudden shutdown.
On June 4th, 2015, Bitstamp introduced that it might be accepting Bitcoin for bank deposits inside the first 12 months and that it might enable users to buy bitcoins with fiat money deposits on the platform.
After the official announcement, Bitstamp turned one of the high 5 main Bitcoin currency exchangers in the world and had a gradual stream of recent clients.
CoinHolic analysed Bitstamp’s person stats and checked out what went incorrect for the Bitstamp community. The most crucial issues included the site’s security and a lack of selling and social media technique.
To find out what went incorrect at Bitstamp’s end, we analyzed Bitstamp person knowledge and found that the location was hacked. Based on the evaluation it’s clear that Bitstamp and some other Bitcoin on line casino didn’t have the safety of a financial institution.
Bitstamp and safety
According to Bitstamp’s person statistics (since July 12, 2014), a complete of 5.3% (a whole of 634,851 distinctive users) logged in using a consumer name and password. That was a poor password security rating.
Most hackers prefer to make use of social media accounts, which might present a excessive diploma of anonymity. Hackers on social media like Facebook and Twitter don’t need to use the identical username to log in as their victim. As a end result, hackers can create pretend social media accounts and start a new account underneath a new username.
By trying on the data, it can be concluded that virtually all Bitstamp prospects got here to the positioning using considered one of these names and passwords.
However, it could be very important notice that as of December 2015, Bitstamp was essentially the most visited web site on CyberGhost, which is a Russian web site that provides cyber security software to cybercriminals. In fact, Bitstamp’s security score was slightly low on CyberGhost’s website (1.6/10) – which means CyberGhost didn’t rating a single point.
For this purpose, the hack of Bitstamp was probably the work of a Russian hacker. However, cybercriminals don’t always prefer to use Russian based services, so Bitstamp may need been an option.
Hacking attack: the
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