Blockchain.info to Reimburse Users Lost Bitcoins: "We Admit We Are at Fault"

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.info has announced via Twitter that it will be reimbursing users for funds lost in a recent spate of security breaches:

@pete_dushenski We admit we are at fault. We will be working w/affected users to reimburse those whose funds were misplaced. — Blockchain (@blockchain) December 9, 2014

Many in the community lauded the company for taking this step, although some still expressed concern over the effectiveness of their security measures.

A couple of weeks ago, users started reporting that their accounts had been hacked and bitcoins had been withdrawn. Apparently, hackers managed to mount successful attacks on several fronts through Phishing Phishing Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Read this Term and exploiting vulnerabilities in the Tor network.

Blockchain.info also informed its user base yesterday that during a scheduled software update, part of the software ensuring the security of private key generation was adversely affected for a 2.5-hour window. They added, "The issue was detected quickly and immediately resolved. In total, this issue affected less than 0.0002% of our user base and was limited to a few hundred addresses." Several commenters responded, claiming to have incurred losses as a result.