An instant news became viral recently recently from sources of an internet enterprise working in collaboration with Bitcoins that hackers have handed over amount worth $12,480 from the Bitcoins through hacking technique called Social Engineering. Well the amount stolen isn't that much big in numbers but the threat of being attacked and looted again is a matter of concern for many worldwide and that's the story of concern and a question mark over security of the transactions carried out through Bitcoins. The way hackers satisfied the registrar of the victim website was amazingly structured through social engineering technique for domain Site5, they interacted with the team of management, they answered positively for owners birthplace and the maiden name of owners mother and the managing team handed over the site.
Bitinstant is the company that was attacked and amount of $12,480 was looted by hackers. The website was down for the day incident of hack attack occurred. The details used by the hackers are not hard to be found in other words easily approachable if one who needs is a hacker. The next step taken by hackers was to change the credentials of the user account at a VirWox, a Bitcoin exchange outlet. In the final step they got all the money from users account by acquiring access of user's Bitinstant Email.Bitinstant is the company that was attacked and amount of $12,480 was looted by hackers. The website was down for the day incident of hack attack occurred. The details used by the hackers are not hard to be found in other words easily approachable if one who needs is a hacker. The next step taken by hackers was to change the credentials of the user account at a VirWox, a Bitcoin exchange outlet. In the final step they got all the money from users account by acquiring access of user's Bitinstant Email
Well from the sources of Bitinstant, they use a number of Bitcoin exchanges but the fact why hackers selected VirWox for their hack due to the reason that it was easy to bypass it with username and password, they had changed these credentials just before the attack. Bitinstant's exchange service VirWox has Autolock Down features, Yubikeys, Multi-Factor Authentication and other necessary security steps to insure safe entrance to the site database. Despite these factors, VirWox had offered and applied its own version describing its extensive security procedures and authentication checks but they were not accepted to be applied by Bitinstant side.
The upcoming times will tell if the Bitinstant is successful in recovering from the hard times they had ever faced, though it is for the sack of Bitinstant's reputation. For now winners are Hackers.
VPN can help
The need of security tools like to buy VPN services becomes more vital after Such incident of hack attack take place anywhere in the world. The popular VPN services like Hotspot, PureVPN, StrongVPN or any other secure vpn have been offering extensive security protocols preventing such attacks and identity theft incidents.
A Guest post By, Jack alvano
Jack Alvano is a VPN4ALL fan and loves to explore internet technology advancements. He also writes for Australia VPN and Anonymous VPN Service reviews.
