The Bitcoin Covenant — Defense Against Bitcoin Theft !

Don’t we all remember Mt Gox, the Pompeii of bitcoin which almost burnt the cryptocurrency to ground? For those who don’t, Mt Gox was a Japanese Bitcoin Exchange which held the distinction of being the largest exchange in 2013. The exchange later shut down claiming its bitcoin reserves were stolen by hackers. Investigators are still trying to figure out what happened to 650000 of the 850000 bitcoins that were allegedly stolen from the exchange.

There have been multiple reports of bitcoin stolen from wallets and vaults of various bitcoin exchanges and wallet providers since the Mt Gox fiasco. Bitcoin has been a currency of interest for many hackers for multiple reasons. The digital currency is not easy to track due to its pseudonymous nature. Even though transactions are recorded in real-time on the blockchain, associating a wallet address to its owner’s real identity takes a lot of time and resources. It can be made even harder by using the right proxy and VPN services.

In addition, bitcoin transactions once executed can’t be reversed unless the recipient manually authorizes the transaction from his wallet. So, once the hacker transfers the bitcoin from his victim’s wallet, there is no way for the victim

Read more ... source: TheBitcoinNews

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