Early Bitcoin Adopter Calls for Multi-Sig Solutions After 750 BTC Theft
An early bitcoin adopter has made a plea for bitcoin consumers to migrate to more secure bitcoin storage systems after having 750 BTC (about $280,000 at press time) stolen from him while on vacation.
Bitcoin entrepreneur Leo Treasure told CoinDesk his misfortune should serve as a cautionary tale for everyone. Whether they store bitcoins online, on hard drives or in cold storage, he implored users to switch to more secure multi-signature (‘multi-sig’) wallets as soon as possible.
Though he holds little hope of ever recovering his bitcoins and isn’t expecting the authorities to help, he is following the lead of others who have suffered bitcoin-related crimes and promising 50% of the stolen amount as a reward to anyone who can help recover it.
Mysterious transaction Treasure, a former computer science student and bitcoin entrepreneur from Perth, Australia, told CoinDesk he was traveling in Bali and didn’t think connecting to public Wi-Fi could be a security issue as his bitcoins were stored locally.
Upon reading about the ‘Bash Bug’, he checked one of his bitcoin addresses on the block chain and noticed an unfamiliar transaction.
Once he synchronized the Bitcoin-Qt client on his MacBook, the ‘sent’ records confirmed the worst. A series of transactions leading to unfamiliar addresses had occurred from his wallet.
This post was published at Coin Desk on September 30, 2014.