- Token Economy
Victim: BIPS, passed on to creditors
Transaction of interest: ec01b909b6522e005071e694e3d865056189faff1be516c5e95812720b8cf585 Statement by BitcoinTalk user and BIPS operator “Kris”.
Amount: Exactly 1295.00000000 BTC Blockchain. (This information was obtained directly from the Bitcoin blockchain by looking up the transaction or transactions listed in the entry.)
Equivalent in USD: 660959 $
Equivalent in January 2014 BTC: 808 BTC
The then up-and-coming payment processor BIPS suffered a major breach in mid-November 2013, a month that saw numerous other companies shut down due to hacks. BIPS refused to refund creditors, justifying the loss as inevitable for a web wallet. BIPS made an attempt to continue business despite the hack.