Another Bitcoin Controversy: Flexcoin Loses 0.44 Million Euro

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Another controversy surrounding Bitcoin represents Flexcoin shutdown. Flexcoin discloses yet another Bitcoin exploit concerning the software code. According to the official personnel, hackers somehow managed to maneuver Bitcoin software code exploit which turned out in making them a profit of €0.44 Million Euro.

Flexcoin couldn’t cope up with the losses encountered and declared a complete shut down after the incident. Flexcoin stated that the hackers took advantage of a flaw in Bitcoin code. They manipulated the loophole in a way that it enabled them to send simultaneous Bitcoin transfer requests.

When inquired about the security measures adopted, Flexcoin stated that they took every possible step to ensure optimal security with respect to the Bitcoin operations. However, despite of rigid security measures implemented, the hackers successfully maneuvered the exploit and Flexcoin had to suffer the losses eventually.

We have successfully stopped countless hacking assaults in the past; but, the hackers, they just kept coming, Flexcoin continued. Flexcoin has been trying hard to track the culpable. However, even with all the support of concerned law enforcement agencies, finding those responsible for the incident is like finding a needle in the haystack.

This is one of many Bitcoin controversies acknowledged lately. It can be deduced that the hackers somehow manage to manipulate Bitcoin exploits and use them to satisfy their monetary motives. Hence, either the hackers are becoming ridiculously smart or Bitcoin exploits are just too much to cope with.

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Arsalan Jabbar

Arsalan Jabbar

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Arsalan Jabbar's Biography :

Arsalan Jabbar is a tech-research enthusiast who wants to explore technological obsolescence and its influence. With a little spice of wit in his writing style, Arsalan fanatically researches contemporary discoveries in the IT industry and critiques their significance in his own special way. Arsalan’s hypotheses are always reflected through in-depth scrutiny and valid notions.

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