Yet Another Bitcoin Bank Goes Bust

Yet Another Bitcoin Bank Goes Bust

Cloud News Round Up March 5th

bitcoin-bankrupt

Canadian Bitcoin Bank ‘Flexcoin’ Shuts Down After $600,000 Theft – The digital storage of things doesn’t just offer problems for data, as cloud-based cryto-currencies (a peer-to-peer digital currency that relies on cryptography) can also be built on shaky ground without the right security measures. As Bitcoin, a crypto-currency, is based in the ether and isn’t a physical form of money, it can be stolen or hacked away, just as it was recently with Canadian Bitcoin bank, Flexcoin, who have seen $600,000 worth of Bitcoins stolen. All of the coins in Flexcoin’s ‘hot wallet’ (funds that are connected to the Internet) were taken and as Flexcoin say that they do not “have the resources, assets, or otherwise to come back from this loss”, the bank will be closing down, raising further questions about Bitcoin’s future and the security it offers its users.

Security Firm Elastica Announces Funding – A key problem with embracing SaaS technology, particularly in this era of BYOD (Bring Your Own Device) is that there are an incredible amount of security risks posed by large amounts of employees having access to company data. This is a problem that Elastica would like to solve, with the SaaS security firm being in stealth mode for quite a while as they worked on their offering. However, they are now out in the public and have now announced funding, with the company securing $6.3 million in venture funding from Mayfield Fund. Rehan Jalil, the President and Chief Executive Officer of Elastica explains that “[They] are focused on enabling the elastic enterprise , where companies can achieve business agility, collaborative capability and cost efficiencies to effectively compete in today’s market,” which Elastica help with “by harnessing advanced data science and machine learning”.

Opower Files for $100 Million IPO – Utility SaaS provider Opower provides customer engagement solutions for the utility industry, working since its founding in 2007 to do so. Cloud technology is big business and big business means that there’s plenty of money to be both invested and raised and having made $89 million in sales for the fiscal year that ended December 31, 2013, it perhaps signals exactly why Opower have now made a filing with the SEC (Securities and Exchange Commission) to raise up to $100 million in an IPO (initial public offering). There’s no word on when shares will become available to buy but it has been revealed that Opower plans to list on the NYSE (New York Stock Exchange) under the symbol ‘OPWR’.

By Jennifer Livingstone

(Image Source: Shutterstock)

Follow Us!

CloudTweaks

Established in 2009, CloudTweaks.com is recognized as one of the leading authorities in cloud computing information. Most of the excellent CloudTweaks articles are provided by our own paid writers, with a small percentage provided by guest authors from around the globe, including CEOs, CIOs, Technology bloggers and Cloud enthusiasts. Our goal is to continue to build a growing community offering the best in-depth articles, interviews, event listings, whitepapers, infographics and much more...
Follow Us!

One Response to Yet Another Bitcoin Bank Goes Bust

  1. It’s very important for anyone dealing with cryptocurrency to hold their own private keys. It is always a security risk to store large amounts in another person or business’s control.

    If you’re trading, only keep a fraction of your holdings in the exchange. Even better for security is to trade peer to peer. The whole underlying concept of crypto is the core principle of decentraliztion and the first effective, workinng, TRUSTLESS economy.

    The best ways to store your own private keys are paper wallets and/or cold (offline) storage. You can print out a private/public key and have it never touch the internet, therefore never accessible to anyone who does not have physical access to the paper. Or you can create a private/public key file using a computer that is offline and send the Bitcoin to that address. Put that file on a USB flash drive and nobody can ever touch it without physical access to the device.
    The most hardcore option is to create a brain wallet (same concept as a paper wallet). One that only exists in your memory.

    Your control, your keys = your money. Not your control, not your keys = not your money.

Comics

At CloudTweaks, we're plugged into the cloud, the internet of things and all that the web has to offer. From wearable technology, to mobile computing, cloud computing and big data, CloudTweaks is your source for updates and news on the most innovative technology.

Popular

Top Viral Impact

Technology Advice Report: 2014 Business Intelligence Buying Trends

Technology Advice Report: 2014 Business Intelligence Buying Trends

Technology Advice Report: 2014 Business Intelligence Buying Trends For nearly every business, the concept of business intelligence is nothing new. Ambitious organizations have been searching for any type of data-driven advantage for some time now – perhaps for as long as they’ve existed. However, the historical use of competitive intelligence pales in comparison to the…

Cloud Infographic: Cloud Public, Private & Hybrid Differences

Cloud Infographic: Cloud Public, Private & Hybrid Differences

Many people have heard of cloud computing. There is however a tremendous number of people who still cannot differentiate between Public, Private & Hybrid cloud offerings.  Here is an excellent infographic provided by the group at iWeb which goes into greater detail on this subject. Infographic source: iWeb About Latest Posts Follow Us!CloudTweaksEstablished in 2009,…

2014 Future Of Cloud Computing Survey Results

2014 Future Of Cloud Computing Survey Results

Engine Yard Joins North Bridge Venture Partners, Gigaom Research and Industry Collaborators to Unveil 2014 Future of Cloud Computing Survey Results SAN FRANCISCO, CA–(Marketwired – Jun 25, 2014) – Engine Yard, the leading cloud application management platform, today announced its role as a collaborator in releasing the results of the fourth annual Future of Cloud Computing Survey,…

5 Ways The Internet of Things Will Drive Cloud Growth

5 Ways The Internet of Things Will Drive Cloud Growth

5 Ways The Internet of Things Will Drive Cloud Growth The Internet of Things is the latest term to describe the interconnectivity of all our devices and home appliances. The goal of the internet of things is to create universal applications that are connected to all of the lights, TVs, door locks, air conditioning, and…

Featured Sponsors

Moving From Email Into The Cloud

Moving From Email Into The Cloud

Mobile Collaboration In The Cloud Imagine that you, as a manager, are told by the powers that be that you have to find “efficiencies” within your department that will result in one million dollars of savings annually. You struggle with this. You send an email to everyone on your senior team. “Where can we save…

Sponsors

Going Global With The Cloud: Anywhere, Anytime Access

Going Global With The Cloud: Anywhere, Anytime Access

Let’s cut right to the chase… Lots of companies have offered 24/7 availability of systems and data to their customers and employees for years. What else is new? What’s new is that a cloud computing environment can make 24/7 availability possible for small and medium size enterprises (SMEs). (Infographic Source:Towergate) Previously, only organizations with robust IT…

Placement Opportunities - Find Out!

Established in 2009, CloudTweaks is recognized as one of the leading influencers in cloud computing, big data and internet of things (IoT) information. Our goal is to continue to build our growing information portal, by providing the best in-depth articles, interviews, event listings, whitepapers, infographics and much more.

You can help continue to support our community by social sharing, sponsoring, partnering or contributing to this great educational resource.

Contact

CloudTweaks Media
Phone: 1 (212) 763-0021

Join Our Newsletter