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)

About CloudTweaks

Established in 2009, CloudTweaks is recognized as one of the leading authorities in connected technology information and services.

We embrace and instill thought leadership insights, relevant and timely news related stories, unbiased benchmark reporting as well as offer green/cleantech learning and consultive services around the world.

Our vision is to create awareness and to help find innovative ways to connect our planet in a positive eco-friendly manner.

In the meantime, you may connect with CloudTweaks by following and sharing our resources.

View All Articles

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.

Comic
Fully Autonomous Cars: How’s It REALLY Going To Work?

Fully Autonomous Cars: How’s It REALLY Going To Work?

Pros and Cons and What the Experts Think Science fiction meets reality, and modern civilization is excitedly looking forward to the ubiquity of self-driving cars. However, an omnipresence of fully autonomous cars won’t happen as quickly as even some hopeful experts anticipate. While the autonomous car pros versus the cons race (See infographic discovered via…

The Lighter Side Of The Cloud – Bottlenecking

The Lighter Side Of The Cloud – Bottlenecking

By David Fletcher Please feel free to share our comics via social media networks such as Twitter, Facebook, LinkedIn, Instagram, Pinterest. Clear attribution (Twitter example: via @cloudtweaks) to our original comic sources is greatly appreciated.

Recent Articles - Posted by
Fintech Systems, Advancements and Investments

Fintech Systems, Advancements and Investments

Fintech Growth According to a recent report, global investment in fintech companies including both venture-backed and non-venture-backed businesses reached $9.4 billion in the second quarter of 2016; investment in venture capital-backed fintech startups, however, fell by 49%. Nevertheless, the Pulse of Fintech, published jointly by KPMG International and CB Insights, suggests venture capital investment in…

How Identity Governance Can Secure The Cloud Enterprise

How Identity Governance Can Secure The Cloud Enterprise

Securing The Cloud Enterprise Cloud adoption is accelerating for most enterprises, and cloud computing is becoming an integral part of enterprise IT and security infrastructure. Based on current adoption trends, it’s clear that the vast majority of new applications purchased by organizations will be SaaS applications. The allure is evident, from cost savings to speed…

How You Can Improve Customer Experience With Fast Data Analytics

How You Can Improve Customer Experience With Fast Data Analytics

Fast Data Analytics In today’s constantly connected world, customers expect more than ever before from the companies they do business with. With the emergence of big data, businesses have been able to better meet and exceed customer expectations thanks to analytics and data science. However, the role of data in your business’ success doesn’t end…

Virtual Immersion And The Extension/Expansion Of Virtual Reality

Virtual Immersion And The Extension/Expansion Of Virtual Reality

Virtual Immersion And Virtual Reality This is a term I created (Virtual Immersion). Ah…the sweet smell of Virtual Immersion Success! Virtual Immersion© (VI) an extension/expansion of Virtual Reality to include the senses beyond visual and auditory. Years ago there was a television commercial for a bathing product called Calgon. The tagline of the commercial was Calgon…

Protecting Devices From Data Breach: Identity of Things (IDoT)

Protecting Devices From Data Breach: Identity of Things (IDoT)

How to Identify and Authenticate in the Expanding IoT Ecosystem It is a necessity to protect IoT devices and their associated data. As the IoT ecosystem continues to expand, the need to create an identity to newly-connected things is becoming increasingly crucial. These ‘things’ can include anything from basic sensors and gateways to industrial controls…

Ending The Great Enterprise Disconnect

Ending The Great Enterprise Disconnect

Five Requirements for Supporting a Connected Workforce It used to be that enterprises dictated how workers spent their day: stuck in a cubicle, tied to an enterprise-mandated computer, an enterprise-mandated desk phone with mysterious buttons, and perhaps an enterprise-mandated mobile phone if they traveled. All that is history. Today, a modern workforce is dictating how…

Rounding Out Your Security Strategy With The Enterprise Cloud

Rounding Out Your Security Strategy With The Enterprise Cloud

Enterprise Cloud Security Strategy No company wants to be the one to have to announce one of the world’s biggest data breaches. From managing networks and datacenters to protecting hundreds of applications, today’s enterprises face enormous challenges. With all the surface area that needs to be tracked and protected including APIs on the front-end, customer integrations…

4 Different Types of Attacks – Understanding the “Insider Threat”

4 Different Types of Attacks – Understanding the “Insider Threat”

Understanding the “Insider Threat”  The revelations that last month’s Sony hack was likely caused by a disgruntled former employee have put a renewed spotlight on the insider threat. The insider threat first received attention after Edward Snowden began to release all sorts of confidential information regarding national security. While many called him a hero, what…

5 Considerations You Need To Review Before Investing In Data Analytics

5 Considerations You Need To Review Before Investing In Data Analytics

Review Before Investing In Data Analytics Big data, when handled properly, can lead to big change. Companies in a wide variety of industries are partnering with data analytics companies to increase operational efficiency and make evidence-based business decisions. From Kraft Foods using business intelligence (BI) to cut customer satisfaction analysis time in half, to a…

What Top SaaS Vendors Do To Ensure Successful Onboarding

What Top SaaS Vendors Do To Ensure Successful Onboarding

What Top SaaS Vendors Do I am not going to mention names in this article, but if you want to be the best, you must look at what the best do – and do it better. The importance of investing in SaaS onboarding can be easily overlooked in favor of designing efficient and powerful software…

Explosive Growth Of Data-Driven Marketing

Explosive Growth Of Data-Driven Marketing

Data-Driven Marketing There is an absolute endless amount of data that is being accumulated, dissected, analyzed with the important bits extracted and used for a number of purposes. With the amount of data in the world has already reached into multiple zettabytes annually. A Zettabyte is one million petabytes or one thousand exabytes. With data…

Cloud Computing Checklist For Startups

Cloud Computing Checklist For Startups

Checklist For Startups  There are many people who aspire to do great things in this world and see new technologies such as Cloud computing and Internet of Things as a tremendous offering to help bridge and showcase their ideas. The Time Is Now This is a perfect time for highly ambitious startups to make some…

5 Surprising Ways Cloud Computing Is Changing Education

5 Surprising Ways Cloud Computing Is Changing Education

Cloud Computing Education The benefits of cloud computing are being recognized in businesses and institutions across the board, with almost 90 percent of organizations currently using some kind of cloud-based application. The immediate benefits of cloud computing are obvious: cloud-based applications reduce infrastructure and IT costs, increase accessibility, enable collaboration, and allow organizations more flexibility…