The Lighter Side Of The Cloud – CIO
The Lighter Side Of The Cloud – Brain Clutter
The Lighter Side Of The Cloud – Identity Theft
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.

Popular Archives

Cloud Infographic: 2015 Data Scientist

Cloud Infographic: 2015 Data Scientist

Data Scientist Report The amount of data in our world has been exploding in recent years. Managing big data has become an integral part of many businesses, generating billions of dollars of competitive innovations, productivity and job growth. Forecasting where the big data industry is going has become vital to corporate strategy. Enter the Data…

Why Hybrid Cloud Delivers Better Business Agility

Why Hybrid Cloud Delivers Better Business Agility

Why Hybrid Cloud Delivers Better Business Agility A CIO friend of mine once told me that a hybrid cloud model enables him to “own the base, rent the spike” when it comes to unplanned events. Let’s face it – maintaining unused infrastructure for rare or random IT events is expensive and unnecessary in a cloud…

Cloud Infographic – Interesting Big Data Facts

Cloud Infographic – Interesting Big Data Facts

Big Data Facts You Didn’t Know The term Big Data has been buzzing around tech circles for a few years now. So much, in fact, that you’re probably getting sick of hearing about it. Here are some interesting facts you might not know about big data via The Visual Capitalist: Big Data got its start in the…

Cloud Computing – A Requirement For Greater Innovation

Cloud Computing – A Requirement For Greater Innovation

Cloud computing – Greater Innovation! Sao Paulo, Brazil has had trouble with both energy and water supplies as of late. Despite it is the rainy period. Unfortunately Sao Paulo is very dependent on its rain as a majority of its power is generated from large dams. No water, no energy. Difficult situation for a city…

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…

Recent

Is The Internet of Things A Perfect Storm?

Is The Internet of Things A Perfect Storm?

Is The Internet of Things A Perfect Storm? There has been a great deal of discussion surrounding the Internet of Things over the past couple of years as more companies are taking an active and aggressive interest. IBM for example has recently decided to invest $3 Billion over the next 4 years. “Our knowledge of…

Digital Transformation: Miracle and Wonder

Digital Transformation: Miracle and Wonder

Digital Transformation These are the days of miracle and wonder. I’ve been leading a small, global research team at the Tau Institute for the past few years to examine the dynamics of IT adoption in more than 100 countries throughout the world. We’ve developed several indices that show how well these nations are doing on a relative basis. We ranked the nations…

Cloud Security Hottest Issue At RSA

Cloud Security Hottest Issue At RSA

Cloud Security Hottest Issue The integral integration of cyber security and cloud technology seemed to be the hottest issue at the busy RSA 2015 Conference in San Francisco. Interested parties packed security and cloud service booths for the duration of the conference. Several prominent publications covered the increased importance of securing their private information that’s…

Contact Us

Sending

Technology Sponsors

hp Logo CityCloud-PoweredByOpenstack-Bluesquare_logo_100x100-01
cisco_logo_100x100 vmware citrix100
Site 24x7 200px-KPMG

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.

CloudTweaks Comic Library

Advertising