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Detail Analysis

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Date:

Status:

Count:

Contributor:

June 15, 2013

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Verified

1

zerofriction.io

Loss Amount:

50,000,000

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Recovered Amount:

-

Currency:

Dollars, BTC, LTC

KYC By:

Audit By:

None

None

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Website:

No data

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Bitcoin

Exchange

Assets

Poor Key Management

Extended Method:

Private key leak, hot wallet

Data Sources:

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Vircurex was founded in 2011 as an online exchange where users could deposit US dollars and Euros to buy, sell, and exchange digital currencies. The complaint for this class action claims that on March 24, 2014, the company froze users’ accounts by preventing them from withdrawing Bitcoin (BTC), Litecoin (LTC), Terracoin (TRC), and Feathercoin (FTC). On March 24, 2014, Vircurex announced that it had been hacked twice in mid-2013, and as a result, it would have to freeze accounts holding BTC, LTC, TRC, and FTC. The announcement claimed that Vircurex would “perform the below distribution of the available coins and reenable deposits and withdrawals.” It claimed that Vircurex would cover the losses from its net income and outlined a plan for monthly distribution that would pay off total amounts in the largest and smallest accounts first.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.