Tuesday, February 21, 2012


Bitscalper (now commonly referred to as mybitcoin 2.0) claims to be "an automated high frequency trading tool operating with the novel Bitcoin cryptocurrency." Basically users put bitcoin in, bitscalper sells when the bitcoin to dollar ratio is high and buys when it's low, the users profit "by exploiting market inefficiencies through arbitraging and other strategies" and the owner profits from withdrawal fees. After first glance this all seems like an okay, albeit risky investment. However it's been recently announced that all of bitscalper's user credentials have been leaked do to exploit. Not all the details are clear, but it looks as if the passwords were hashed, but were somehow obtained through an sql injection exploit. Currently the user control panel cannot be accessed and fund requests are being withheld. I've invested a large part of my bitcoin fortunes (about 10 bitcents) into bitscalper and have not received, nor expect, any of it back. However if you have any large sums of money in bitscalper, I'd recommend trying to withdraw it and even seeking legal action. Unfortunately with all the warning signs of a possible ponsi scheme or other scam, it might be that you've simply had to pay your "stupidity tax."

Not all the details on the sql exploit have been unearthed currently, but make sure to follow 7h3 1310g for future updates.

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