Flexcoin Closes Doors After Another Bitcoin Hack

Bitcoin gets hacked for the second time in one week, resulting in Flexcoin closing its virtual doors on March 2, 2014 as an immediate effect following this electronic heist. The hacker stole some 896 BTC, 600,000 in dollars, dividing them into two addresses, claims Flexcoin.

Flexcoin has no other solution but to close its door due to lack of resources and assets. Users who had coins at this Bitcoin bank’s “cold storage” will be contacted so their identities could be verified. Rest of the users who didn’t use this option were directed to the company’s Terms of Service at "Flexcoin.com/118.html".

Flexcoin claims the theft happened because of a flaw within front-end, in an update on March 4.

"Having this be the demise of our small company, after the endless hours of work we've put in, was never our intent. We've failed our customers, our business, and ultimately the Bitcoin community".

Mt.Gox was also a victim to an electronic heist, forcing the company to file for bankruptcy protection, last week. This Japan-based Bitcoin exchange company also closed its virtual doors.

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