bitcoin_wallpaper_libertas_aequitas_vertas_2The Bitcoin exchange Bitcoin Internet Payment Services was robbed of 1 million in bitcoins according to several online sources. Network World‘s John Gold reports that the Copenhagen, Denmark-based exchange was the target of a theft of bitcoins that happened over several days and totaled $1 million, but SiliconAngle says the actual amount was bitcoins totaling $990,000 – 1,295 bitcoins were stolen.

This is the press statement Bitcoin Internet Payment Services placed on its website:

BIPS temporarily closes consumer wallet initiative after security breach


To protect the successful merchant processing business BIPS has decided to temporarily close down its consumer wallet initiative.

BIPS has been a target of a coordinated attack and subsequent security breached. Several consumer wallets have been compromised and BIPS will be contacting the affected users.

As a consequence BIPS will temporarily close down the wallet initiative to focus on real-time merchant processing business which does not include storing of Bitcoins. Subsequently BIPS will consider to reintroduce the wallet initiative with a re-architected security model.

The consumer wallet initiative has not been BIPS core business and as such regrettably affecting several users has not affected BIPS merchant acquiring.

All existing users will be asked to transfer bitcoins to other wallet solutions, and users affected by the security breach will be contacted.

Additional support information:
BIPS help desk system is currently not accessible and will not be re-enabled until an alternative hosting solution has been arranged for this. In the mean time, support is reachable via email to support(at)bips(dot)me. Previously submitted tickets need to be resubmitted via email. Please be patient and allow 24-72 hours to receive a reply.

What Are Bitcoins?

I talk about what Bitcoins are in this video:

Bitcoin Internet Payment Services says that 70,000 merchants can except Bitcoins via the use of the Shopify ecommerce website solution.

Stay tuned.

By Zennie Abraham

Zennie Abraham | Zennie Abraham or "Zennie62" is the founder of Zennie62Media which consists of and a multimedia blog news aggregator and video network, and 78-blog network, with social media and content development services and consulting. Zennie is a pioneer video blogger, YouTube Partner, social media practitioner, game developer, and pundit. Note: news aggregator content does not reflect the personal views of Mr. Abraham.