TECH
11/11/2013 06:15 GMT

Bitcoin Robbery In Australia Nets Crooks £650,000 (But Was It An Inside Job?)

It doesn't require sawn-off shotguns, an unreliable getaway driver or canvas loot bags -- so stealing virtual currency looks like a relatively safe bet.

This is the fate that appears to have befallen an Australian website charged with looking after Bitcoins.

Around £650,000 worth of the digital currency was taken in two separate attacks.

bitcoin

Bitcoins rely on powerful computers and complex algorithms to retain their value

Although the theft occurred on 26 October, the owners of the Bitcoins were only notified last week through a message posted by the gent in charge of the site.

It said: "I know this doesn't mean much, but I'm sorry, and saying that I'm very sad that this has happened is an understatement.

"Please don't store Bitcoins on an internet-connected device, regardless if it is your own or a service's."

The man - who only identified himself through his online name TradeFortress said he would not be reporting the theft to police as it is virtually impossible to track Bitcoins.

A technology commentator said: "We're talking about roughly a million dollars worth of bitcoin gone. That puts it up there with some of the biggest bank robberies in history."

The fledgling area of virtual currency is raising many question over safety and regulation of the digital currency.

LIKE US ON FACEBOOK | FOLLOW US ON TWITTER