Bitcoin service Flexcoin Shuts Down After Massive Theft

Guys , Ill keep saying these two words until you guys get it : “decentralized currency”!!!  In other words, YOUR ON YOUR OWN!!! It is not insured like FDIC, it is not governed or regulated , in any way shape or form. When its lost or stolen in any way, LAW ENFORCEMENT WONT HELP YOU!!! When you lose your stash, your SOL! Here is another fact: These hackers KNOW law enforcement probably wont step in. When was the last time you heard about a bank robbery, or a hack of a large regulated bank, and the government did nothing? The government will hunt you down like a dog , if you rob a bank, because most of THAT money is theirs :) The government HATES decentralized currency because they cant monitor or control it, and probably will laugh at you if you try to report a theft. 

Here is the article:

The Bitcoin bank Flexcoin said today that it will be closing its doors after a massive theft of all of its Bitcoins. Hackers cleaned them out of 896 Bitcoins, which are worth  around $600,000.

Flexcoin was one of the few Bitcoin services that did offer HTTPS encryption, but I guess that made no difference as hackers were able to go in and steal the everthing, anyway. Flexcoin stated that they will be shutting down right after the theft. “As Flexcoin does not have the resources, assets, or else to come back from this loss, we are closing our doors immediately. ” Flexcoin did mention that they were working  with law enforcement to try and track the source of the hack.

Flexcoin said that it would not be liable for the theft as in its “terms of service” clearly staes that Flexcoin, “is  not responsible for insuring any Bitcoins stored in the Flexcoin system. ” There might be some good news though, Flexcoin did mention that some of its Bitcoins were stored in its offline storage and those were still intact and that it might begin contacting users to return those Bitcoins.