Cryptocurrency trader 'forced at gunpoint to make bitcoin transfer'
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Updated November 08, Unlike old currencies bitcoin is digital, traded computer-to-computer, and often used to pay for goods and services on the internet. But it has no central authority or government-based backing, and the alleged theft - one of the largest in the currency's four-year history - raises questions about digital money and if it can ever be regulated. The stolen bitcoins are owned by the users of his website, who had trusted their bitcoins to him. TradeFortress, who says he is not much older than 18, does not want to be identified because he is worried about his personal safety.
He and his users know the chances of getting their bitcoins back are extremely unlikely because bitcoin transactions cannot be reversed. The bitcoin transaction trail is designed to be anonymous, which has led to speculation this was an inside job and that TradeFortress took the coins for himself.
Some say it gives them control of their money," TradeFortress said. A spokesman for the Australian Federal Police says to his knowledge, a theft of bitcoins has never been investigated at either a federal or state level.
Technology commentator Stilgherrian says the appeal of bitcoin theft, as opposed to stocks or bonds, lies in its inability to be traced. That puts it up there with some of the biggest bank robberies in history. The quick and massive rise in the value of bitcoins has given the currency a higher profile, but Sthilgarian says it is also attracting more criminals.
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