Now, Forsyth says that he and his brother, with whom he co-founded Alitin, are working to reimburse customers, and are taking on debt to do it. He said that he has contacted the FBI and will work closely with law enforcement. "The conclusion that leads us to is that it must have been someone close to us," Forsyth said over the phone.įorsyth said there have been 10 confirmed cases of customers finally opening their physical coins only to find them wiped out. Forsyth claims the logs were burned after the engraving. The only other records of these private keys were the logs that the company kept during the coin engraving process, which Forsyth says he kept under lock and key. According to Forsyth, he generated the private keys for the coins offline, and personally engraved them into each coin. Read More: How a Clever Hacker Tricked a Major Bitcoin Company Out of $1.8 MillionĪlitin is no longer minting or selling coins, but I reached its co-founder, Richard Forsyth, over the phone. The question on everybody's mind now is: How the hell could this have happened? Someone must have gotten their hands on both the coins' public addresses, and the private keys. People who bought Alitin coins-in some cases, years ago- posted angrily on bitcoin forums that they had checked their coin addresses only to find that they'd been cleaned out. In late February, the Alitin site states, customer coins were wiped of their value. One such company, Alitin, emblazoned its coins with a public bitcoin address, pre-loaded with whatever amount of bitcoin you wanted, and engraved the coins with the private key needed to withdraw the funds from the digital wallet.Īt the time, Alitin boasted that its coin packaging was designed so that the private key was obfuscated, and so nobody simply viewing the coin could see, and thus steal, the private key. These are basically commemorative coins that represent an amount of bitcoin. Several years ago, numerous companies issued physical bitcoins.
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