Bitcoin’s Instawallet service shuts down after hacking

Bitcoin taking a blow

The Bitcoin wallet service offering Instawallet has “indefinitely” shut down after being hacked, according to VentureBeat

Instawallet has commented saying it will open it claims process in the coming days and will remain shut down until it develops an “alternative architecture”.  The service enabled users to digitally store Bitcoins and associated data.

As a result, the value of Bitcoin which recently surpassed USD100 and reached as high as USD145, now sits below USD117.

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