Australian TV network worker caught running Bitcoins server

An IT worker for one of Australia's TV networks has reportedly been caught installing a "Bitcoin miner" program on the company's servers. The Sydney Morning Herald reports that the unnamed worker used the powerful servers as a way to generate Bitcoins, the fairly notorious online currency that can be exchanged for cash, among other things. A spokesperson for the ABC network admitted that "there is a serious misconduct case underway in relation to this matter" but declined to comment further. The network also declined to comment if any other illicit programs were installed on the company's servers.

This is just the latest example of how unstable the Bitcoin currency can be. Created in 2009, Bitcoins's economy has surged up in the past several months. That is until a few days ago when the Mt Gox Bitcoin exchange suffered from a huge breach. A Bitcoin fund was stolen from the exchange which caused the entire Bitcoin market to collapse. At one point one Bitcoin was worth less than one cent. While the Bitcon market has recovered somewhat from the Mt Gox breach the Sydney Morning Herald said that the currency is still worth less than before the breach and crash happened.

Because Bitcoins are a fairly anonymous form of virtual currency they have become a favorite way to purchase items such as illegal drugs from some web sites. Other pornographic web sites also use Bitcoins for subscriptions. The article states that some criminals use the currency to help launder money.

Report a problem with article
Previous Story

Apple continues to send 'Cease and Desist' letters for using the term App Store

Next Story

Hotmail gets handy new features, gets faster

9 Comments

Commenting is disabled on this article.

SuperKid said,
I don't really understand Bitcoin at all..

No joke, shoot I haven't even heard of the things until the first article a couple of days ago, nor have I heard of any vendors that accepted them. More likely to find a vendor that would accept payments in livestock.

Is there a serious, legit business case for Bitcoin to exist at all?
Except to be the honeypot where FBI, SOCA and FSB would monitor the drug dealers etc. to pass data to law enforcement?

EastExpert said,
Is there a serious, legit business case for Bitcoin to exist at all?
Except to be the honeypot where FBI, SOCA and FSB would monitor the drug dealers etc. to pass data to law enforcement?

In short, no. Note how in every exchange they index the Bitcoin value to dollars. Things are not X Bitcoins, things are X dollars than are equivalent to X Bitcoins. And since the market is vollatile as all hell, there is no point in investing in it unless you're a speculator with a keen eye for business.

I've always thought of it as an interesting experiment, but then you see people dumping half a million dollars into it and such, and that's just crazy.

The_Decryptor said,
I've always thought of it as an interesting experiment, but then you see people dumping half a million dollars into it and such, and that's just crazy.

They didn't necessarily put in 500K into it. The market fluctuates like crazy so you can buy a large number of Bitcoins when they are crashing (which is pretty much every week) and then wait for a spike in the prices and say that they're worth 500K dollars, which isn't really true because there is no way to exchange them all for dollars outside of places like MtGox that limits withdrawals to 1000$ a day.

In the future I can see botnets being used for Bitcoin mining. With thousands of machines they could mine coins quickly and easily and have it deposited in a safe and anonymous manner.

I seriously believe the next generation of malware will begin also using our CPU and GPU cycles to mine Bitcoins instead of only sending out spam from our machines and stealing personal information.