The attack on the Danish company started on 15th November with massive DDoS attacks, 17th November was followed by an attack that has disabled operation of BIPS website. Despite the implementation of several layers of protection, massive DDoS attack have subsided protection and allow attackers to gain access and steal Bitcoin coins.

Most of the stolen funds were from personal stock of the BIPS company. It is believed that two attacks are closely related, the first was found to originate from Russia or neighboring countries. BIPS's page has resumed normal operation on 22nd November.

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