Either the average blockchain startup is unbelievably amateurish re. security or this was an inside job. I suspect the latter but the former does not surprise me one bit.
Isn't most of the IT field unbelievably amateurish re. security? Just look at the bi-monthly releases of user lists from major companies.
This is why I think wide adoption of cryptocurrency is a bad idea. Complete computer security is nearly impossible (I want to say completely impossible but I'll end up in an endless debate about single use offline computers printing out paper wallets).
I think this is a disingenuous argument. Yes the vast majority of the IT field are not experts but if you don't hire one of these experts to secure your system, a system which is aiming to raise $12m, then you shouldn't be surprised when you get hacked.
Also, just because you're not an expert does not mean that you have any excuse to be completely clueless and make stupid mistakes.
I have seen the code of a Bitcoin startup. Believe me, security is the last thing on their minds.
Personally, I find it exceptionally naive that these startups think they can handle payment processing, payment storage, and their core product at the same time. If you're a startup, at least two of these will be ignored for favor of another. One of them makes you money/users, the others don't.
