The Latest News says that Bitcoin wallet company Instawallet has suspended its service “indefinitely” after being hacked and they have confirmed it.

What is Bitcoin?

Bitcoin (sign: BTC) is a decentralized digital currency based on an open-sourcepeer-to-peer internet protocol. It was introduced by apseudonymous developer named Satoshi Nakamoto in 2009.

Bitcoin is the most widely used alternative currency and accepted by various merchants and services internationally. As of March 2013, themonetary base of bitcoin is valued at over $1 billion USD. The large fluctuation in the dollar value of a bitcoin has evoked criticism of bitcoin’s economic suitability as a currency.

The value of Bitcoin surpassed $100 per coin just two days ago, and early today it reached as high as $145. Now the price reportedly sits below $117.

INSTAWALLET on their homepage says


The Instawallet service is suspended indefinitely until we are able to develop an alternative architecture.

Our database was fraudulently accessed, due to the very nature of Instawallet it is impossible to reopen the service as-is.

In the next few days we are going to open the claim process for Instawallet balance holders to claim the funds they had stored before the service interruption.

Important information on claims submission:

1.      For the first 90 days we will accept claims for individual Instawallets. Your wallet’s URL and key will be used to pre-populate a form to file the claim.

2.      After 90 days, if no other claim has been received for the same url, your Instawallet balance under 50 BTC will be refunded. If several claims have been filed for the same url, we will process those claims on a case by case basis, under the presumption that the claim we received first belongs to the legitimate balance holder.

3.      Claims for wallets that hold a balance greater than 50 BTC will be processed on a case by case and best efforts basis.

If you are a Bitcoin user and use this service so Please read carefully the above notes



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