A man is celebrating his birthday this week, but the Bitcoin blockchain may not be able to handle the amount of birthday greetings.
According to CoinDesk, the birthday man who sent the birthday greeting to Satoshi is now facing fraud charges after he allegedly stole more than $10,000 from his bank account and then posted it online.
The man, who was identified only as David, said in an interview with CoinDesk that the birthday was a “tragic” event for his family, adding that the amount was “worth $1 million or more” in bitcoins.
“I was in a really bad spot because I didn’t really know what to do with it,” he said.
“So I got into the bitcoin mining business.”
He said he was approached by a company called Blockchain, which he had not heard of before.
“They said ‘hey, if you’re interested in doing bitcoin mining for us, we’re offering a $1,000,000 reward’,” he said, adding the company offered him $10 per Bitcoin.
“It was a little too good to be true, so I just accepted it.
And then after that, it was a lot of work.
It was quite a bit of work.”
The man said the company has now contacted him to get the money back.
“The Bitcoin blockchain is a good thing,” he added.
“I really love the fact that the Bitcoin chain is open, and people can use it.”
He did not elaborate further, but he said he wanted to make it clear that his company is not a scammer.
“We have no affiliation with the company in question,” he wrote in a message to CoinCaps News.
“And we do not accept any responsibility for the actions of our users.”
The Bitcoin mining business is unregulated, so the Bitcoin Blockchain could not be contacted for comment.
David’s company told CoinDesk it had been working with Bitcoin companies to find the right address for him to receive the reward, which could have been a Bitcoin address or a public key.
“This is a very good news for anyone who wants to earn Bitcoin,” it said.
“This is definitely a positive sign.”
It’s not the first time that a birthday celebration has gone awry.
A similar situation occurred in November when an online birthday party hosted by a man named Ryan, who claimed to be a Canadian-born entrepreneur, was robbed of $20,000 in Bitcoin.
The incident also sparked the Bitcoin community to look into what kind of safety measures Bitcoin companies should put in place in the event of a similar incident.
According the Bitcoin Community Foundation, Bitcoin’s blockchain is not completely secure and there are many possible attacks that can occur.
The Foundation has urged companies to implement a “stronger” security protocol that can only be enforced through a user’s full name and password.
“For many years, Bitcoin has been used to exchange goods and services without a middleman, as well as facilitating commerce, among other things,” the Foundation said.
It is worth noting that the most common attack used against Bitcoin exchanges is a denial of service attack, which is a form of distributed denial-of-service (DDoS) attack, where users are redirected to an unknown website where they are redirected away from the original website.
“In this attack, the attacker simply blocks the user from leaving the Bitcoin network,” the foundation said.
According CoinDesk’s report, this latest incident has resulted in a significant number of Bitcoin miners withdrawing funds from their accounts.