In what is one of the largest Bitcoin heists to date, an Australian man known as TradeFortress is claiming hackers stole 4,100 BTC, or more than $1 million worth of digital currency, from an online wallet service he runs.

TradeFortress wrote that cybercriminals stole the currency by hacking into his site twice, on Oct. 23 and Oct. 26, having used social engineering to access his database. Given the slim likelihood of the Bitcoins ever being recovered, he said he does not intend to report the incident to police.

"The police don't have access to any more information than any user does when it comes to bitcoin. Some say it gives them control of their money," he said in an interview with Australia’s ABC AM.

Speculation that TradeFortress himself is responsible for the theft has already begun bubbling up, though he has denied the accusations.

As the virtual currency becomes more popular, Bitcoin’s lack of regulation may become a less attractive feature than it once was.

[via BBC]