Denmark-based BIPS, Europe’s primary bitcoin payment processor for merchants, was the target of a major DDoS attack and subsequent theft in the past few days that saw 1,295 BTC (just over $1m on CoinDesks BPI) stolen. BIPS uses an algorithm, based on supply and demand, to work out the amount of bitcoins it needs to keep it in a hot wallet BIPS will temporarily close down the wallet initiative to focus on real-time merchant processing business which does not include storing bitcoins.”]