Bter bitcoin exchange
Posted On 26.04.1955
Receive all Bitcoinist news in Telegram! China-based crypto-bter bitcoin exchange exchange, BTER, when the company’s cold wallet was hacked earlier today. The exchange has since frozen their entire website, while their technical team work to find out what happened. Besides bitcoin, the exchange also facilitated the trade of a basket of altcoins but has not revealed whether their altcoin wallets were affected by the hack.
In a post on the Chinese microblogging website, Weibo, the exchange said they will allow the withdrawal of fiat and altcoins soon but did not give a specific time. The first sign of trouble came when the website went offline with no prior warning earlier today. The digital currency exchange later updated the message, revealing it had been hacked. In an attempt to retrieve the bitcoins, the exchange has announced a 720 bitcoin bounty to be rewarded to anyone who could track down the bitcoins and get them returned. That may be a very difficult task, as several blockchain explorers have revealed that the bitcoins have likely already been sent through anonymization services, called Bitcoin mixers. BTER has reported the theft to the local authorities and is working with investigators to retrieve the stolen digital currency. Another Chinese bitcoin exchange, Huobi, was also down for a considerable amount of time earlier today.
It is not clear whether the two incidents are related. In several forums and social media websites, bitcoin enthusiasts expressed confusion as to how the exchange’s cold wallet was hacked. A cold wallet, which stores bitcoins offline, is commonly hailed as a bulletproof way for storing your bitcoins. Since a cold wallet never touches the internet, it is not exposed to malware, viruses or hackers. So far, the exchange has not revealed how the hacker was able to get into the company’s cold wallet.