Friday, August 7, 2020

Crypto exchange Altsbit announces to shut down after suffering a security breach

The Takeaway:

The Bahrain-based crypto exchange, Altsbit, suffered a security breach this month, which has caused the exchange to shut down its services. 

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The Bahrain-based crypto exchange Altsbit, announced that it would shut down its services in May of this year. The exchange suffered a major security breach on 6th February, which caused the exchange to lose almost all of the funds stored in hot wallets. The exchange has promised to reimburse customers to the best of their ability. 

 

Hackers managed to steal almost all of the funds from the exchange’s hot wallet.

According to the exchange, hackers managed to gain access to the trading platform’s hot wallets overnight to steal “almost all” of the funds it had on 6th February. The exchange promised that it would reimburse the victims of the breach using its funds to the best of its ability. Altsbit further noted that affected users must apply to receive their partial refunds. 

 

Altsbit lost nearly 7,000 bitcoins and other cryptocurrencies.

The cryptocurrency exchange Altsbit announced that it would be issuing refunds from 8th February to 10th May before it completely shuts down its services. According to the exchange, 6,929 bitcoins out of 14,782 were lost during the hack and 23,21 ETH out of 32,262. Altsbit also warned that users should be wary of those pretending to be Altsbit employees promising refunds on social media websites. A Twitter account by the name “The Lulz Boat” seems to have taken responsibility for the hack. It also warned other crypto exchanges with weak securities that they are coming after them.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

William Botello
William Botello
William is a market research coordinator who believes that blockchain technology and cryptocurrencies can revolutionize the financial landscape. He completed his studies in Arts and Sciences from Arizona State University.

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