Bter to Return 'Hacked' Funds Following Security Partnership
Hacked' altcoin exchange, Bter, has outlined a plan to payback users after inking a deal with security firm Jua.com. The Chinese platform reported that hackers had absconded with 7,170 BTC (roughly $2.1m at press time) on 14th February after accessing its cold wallet storage system. If verified, the figure would make the attack the second largest this year. In a post on its reopened website yesterday, Bter said users will be repaid in batches using future profits and a 1,000 BTC interest-free loan from Jua.com. An update to its Twitter page earlier today reads: Most markets are re-enabled....
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The newly rebuilt Bter.com, one of the world's largest altcoin trading platforms, has announced that it has joined forces with JUA.com and is stepping up its security system. It has also set forth a plan for repaying all users who lost funds due to a recent theft. On the security side, JUA.com will provide 100 percent cold wallet escrow storage of users' funds, and will gradually take on hot wallet security for deposits and withdrawals as well. Bter has already worked with JUA.com since the hack to review all security-related code, and has completely rebuilt the trading platform's back....
Chinese altcoin exchange BTER was the subject of a monster-sized hack last February that saw to nearly $2 million in bitcoins being stolen from the company's cold wallet reserves. It was the second largest cyberattack of the year, and many felt sympathy towards the exchange; after all, it was one in a long line of recently victimized exchanges and businesses between MyCoin, Excoin and several others, but when the company announced that it wouldn't be able to pay back any stolen funds, sympathy turned to anger and fear, and many began voicing their concerns over the lack of insurance in the....
Popular Chinese Bitcoin exchange Bter went offline after being struck by a 7,170 BTC theft. The incident first came to the spotlight when some of the Bter users noticed a number of elite transactions moving from Bter's cold wallet to a random Bitcoin wallet address. After their successful completion, the aforesaid amount was further transacted to another wallet, a screenshot of which can be seen below. A few hours after the suspicious Bitcoin fund transfers, Bter issued a notice describing the actuality of this event. "7,170 BTC got stolen from our cold wallet in the transaction," the....
Hong Kong-based Bitcoin service provider, Bitspark, has announced a new partnership with California-based Bitcoin security provider BitGo and the closure of the company's first external funding round. The exchange's bitcoin reserves will now be protected by multi-signature technology. Bitspark CEO George Harrap, told Bitcoin Magazine the integration has been months in the making. "We approached BitGo some time before Bitstamp was hacked," he said. The partnership with the Bitcoin security provider could not come at a more important time for the Asian bitcoin industry. In February,....
Update 8/17: All but roughly 8.3 Million NXT has been returned to Bter, presumably thanks to undiscolsed negotiations. Update 5:30pm EST: The discussion about the hard fork continues. The new version released would only freeze the hacker's account. Which means those funds would still be lost but hacker would not be able to benefit other than the 100 BTC he got by blackmailing Bter. The rest of the blockchain will be rescanned and all transactions besides those coming from the Bter account would still be valid. Another fork could "unfreeze" the account, but that would of course be subject....