Cryptocurrency Exchange Platform Altsbit To Shut Down After A Hack

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Altsbit, which was a cryptocurrency exchange platform based in Italy, was subject to a hack the previous week.
  • The company would provide partial refunds to all its customers.
  • The customers of the exchange need to apply for a refund as quickly as possible as the refund process would start on the 10th of February and continue until the 8th of May.

Altsbit, which was a cryptocurrency exchange platform based in Italy, was subject to a hack the previous week. In a tweet, they mentioned that they had been hacked on Thursday, and all the funds from BTC, ETH, ARRR, and VRSC were stolen. However, some funds stored in the cold wallets are still safe.

An update posted on the official website of Altsbit says that most of the coins that were kept in cold storage are safe. The company would provide partial refunds to all its customers. However, they don’t have the resources to return all that was stolen.

During the hack, these currencies were taken

  • Hackers took 6929 out of the 14782 Bitcoins that were stored
  • They took 23210 out of 32262 Ether kept in the account.
  • 3924082 out of 9619754 Pirate chains have also been lost.
  • The hackers also took 414,154 lost out of 852,726 Verus Coin, and 1,066 lost out of 48,015 Komodo.

The website mentions that those who have lost their valuables must apply for a refund. At the time of this statement, the value of Bitcoin and Ether lost is around $63000.

The customers of the exchange need to apply for a refund as quickly as possible as the refund process would start on the 10th of February and continue until the 8th of May. After this time period, no more refunds will be provided as Atlsbit will shut down.

At the moment, the Black Hat group LulzSec has claimed the responsibility of this hack. They tweeted that Altsbit did not have the proper security to stop them, and many more hacks will follow. They warned other exchanges to buff up their security.

The group has already been linked with the Sony Pictures hack in 2011, along with some other major hacks. Some of its members have been arrested in the past as well.

Altsbit had only launched after a rebranding in October 2019. They released a roadmap that told about the upcoming updates that included a security update at the 5th spot.

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