Italian Hacked Exchange to Terminate Services in May 2020

Italian Hacked Exchange to Terminate Services in May 2020

Altsbit, an Italian cryptocurrency exchange that lost almost all coins in hack on Feb. 5, announced that its services will be terminated in May 2020.

Altsbit posted on Twitter for its clients that:

“Unfortunately we have to notify you with the fact that  our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.”

The exchange issued withdrawal instructions on Feb. 9, after Altsbit first posted on the hack on Twitter on Feb. 6.

“On February 5, 2020 the exchange Altsbit suffered an attack by hackers, in the attack unfortunately a certain quantity of coins were stolen from the platform. After a careful analysis we managed to understand the stolen quantities, fortunately a good part of the coins were kept on cold storage, these coins will be returned to the users of Altsbit exchange not having the possibility to compensate for these losses, they will be distributed among all users of the platform each coin will have its calculation based on the percentage that was saved during the attack.”

According to statement on its website, the hack caused Altsbit to lose 6,929 Bitcoin (BTC) and 23 Ether (ETH).

Users Will Be Refunded

With a significant portion of Altsbit’s crypto funds being deposited on cold storage, their services will still be terminated by the exchange on May 8, 2020. The company promised to refund the users affected from the cold storage funds:

 “Refunds will begin on February 10, 2020 and end on May 8, 2020, after this date it will no longer be possible to request a refund as the Altsbit platform will be terminated.”

$70,000 in Bitcoin and Ether Loss Confirmed

Altsbit has lost a significant amount of crypto funds for a small cryptocurrency exchange. The overall amount of verified losses in Bitcoin and Ether account for around $70,000.

In contrast, South Korean exchange Coincheck lost more than $500 million in a 2018 hack dubbed the “biggest theft in the history of the world.”

Last month, Moscow-based Kaspersky Labs said crypto users should be aware of potential attacks from hackers in North Korea as they develop malware through the most popular app Telegram.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.