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The Bter crypto currency exchange that was recently hacked and over 7000 BTC were stolen has officially detailed their plans to return to full operation again and to pay back to users all of the coins that were stolen. Earlier this month the service has hinted that Bter is getting back to normal operation, but now they have resumed trading with improved security and a plan set in motion to gradually return the missing coins back to users.
Bter has revealed some interesting numbers:
Bter had been the largest altcoin trading platform in the world, with 230,000 registered accounts, including 130,000 Chinese users, daily PV closing to 4 million at its peak. As a once hottest altcoin exchange, Bter had successfully help with the exchange of 890,000 BTC and had a significant and sustainable profit model.
The stolen BTC payback plan:
1) Bter shall undertake all the loss and compensate users’ BTC loss in batches gradually.
2) The BTC holders on Bter who suffer the BTC loss shall be entitled to Bter’s half year’s trading fee in proportion to their BTC loss, besides the above the mentioned compensation.
3) The lost BTC balance in the users’ account has been transferred to the BTC_B, which will be the reference for our subsequent payback.
4) All the Bter’s future profit shall be used to pay the BTC loss for users first, until all the lost BTC is paid up.
5) Bter will open more businesses later and the profit from those businesses will also be used to pay the BTC loss for users first.
5) Bter has received 1000 BTC from its partner JUA.COM to speed the payback process.
6) In the further, Bter will seek more finance from other channels to pay up the users sooner.
7) Users on Bter will enjoy one-month’s free trading for all the trading pairs as our thanks for your trust and support
8) New BTC deposit sending to Bter shall not be affected.
After getting hacked last month and having over 7000 Bitcoins stollen the Chinese crypto currency exchange BTER apparently plans to get back to full operation instead of closing down. The website has been back online for a while already allowing users to withdraw some of the crypto coins they had before the hack, but it seems that the service operators do plan on fixing the security problems by rebuilding their backend and returning to normal operation and enabling the trading again. There are still not a lot of details as this was just announced on their official Twitter account, but probably more details will be available soon. The question that remains however is if they will be able to get their users back as this was not the first time the exchange suffered a serious breach in security resulting in loss of users coins.
The Chinese crypto currency exchange Bter has apparently been hacked and is currently down. Th website notes that 7170 BTC apparently got stolen from the exchange’s cold wallet and they are offering 720 BTC bounty giving the transaction Id for the stolen coins. It seems that this could be the end of Bter as this is not the first time that the crypto currency exchange is having such problems getting hacked and coins stolen. It is not yet clear if what will happen with the exchange this time, after a few months ago they were able to get back on track after getting hacked and a lot of NXT coins getting stolen. Even if they manage to get back online again after this issue it will be hard to earn back the trust of the users and we would still recommend to avoid using it in this case anyway.