Posts Tagged ‘Bter crypto exchange


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.

If you want to take a look at Bter’s website for additional details about the situation…


Bitcoin and Litecoin prices continue to go down due to the panic that the information about the Peoples Bank of China possibly ordering banks and payment processors to stop servicing the accounts of Chinese crypto currency exchanges. This information has no yet been fully confirmed, but Bter, one of the larger Chinese crypto exchanges with English supports has announced the temporary suspension of deposits of Chinese Yuan. CNY withdrawals are currently unaffected however and people are able to withdraw cash from the exchange and on the CNY markets prices are going down as a result. It seems that the exchange got a notice from their payment processor and not an official information from PBOK. The announcement was published only in Chinese, though considering that this can affect prices significantly for other users as well it would’ve been nice to see an official English translation as well and not to have to rely on translation services. Still, it seems that after China brought the prices of Bitcoin and Litecoin up quite a lot last year, now they may bring them back to the old levels of sub $200 per BTC and sub $3 for LTC.

You might want to keep a look out on Bter’s website for further development and news…