Crypto Exchange Altsbit Hacked By LulzSec, Will Be Forced To Close Exchange

    Launched only a few months ago, an Italy-based crypto exchange Altsbit has been hacked and can’t afford to cover the losses, and will now have to shut down as a result.

    The Altsbit platform doesn’t offer any clear information about the exchange or company on their website or social media page, but made the announced exchange hacking on Twitter last Thursday of a breach in their systems, saying:

    Coins Kept in Cold Storage are Safe

    Altsbit has posted an update on its website and says most of the hacked coins have been kept in cold storage, so partial refunds will be issued, even if the exchange doesn’t have the money to offer full compensation to its users. The hackers seem to have taken 6,929 Bitcoin (BTC) from a total held of 14,782, 23,219 Ether (ETH) from 32,262, 3,924,082 Pirate Chain (ARRR) from 9,619,726, 414,154 Verus Coin from 852,726 and 1,066 Komodo (KMD) from a total of 48,015.

    Users Need to Apply for Partial Refunds

    The Altsbit website mentions that users need to apply for partial refunds. Now, the BTC and ETH stolen value about $63,000. This is what the exchange mentioned about refunds:

    “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.”

    Hacking Group LulzSec Claims the Theft

    In the meantime, the black-hat hackers from the group LulzSec claimed to have done the theft and said things won’t stop here. This is exactly what they’ve tweeted:

    Let’s not forget some LulzSec members have been arrested for the Sony Pictures hack from 2011.

    Decentralization Is the Key

    In a response to Altsbit tweet from Thursday, the famous decentralized exchange (DEX) Block DX tweeted:

    Block DX’s tweet comes once again as a confirmation that decentralized is the way to go, as this provides more control over wallets.

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    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

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