BTER Hacked – 7,170 Bitcoins Stolen Worth $1.75 Million

BTER, one of the leading online Bitcoin exchange sites based in China, announced only hours ago that their site has been hacked again, this time resulting in a loss of 7,170 Bitcoins having a value of around $1.75 million.

The Bitcoins were stolen from their cold wallet and first moved to one Bitcoin wallet and then on to another. The theft has led BTER to go offline for now, promising to give information for people to cash out the coins not stolen as well as promising a 720 Bitcoin bounty to anyone who can give information that can get them back the coins.

The transaction where it shows that 7,170 Bitcoins were transferred away to the hackers wallet, from there it was transferred yet again.

“7170 BTC got stolen from our cold wallet in this transaction: 720 BTC bounty for chasing it back. All wallets have been shut down and withdrawals of the unaffected coins will be arranged later.” BTER wrote on their website shortly after going offline.

The Bitcoin value naturally took a massive hit right after this was announced, losing almost $40 in its value in a matter of minutes. It is speculated that the value was inflated prior to the attack by the group who stole it, to ensure that they could get the best possible price for the coins. Let’s hope the coins are returned so we won’t have yet another case of stolen coins which ends up closing down another cryptocurrency exchange site.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

Recent Posts

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

21 hours ago

SEC’s Crypto Mom is calling for the U.S. to catch up and considers a ban on Bitcoin foolish

According to Hester Peirce, an American lawyer and Commissioner at the US Securities and Exchange Commission (SEC), a government ban…

21 hours ago

Bloomberg expects Bitcoin price to land on $400,000 in this halving cycle

In the latest edition of its monthly “Crypto Outlook,” Bloomberg, senior strategist Mike McGlone reports on the bullish narrative around bitcoin…

22 hours ago

Coinbase high valuation is not a “done deal”, as analysts issue some caution ahead of its direct listing

Looking ahead to next week’s Coinbase direct listing, analysts conclude that by no means it is a “done deal” game…

22 hours ago

Bitcoin’s adoption is at a “tipping point”, according to Fidelity Investments Executive Tom Jessop

During an interview at Marketwatch and Barron’s “Investing in Crypto” event, Tom Jessop, Head of Fidelity Digital Assets at Fidelity…

3 days ago

Cardano’s Alonzo upgrade is expected to be live by end of summer

In a blog post that was announced on their Twitter page on Thursday, The Input Output HK (IOHK) team outlined…

3 days ago