BTER Claims $1.75 Million in Bitcoin Stolen in Cold Wallet Hack

China-based digital currency exchange BTER announced that it suffered a hack on its cold wallets, resulting in the loss of roughly $1.75m in bitcoin.

AccessTimeIconFeb 15, 2015 at 4:04 p.m. UTC
Updated Sep 11, 2021 at 11:33 a.m. UTC
CoinDesk - Unknown

BTER

Digital currency exchange BTER announced that it has lost 7,170 bitcoins, or roughly $1.75 million at press time, in an apparent hack on its cold wallet system.

In a statement posted to the China-based exchange's website, the company said that it had shut down its platform in the wake of the attack and that withdrawals for user balances "will be arranged later".

A separate post on Chinese social media platform Weibo from BTER claimed that it was working with law enforcement officials on the matter.

Initially, BTER had posted on its website that a "security check" was underway and that the exchange would be temporarily suspended prior to another update. It remains unclear exactly how the BTER cold wallet was compromised.

BTER says it is offering a 720 BTC bounty "for chasing it back", although the company did not elaborate on the exact nature of the bounty. CoinDesk has reached out to BTER for comment on the hack but did not receive an immediate reply.

The stolen funds were broadcast through this transaction, according to the announcement, and the bitcoins appear to have been split into a number of separate wallets since the alleged intrusion.

The incident comes months after BTER suffered a hack on its servers, during which 50m NXT, worth roughly $1.65m at then-current prices, were stolen. At the time, the exchange was reportedly able to negotiate for a partial return of those funds.

CoinDesk will continue to monitor this developing story and post updates as they become available.

Image via Shutterstock


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
TeraWulf Adds $50M in Debt for Datacenter Completions

The miner aims to seize opportunities created by the market slump.

CoinDesk - Unknown
2
CoinDesk - Unknown
UK Financial Regulator Hires Former Police Officer to Head New Crypto Unit

Matthew Long will be responsible for payments and digital money at the Financial Conduct Authority.

CoinDesk - Unknown
3
CoinDesk - Unknown
Core Scientific Sold Over 7K Bitcoins for About $167M in June, Sees More Sales

The crypto company plans to cash in on more self-mined bitcoins to cover expenses, growth and debt payments.

CoinDesk - Unknown
4
CoinDesk - Unknown
First Mover Americas: BTC Stabilizes as Fresh Regulatory Developments Surface in Europe

The latest moves in crypto markets in context for July 5, 2022.

CoinDesk - Unknown