BTER hacked - $1.75 Million in Bitcoin Stolen from cold wallet


#1

As per the title,

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”.

Read more at coindesk


#2

You know what? It seems that “hacked” is becoming a mainstay excuse these days. I mean I can’t see how this is a valid excuse anymore with all the previous “we got hacked” claims. After hearing how so many other sites have gotten hacked wouldn’t one think to beef up the security of their site? I lean more towards this “we got hacked” proclamation as an excuse for shady dealings.

There’s no excuse for weak security on any crypto site anymore


#3

A cold wallet hack should only be possible by an insider that somehow obtained the private key.


#4

I agree with this. “Hacked” is definitely being used as an excuse. And I fear that as crypto regulations come into light, the words “waiting on legal” is going to be used as an excuse as well. There seem to be a lot of good folks in crypto, but for ever good one there seem to be 5 devious ones.

Cold wallet hacking would pretty much have to be an inside job. If it wasn’t and someone figured out how to get into cold wallets some how, the whole crypto world is screwed.

It seems that a lot of these services think the majority of us are complete fools. I guess that is how they make their money.


#5

Just another excuse for “We f____ed you out of you money”!!!


#6

And a way to cover up the exit of a ponzi scheme. Maybe not in this case, but the “hacked” excuse has been used many times before.


#7

Inside job… one does not simply hack a cold storage address.


#8

Well actually, BTERs been “hacked” before, for much the same quantity of fiat.
Makes you wonder …


#9

back in the days my Ex used to “hack” my credit cards… lol.