Not even a month has passed since AllCrypt Bitcoin was taken down and another Altcoin exchange has been attacked by hackers.

Cryptoine offers numerous markets that are generally absent from larger exchanges. Apparently, it has stopped operating due to a hack attack.

Operators of Cryptoine have promised to reveal details but no specific time or date has been declared as of now.

See Also: BEWARE: uTorrent Update Installs Bitcoin Mining Software

”Our hot wallets was drained, coins: bitcoin, litecoin, urocoin, dogecoin, bitcoinscrypt, magi, darkcoin, dogecoindark, cannabis All coins that we have, will be returned to users. Coins stolen – in correspondingly smaller quantities. We had wallets in the ratio 60%/40% (hot/cold),” according to Cryptoine’s website.

It is evident that the hack was a result of a “race conditioning bug.” In strictly programming terminology, Race Condition Bug means those uncontrollable events that don’t happen in the exact sequence as expected or intended by the programmer.

Withdrawals made by hacker
Withdrawals made by hacker

See Also: Chinese Bitcoin exchange Bter hacked, $1.75 million in Bitcoin stolen

In terms of PHP Program, it refers to a bug causing hindrance in the implementation procedure of time-of-use and time-of-check.

”Unfortunately, Cryptoine was hacked. The hacker found some race condition bug in our trading engine. Manipulation of orders gave him false balances. Soon we reveal more details,” according to the message on Cryptoine’s website.

The theft hasn’t be reported yet and also the exchange is unavailable for comment as of now. In contrast to the AllCrypt hack, which occurred due to loopholes in WordPress platform, Cryptoine hack is a result of custom-built software.

Read all previous Bitcoin hacking news by clicking here.

Source and Featured Image Via Cryptocoins News

Waqas

Waqas Amir is a Milan-based cybersecurity journalist with a passion for covering latest happenings in cyber security and tech world. In addition to being the founder of this website, Waqas is also into gaming, reading and investigative journalism.