Chinese Bitcoin exchange Bter hacked, $1.75 million in Bitcoin stolen

While you were celebrating valentines day, the hackers were busy doing what they are good at. Yes, on 14th Feb, 2015, a China-based Bitcoin exchange Bter (bter.com) came under massive breach in which $1.75 million worth of Bitcoin was stolen. 

Though the company is not revealing much information about the breach other than accepting that hackers were able to steal 7,170 BTC  from company’s offline wallet in one single transaction. 

Related Post: BitcoinTalk.org Website Defaced, 150,000 Emails and Passwords for Sale

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Yet, there is a positive side of this hack for ethical hackers and bug bounty specialists. Yes, the company is offering bounty of 720 BTC (this is about $170,000) to anyone who can get the money back and found out who hacked the Bter Bitcoin exchange.

Related Post: Silk Road 2.0 Hacked: $2.5 million in Bitcoins Stolen! Administrator makes an emotional appeal

Last year hackers were able to hack Bitcoin brokerage company Bitinstant, breaching into its server and stealing  $12,000 Worth Of Bitcoins in a DNS Attack

Since the breach, authorities have taken the Bter domain offline till further notice. However you can view information about a Bitcoin transaction on the site’s homepage. 

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We hope the brains behind Bitcoin will concentrate on securing the Bitcoin exchanges or users will be far from investing.

Via TNW 

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.