Hackers Steal Massive Funds From AltsBit Exchange
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Hackers Steal Massive Funds From AltsBit Exchange

February 7, 2020      Tarulika Jain

AltsBit, the cryptocurrency exchange announced about the attack of an anonymous hacker which resulted in the loss of nearly all funds on its platform. The Exchange notified that the stolen holdings include Bitcoin, Ethereum, Pirate coin, and Verus Coin. The small number of funds that were stored in the cold wallet (offline wallet) was secured.

Calculations of AltsBit

The Exchange announced that the technical glitches in the network led to the loss of funds. After the calculation of stolen funds, AltsBit is liable to return 46949 KMD tokens as well as 436000 VRS tokens to users. These calculations were revealed after the primary research only, still, the complete report of lost funds is not present. The AltsBit Exchange claimed itself as the reliable crypto partner in its bio but the news of second hacking in the year made the investors skeptical about the Exchange.

Possible Speculated Reasons Behind Hacking

After the announcement of stolen funds, traders, as well as crypto enthusiasts, questioned about the maintenance of regulations related to Exchange. The need for the proper documentation before granting the license to Exchange was prophesied. Many of the expertise employed about the importance of a cold wallet over the hot wallet to store the coins. The Exchange was also accused of keeping the tokens on the Exchange rather than using the offline wallets.

With the series of sophisticated hacking attacks in recent years, there is a need for a secured crypto network. The network must be protected from cyberattacks to gain the confidence of fresh investors. Also, the stricter regulations which relate to granting a license to Exchange must be employed. It must be noted that if technology can popularise the cryptocurrency, it can also sideline the same if the funds are stolen daily.

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Tarulika Jain
Tarulika Jain

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.