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Altsbit Exchange To Shut Down Following Devastating Hack

Altsbit Exchange To Shut Down Following Devastating Hack
  • Altsbit has lost nearly all of its funds in a hack this month. 
  • Due to this, it will be shutting down his services in May 2020.
  • The hack caused Altsbit to lose 6.9 bitcoins, 23 ETH tokens as well as many other losses in different cryptocurrencies

It was reported recently that a small cryptocurrency platform, Altsbit, lost nearly all of its funds in a hack this month. Due to this, it will be shutting down his services in May 2020.

It was first reported on the 6th of February that this hack took place on the Italian platform releasing withdrawal instructions on the 9th of February, at the end of last week. Going off what the statement says, the hack caused Altsbit to lose 6.9 bitcoins, 23 ETH tokens as well as many other losses in different cryptocurrencies including Pirate Chain and Komodo (KMD).

A significant part of Altsbit’s crypto funds were held in cold storage. Despite this, the exchange will still be terminated on the 8th of May. The firm has nevertheless promised to refund all the affected users from the cold storage funds.

In the statement, they say:

“Refunds will begin on February 10, 2020 and end on May 8, 2020, after this date it will no longer be possible to request a refund as the Altsbit platform will be terminated.”

Writing in an email, a spokesperson from the exchanges confirmed that the company’s decision to shut down is final and it doesn’t seem like there is any going back from here. All of these customers will be reimbursed. They added, “we will refund whatever we are holding on cold storage to users and then the platform will close down.”

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