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Alsbit, Italian Crypto Exchange Will Shut Down Operations Following February Hack

Alsbit, Italian Crypto Exchange Will Shut Down Operations Following February Hack

Hacked New Crypto Exchange Altsbit Announces Operations Shut Down-Techcryption-01

Crypto-related cybercrimes have risen, resulting in negative impacts to crypto businesses especially of which that has low trading volume. It is unfortunate enough for a new Italian crypto exchange platform, Altsbit which suffered a recent hack in early February that leads to the closure of its operations, most probably due to lack of resources to sustain the business.

The crypto exchange platform has posted an announcement on its website following the hack, breaking down its total losses while confirming on the shutting down in May 2020. Below are the details of funds stolen by the hackers: –

  • Bitcoin (BTC): 6,929 coins out of 14,782 were lost
  • Ethereum (ETH): 23,210 coins out of 32,262 were lost
  • Pirate Chain (ARRR): 3924082 out of 9,619,754 were lost
  • Verus Coin (VRSC): 414,154 out of 852,726 were lost
  • Komodo (KMD): 1,066 out of 40,015 were lost

Notably, the hackers managed to get access to Altsbit’s hot wallet and had taken almost all the funds. It is fortunate enough that the firm had a good part of the coins kept on cold storage and will be returned to the users of Altsbit.

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However, as the funds in the cold storage are not enough to compensate the losses, Alsbit will only distribute the funds based on the percentage that was saved during the attack. Notably, Altsbit isn’t the first crypto exchange to shut down after suffering a malicious cyber breach. New Zealand-based Cryptopia had to go into liquidation back in 2019.

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