Isn't there supposed to be additional money being stored in a safe place to pay compensation if there is any bankruptcy/hack to the platform? It looked like trying to launder money or make up some losses.
Can users verify the actual number that was hacked or will the platform numbers be relied upon?
Is the platform think itself solved the problem by returning a portion of the amount?
Topic: Altsbit - an Italian CEX was hacked (Read 171 times)
Here is the latest update from them:
1. On February 5, 2020 the exchange Altsbit suffered an attack by hackers, in the attack unfortunately a certain quantity of coins were stolen from the platform. After a careful analysis we managed to understand the stolen quantities, fortunately a good part of the coins were kept on cold storage, these coins will be returned to the users of Altsbit exchange not having the possibility to compensate for these losses, they will be distributed among all users of the platform each coin will have its calculation based on the percentage that was saved during the attack
2. Current verified losses are:
BTC Lost 6.929 coins out of 14.782 - 7.853 will be returned to users. 53.10% (Refunded)
ETH Lost 23.21 out of 32.262 - 9.052 will be returned to users. 28.06% (Refunded)
ARRR Lost 3924082 out of 9619754 - 5695672 will be returned to users 59.20% (Refunded)
VRSC Lost 414154 out of 852726 - 438572 will be returned to users 51.24% (Refunded)
KMD Lost 1066 out of 48015 - 46949 will be returned to users. 97.77% (Refunded)
3. User balances were updated in accordance with current situation described above.
3. To request a partial refund of the available ARRR BTC ETH VRSC KMD you must perform these steps:
-login to exchange
-click on “funding” at the “exchange” page top
- click on “withdraw”
- fill the address and sum (pay attention to new balance)
- fill the verification email or 2FA code
- click on “withdraw”.
After that your request will send to our support system and a copy sent to your email. Withdraw will done manually by our technical support specialists.
4. In terms of refund timing we will try to do as soon as possible at least for those coins that have a higher value, we understand your situation and market fluctuations, the refunds to be made are many and mostly manually so they take longer. We will do our best to complete this step asap.
5. 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
6. Please pay close attention to people who pretend to be Altsbit employees, who promise you various things. Be wary of these people
Do not give any information to anyone, just use ticket after creating the form
Altsbit employees will never ask for confidential information
Scammers will promise to repay the lost funds, pay close attention
https://altsbit.com/order?url=arrr-btc
Quote
1. On February 5, 2020 the exchange Altsbit suffered an attack by hackers, in the attack unfortunately a certain quantity of coins were stolen from the platform. After a careful analysis we managed to understand the stolen quantities, fortunately a good part of the coins were kept on cold storage, these coins will be returned to the users of Altsbit exchange not having the possibility to compensate for these losses, they will be distributed among all users of the platform each coin will have its calculation based on the percentage that was saved during the attack
2. Current verified losses are:
BTC Lost 6.929 coins out of 14.782 - 7.853 will be returned to users. 53.10% (Refunded)
ETH Lost 23.21 out of 32.262 - 9.052 will be returned to users. 28.06% (Refunded)
ARRR Lost 3924082 out of 9619754 - 5695672 will be returned to users 59.20% (Refunded)
VRSC Lost 414154 out of 852726 - 438572 will be returned to users 51.24% (Refunded)
KMD Lost 1066 out of 48015 - 46949 will be returned to users. 97.77% (Refunded)
3. User balances were updated in accordance with current situation described above.
3. To request a partial refund of the available ARRR BTC ETH VRSC KMD you must perform these steps:
-login to exchange
-click on “funding” at the “exchange” page top
- click on “withdraw”
- fill the address and sum (pay attention to new balance)
- fill the verification email or 2FA code
- click on “withdraw”.
After that your request will send to our support system and a copy sent to your email. Withdraw will done manually by our technical support specialists.
4. In terms of refund timing we will try to do as soon as possible at least for those coins that have a higher value, we understand your situation and market fluctuations, the refunds to be made are many and mostly manually so they take longer. We will do our best to complete this step asap.
5. 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
6. Please pay close attention to people who pretend to be Altsbit employees, who promise you various things. Be wary of these people
Do not give any information to anyone, just use ticket after creating the form
Altsbit employees will never ask for confidential information
Scammers will promise to repay the lost funds, pay close attention
https://altsbit.com/order?url=arrr-btc
~ Looking at the numbers on their website it really is a small exchange, which means ppl are most likely gonna spend (time and money) more than what they lost if they file a lawsuit so no one will go through it ig. This could also be just their subtle way of exit scamming.
I thought it was also an exit scam when I first read it but some group already claimed they are responsible for the hack. They may be a small exchange but it was really poor on the part of altsbit to store most of the users assets on their hot wallet. If none will sue them, they or some other group may set up another small exchange again with low security.
Quite impressive to hear how fast they're going to refund and this is very good news for their customers.
The catch is they're only refunding a portion of it
Quote from: https://altsbit.com/order?url=arrr-btc
After a careful analysis we managed to understand the stolen quantities, fortunately a good part of the coins were kept on cold storage, these coins will be returned to the users of Altsbit exchange not having the possibility to compensate for these losses, they will be distributed among all users of the platform each coin will have its calculation based on the percentage that was saved during the attack
It's beyond unfair that they're not holding themselves responsible for their mistakes when users are held for theirs. Too bad we can't see who are behind this exchange so we can avoid these ppl with poor culpability.
Looking at the numbers on their website it really is a small exchange, which means ppl are most likely gonna spend (time and money) more than what they lost if they file a lawsuit so no one will go through it ig. This could also be just their subtle way of exit scamming.
So another exchange claimed to get hacked. It will be interesting to see the result of the investigation. They're saying as if their hot wallets store more funds than their cold wallet (much wow). I'm afraid this might be another case of Quadriga.
If they storaged most of their fund on hot wallets, they might be either stupid, or it was an inside job. Wouldn't be surprised if it turned out that someone from the company knew the exact moment / when to strike - still, we can count this as a hack, and still, it's their fault, i'm not trying to excuse them.
There have been a lot of updates after the hacked:
https://twitter.com/altsbit/status/1226201263643254785
Quite impressive to hear how fast they're going to refund and this is very good news for their customers. So let's see how everything goes, and for those victims here, just follow their official twitter page to see the current status.
Quote
UPDATE: The refund process will begin 2020.02.09, we are working to complete the system so that it can go as smoothly as possible. Tomorrow we will announce instructions on how to claim your funds and after that the process will start.
https://twitter.com/altsbit/status/1226201263643254785
Quite impressive to hear how fast they're going to refund and this is very good news for their customers. So let's see how everything goes, and for those victims here, just follow their official twitter page to see the current status.
Another exchange that plan to close again . 
This is the reason why you need to avoid storing your crypto currency in any exchange.
Now the only option of those people who use that exchange is to wait for what will be the solution of that exchange for the lost funds they are claiming hacked.
I am affraid you can have it back all of the funds lost if you are user's of that exchange.
This is the reason why you need to avoid storing your crypto currency in any exchange.
Now the only option of those people who use that exchange is to wait for what will be the solution of that exchange for the lost funds they are claiming hacked.
I am affraid you can have it back all of the funds lost if you are user's of that exchange.
So another exchange claimed to get hacked. It will be interesting to see the result of the investigation. They're saying as if their hot wallets store more funds than their cold wallet (much wow). I'm afraid this might be another case of Quadriga.
https://twitter.com/altsbit/status/1225319347687653377?
Altsbit - a, Italian crypto exchanges twitter that they have been hacked and "almost all funds" are stolen from their CEX. It's looks like this is a mid-tier exchange, but let's see, not sure how many of you guys are using this exchange though.
This is the official website: https://altsbit.com/order?url=dp-btc
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