BTER Site Back up, Preparing for Withdrawals, but Trading Suspended

BTER's site is back up and running after being down for several days following a hacking and theft of 7,170 BTC ($1.7 million) from its cold wallet.

The China-based Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term has also reiterated that it plans on resuming withdrawals. Previously, it said that CNY, USD and Nxt cryptocurrency withdrawals will be handled first.

The site's home page had been replaced with a message informing users of the attack, providing a link to the stolen coins' travels through the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term and offering a 720 BTC bounty for the funds' recovery.

The original home page is now back online, but showing zero activity across the exchange's many cryptocurrency pairs.

Among cryptocurrency exchanges, BTER has one of the highest selections of fiat-based offerings, with 48 based on CNY and 8 based on USD.

The selection has given BTER an edge over other altcoin exchanges, several of which have also fallen victim to wrongdoing, including MintPal and Cryptsy. The longer BTER remains effectively offline, however, the greater the market share it stands to lose to competitors.