Altsbit Crypto Exchange Closes Shop Following Recent Hack

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Altsbit Crypto Exchange Closes Shop Following Recent Hack
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An Italian based crypto exchange, Altsbit, that was compromised by hackers on February 5, 2020, has announced that it’s shutting down and has also given clear directions to its customers on how to get a refund. This is after the management of the crypto exchange posted on Twitter to inform all the customers who were affected that the refund dates begin today, February 10 and ends on May 8.

Whereby, after the given date the company will no longer be in a position to process any refund since it’d have been terminated. The crypto exchange reported the hack on February 6, after hackers got away with almost half of the customers’ investments. 

Luckily, the company had stored the rest of the crypto assets in a cold wallet, therefore securing a partial refund for the customers.

Altsbit Lost Coins

According to the statement, the hackers were able to siphon around 6.929 Bitcoins out of the total 14.782, which reciprocate to 7.853 remaining to be shared amongst the valid customers.

In addition, the hackers stole 23.21 ETH out of the total 32.236, thus leaving only 9.052 ETH to be returned to the users.

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The hackers also made away with 3924082 ARRR out of the total stored 9619754 which left the company with around 59.20% to be refunded to the customers. Also in the list of the lost coins included VRSC which amounted to around 414154 out of the total 852726. Lastly, during the heist, the hackers made away with 1066 KMD leaving the company with 48015 to be returned to the customers.

Instructions to Altsbit Users to Get a Refund

The crypto exchange management is working towards refunding the customers’ lost coin and maintaining its initial credibility. Hence, through the news update, the management gave instructions to the customers on how to get a refund from the remaining coins.

First, for a user to request a partial refund of the remaining crypto assets, they are directed to login into the exchange site, click on the “Funding” tab at the top of the page, then click on “withdraw” tab. After which they will be required to fill their address and the total sum.

Next, the user will be required to verify their email via a 2FA code, which will then lead to the final step, clicking the “Withdraw” tab.

It is after following the steps that the user will wait for the technical support team to process their request. The exchange company is warning the users to be wary of scammers pretending to be the company’s employees.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.