Bitcoin exchange Bter partners with JUA to re-open with greater security, pay back victims of hack
Late last night, China-based Bitcoin exchange Bter.com announced that the site will be returning to operation, along with security enhancements delivered by JUA.com, and outlined a plan to pay back customers who had BTC stored with Bter.
Bter suspended operations last month after announcing that the exchange had been hacked ending in 7170 BTC stolen (approx. $1.66 million USD at the time). This news arrived amidst a flurry of news of other exchanges shutting down or suspending after hacks.
To prepare the way for restoration of services, Bter has partnered with JUA.com, one of the largest mining farms and pools in the world, to increase security and provide an escrow service for the exchange. Bter will be trusting all cold wallets to JUA for management, for which JUA will be providing enterprise-class secure cryptocurrency storage.
Also according to the announcement, JUA is expected to slowly take over hot wallet services for deposits and withdrawals.
The partnership with JUA also has the mining company delivering 1,000 BTC (approx. $297 USD at current rate) to assist with the re-opening of the exchange.
No news yet on the exact date of the return to operations is currently available or the timeline of the payback plan.
The payback plan
As part of the restoration announcement, Bter has announced a payback plan for restoring account balances to customers who had bitcoins held in wallets at Betr.com prior to the February hack.
Bter intends undertake all losses and compensate users’ lost BTC gradually—to do this, Bter intends to siphon future profits into a fund that will be used to pay back users until the accounts are zeroed. In regards to the partnership with JUA, mentioned above, Bter will use the received 1,000 BTC to speed the payback process.
Aside from working with JUA to build new business opportunities, Bter has stated that it will be seeking more business in the future to hasten repayment.
All users will also be receiving one month free trading on the site ” as our thanks for your trust and support.”
Image credit: Bitcoin glyph, https://en.bitcoin.it/wiki/File:Bitcoin.png#filelinks
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