Cyber-criminals have recently targeted the Italian crypto exchange platform Altsbit, resulting in the theft of a significant amount of funds. The exchange disclosed the hack through a tweet on Twitter, revealing that nearly all funds entrusted to the platform had been stolen. The stolen assets included 1,066 Komodo (KMD) tokens and 283,375 Verus (VRSC) coins, totaling a value of $27,000.
Fortunately, funds stored in cold storage, which are crypto coins with private keys kept on offline devices, remained untouched during the cyber-attack. However, the loss of funds from Bitcoin (BTC), Ethereum (ETH), Pirate Chain (ARRR), and Verus (VRSC) has dealt a severe blow to the exchange.
Altsbit issued a statement on Twitter, stating, “Dear users, unfortunately we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR, and VRSC were stolen. A small part of the funds are safe on cold wallets.” The exchange has initiated an investigation to determine the methods used by the hackers to breach their security measures.
The company assured its users that it is analyzing the extent of the loss and the technical aspects of the hack. Altsbit pledged to provide more details as soon as they are available. Despite positioning themselves as a reliable cryptocurrency partner, Altsbit has faced criticism from social media users for the security breach.
One Twitter user, @ezCoinAccess, criticized the exchange’s security protocols, emphasizing the importance of distinguishing between hot wallets for live transactions and cold storage for secure offline storage. Other users expressed skepticism about the hack, with some labeling it as an exit scam.
In response to Altsbit’s announcement, a user named @Psyagnostic sarcastically commented, “Dear users, unfortunately we have to notify you that we have decided to steal all your money and blame it on a hack. Please deposit more funds ASAP so that we can continue operations and you can keep on enjoying trading at Your Reliable Cryptocurrency Partner™. Thanks!!”
The incident serves as a reminder of the persistent threats faced by cryptocurrency exchanges and highlights the importance of robust security measures to safeguard users’ funds. Altsbit is expected to provide further updates on the investigation and any measures taken to prevent future breaches.