Systems Paralyzed, 2 Million Users Affected – Exchanges Bitcoin News

The Bitcoin exchange systems are at a standstill. The news is not surprising for the people who have been following the cryptocurrency, as one of the major exchanges, Bitfinex, was hacked in August 2016 for more than $70 million. The news of the latest hack broke last Friday, and since then, the exchange has been in a state of confusion.

In an official statement, the Mt Gox team has announced that systems are paralyzed and the exchange is experiencing a severe lag. They further explain that Mt Gox’s staff are working to resolve the issue as soon as possible. The statement reads: “Systems are paralyzed at the moment and we are working hard to fix it. We will make an official announcement when we have fully assessed the damage.

The cryptocurrency exchange, which has around 2 million users worldwide, has announced that it has been hit by a serious cyber attack. A number of basic services were crippled and the attacker attempted to gain access to the exchange’s portfolios. The platform then shut down operations and stated that it needed to conduct due diligence, which was expected to take one to two weeks.

Hotbit claims to have been hit by a serious cyber attack

Cryptocurrency exchange Hotbit announced Friday:

Hotbit just fell victim to a major cyber attack that took place on the 29th. April 2021 began around 20:00 UTC, crippling some of its core services.

The report adds that attackers have also tried to hack Hotbit wallets, but the exchange says this was detected and foiled by our risk-control system.

The exchange says it will soon have over 2 million registered users and has a huge service system architecture of over 200 servers online, to ensure security, the Hotbit team will completely rebuild all servers.

The exchange stressed that all customer balances are safe and secure:

The Hotbit team has closed all services for immediate monitoring and recovery.

In terms of recovery time, the Exchange expects it to be around 7 to 14 days, noting that it is at least 7 days. The estimated recovery time will also be longer as things take their course.

Crypto-currency transfers from Hotbit addresses have been spotted since the hack was announced. The exchange claims that the transfers are due to the creation of a new cold portfolio.

Systems Paralyzed, 2 Million Users Affected – Exchanges Bitcoin News

The exchange said the attacker deleted the user database after failing to obtain assets. The attacker had already gained access to the database to reveal the user’s registered phone number, email address and asset information.

While the company says the database is secure, it says we still don’t know if an attacker tampered with the data prior to the attack, warranting a full investigation.

What do you think of this Hotbit hack? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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