The newly rebuilt Bter.com, one of the world’s largest altcoin trading platforms, has announced that it has joined forces with JUA.com and is stepping up its security system. It has also set forth a plan for repaying all users who lost funds due to a recent theft.
On the security side, JUA.com will provide 100 percent cold wallet escrow storage of users’ funds, and will gradually take on hot wallet security for deposits and withdrawals as well. Bter has already worked with JUA.com since the hack to review all security-related code, and has completely rebuilt the trading platform’s back end.
JUA.com will also front a 1,000 bitcoin interest-free loan to Bter in exchange for shares, for the purpose of repaying losses to clients. In turn, Bter also has pledged to seek further financing from other sources to help speed up the repayment timeline.
Bter and JUA.com have indicated that they will be working together in the coming months to bring a “new profit model and more services to Bter’s users.”
Bter said that “all Bter’s future profit shall be used to pay [back] the BTC loss [to] users first until all the lost BTC is paid up.” At the same time, it is offering users one month of free trading on the site “as our thanks for your trust and support.”
The History of the Hack
On February 14, 2015, 7,170 bitcoin was reported stolen from Bter in one of the largest hacks in cryptocurrency history. Bter claims to have traced the stolen funds to the bitcoin mixer Bitcoin Fog, thanks to the efforts of security teams and the crypto community. It has been unable to do anything substantial with this information to date.
Since the first days of the breach, Bter has accepted full responsibility for the loss and has pledged to repay all missing funds; at one point, it even considered selling all its assets to fulfill that commitment. The new partnership with JUA.com is designed to ensure that Bter can move forward with some hope of future growth.
Besides being a specialist in digital currency financial services, security and storage, JUA.com also is also affiliated with BW.com, one of the largest mining farms and mining pools in the world, accounting for 20 percent of global hashing power.
Christie Harkin is the contributions editor at Bitcoin Magazine.