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Bitcoin Payments Firm Coinapult Is Back With A Bang!

Avatar Guest Author 5 years ago

Online Bitcoin account provider Coinapult has completely restored its services which were shut down following a hot wallet attack which resulted in a loss of 150BTC worth roughly $43,000 on March 17. The Bitcoin firm announced this development via its official blog.

The company declared that, “Today we are happy to announce the full restoration of Coinapult services. Users can now deposit BTC and Lock in addition to withdrawing and Unlocking.” Following the attack, Coinapult had warned against sending Bitcoins to Coinapult addresses which included Lock addresses as well.

Even though the firm has been unable to identify the specific entry point of the attack, strict and extensive measures have been put in place to avert another such crisis. All the processes have been shifted onto new servers at a new hosting location; the firm had been contemplating doing that prior to the attack. To protect against the Denial of Service (DOS) attacks, the operations will be also backed by CloudFlare technology.

The company’s hot wallet has been replaced with a 2 of 3 multisig system which, as of now, requires manual cosigning by a Coinapult executive for each withdrawal. This may have made the process a little tedious than before but, this is the price users could be willing to pay for extra security.

An information of critical importance to users is that the Coinapult’s team will be available to cosign the transactions only during 9am-9pm in Panama (UTC-5).

However, the multisig operation is only temporary, the company says. The company is in the process of creating a client-side signing method which will allow the users to spend their Bitcoins without the approval of Coinapult’s team. But, that development is still a little far in the future and users must remain patient to avail the best of the services, which include impenetrable security and usage freedom.

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