The popular Chinese cryptocurrency exchange, BTER, which earlier went offline after being struck with a 7,170 BTC theft, is back online. The company officially announced on March 10 that users will be 100% compensated for their losses and that trading will soon resume.
“The trading will be enabled soon. Please double check your balances and the price in your existing orders. Please note that the previous BTC balance has been moved to BTC-B which will be used as the reference for compensating our user’s BTC loss. The 100% compensating plan will be revealed soon.”
This has come as a big relief to the customers who had been lamenting huge losses suffered in the theft; the losses amounted to $1.75 million that time. Earlier, in February, the then defunct cryptocurrency exchange had cited a lack of funds as the reason for not reimbursing the customers.
Some users took to twitter to express hope and satisfaction. A twitter user, Patrick Konshak tweeted, “@btercom great news, hope to do trading with you in the future –Qapla’”.
Others were also optimistic of getting their coins back.
Users may also contact the exchange with any queries or issues on http://support.bter.com/hc/us-en/requests/new
Bitcoin investors also cheered the news as the digital currency raced towards the long eluding $300 mark but, the market digested the update quickly and profit booking made its way in. Bitcoin is currently trading close to $290.
A development such as this definitely restores the confidence in the Bitcoin community, which has been shaken and stirred by the numerous thefts, hacks and scams in the past year. Ridding the bitcoin industry of scams and thefts can act as a shot in the arm for the cryptocurrency revolution taking place worldwide.