Chinese altcoin exchange BTER was the subject of a monster-sized hack last February that saw to nearly $2 million in bitcoins being stolen from the company’s cold wallet reserves. It was the second largest cyberattack of the year, and many felt sympathy towards the exchange; after all, it was one in a long line of recently victimized exchanges and businesses between MyCoin, Excoin and several others, but when the company announced that it wouldn’t be able to pay back any stolen funds, sympathy turned to anger and fear, and many began voicing their concerns over the lack of insurance in the world of virtual currency.
While insurance is still a topic that’s up in the air, BTER is now prepared to make amends and refund any and all lost coins through a new partnership with security firm Jua.com.
According to the company’s newly reopened website, customers will be paid back stolen funds over time through BTER’s future earnings and interest-free loans with Jua.com of up to 1,000 bitcoins. The company announced on Twitter:
“Most markets are re-enabled now and we are making withdrawals work for more and more coins.”
Originally, the owners of BTER were planning on selling the platform, as they didn’t feel they possessed adequate funds to be able to pay back all affected customers, but that’s all changed with the new security agreement. When talking about the trusted firm, BTER explains:
“Working with Jua.com, we reviewed all the security-related code on BTER completely and rebuilt the back-end, and trust all our cold wallets to our partner for specialized security storage, making a solid security foundation for BTER’s re-opening.”
The control of all of BTER’s hot wallets will also eventually be moved into the control of Jua.com.