It appears that a fair few crypto trading platforms have been struggling as of late. More and more platforms are either disappearing or running out of money.
In the case of Altsbit, it appears that a hack has taken place.
Altsbit Claims it has Been Hacked
This Italian trading platform confirms they lose KMD and VRSC coins, worth $27,000 in total.
These are all funds from the hot wallet, as the cold wallet funds have not been affected in any way.
Why the hack took place, or how the money was stolen, remains unclear.
Altsbit also trades BTC, ETH, and ARRR tokens on its platform.
It is not uncommon for smaller exchanges to fall victim to hacks, theft, or simply mismanagement.
Whichever of the causes is true in this regard, remains to be determined.
Altsbit also prides itself on being a “reliable cryptocurrency partner”, yet that is far from the case following this incident.
Even in 2020, many people think that running a cryptocurrency exchange is very easy and takes hardly any effort at all.
Moreover, the operators often have no security skills whatsoever, thus they cannot protect customer funds adequately.
For Altsbit, it remains to be seen how this incidents affects their reputation accordingly.
It is evident that a lot of people already cry “exit scam”, as that is seemingly a trend among Italian crypto exchanges who get hacked out of the blue.