Ukrainian Bitcoin Exchange BTC-TRADE Hacked Again

News and Analysis
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Ukrainian cryptocurrency exchange has once again announced it was hacked.

The site’s main page contains the following announcement:
Good afternoon. Unfortunately, today we experienced yet another hack. We’re clearing up amount of losses, please be patient. Don’t send money to the exchange’s wallets.

Amongst other massive hacker attacks on bitcoin exchanges earlier this year, btc-trade had also been hacked. Back then, roughly 30 bitcoins (about $6900 at relevant exchange rate) were stolen from the customers’ accounts. All the stolen funds were reimbursed to the full extent. However, the exchanged carried on experiencing technical difficulties.

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Not so long ago the exchange faced problems with Ukraine’s major bank Private Bank, which resulted in impossibility to withdraw funds on Privat cards or via online service Private 24. Some users believe those problems originate in the news that Bitcoin is used for financing illegal armed formations in Ukraine. However, the exchange’s administration apparently never contacted the bank to clear things up.

Also, as one can see from the exchange’s page on Facebook, the service goes offline all but every single week, and withdrawal problems are regular which is witnessed by btc-trade customers.

Unscrupulous servicing and reckless attitude towards security and safety results in sad outcomes for bitcoin exchanges. However, as it seems, some of those running the exchanges haven’t drawn any conclusions so far.

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