Cryptocurrency exchange Altsbit is shutting down this May. The exchange made the announcement after reporting an alleged security breach earlier this month.
In a statement, Altsbit says a hack late last week led to the theft of nearly all of the exchange’s Ethereum (ETH), Bitcoin (BTC), VersusCoin (VRSC), Komodo (KMD) and Pirate Chain (ARRR) holdings.
“Unfortunately, we have to notify you with the fact that our exchange was hacked during the night, and almost all funds from BTC, ETH, ARRR, and VRSC were stolen. A small part of the funds are safe on cold wallets.”
Altsbit says the hackers took roughly 6.929 BTC, 2.321 ETH, 3,924,082 ARRR, 414,154 VRSC and 1,066 KMD. The total amount of ETH and BTC lost was less than $70,000 and reportedly dealt a lethal blow to the nascent exchange.
The cryptocurrency exchange says affected users should apply for partial refunds and that remaining funds will be used to refund users until May 8th.
The company further advises users to be wary of anyone pretending to be Altsbit employees who are allegedly distributing refunds.
Just last year, hackers bagged approximately $282,617,000 in leading cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash, from a wide variety of crypto exchanges.