Bitcoin firm bounces back after hack

April 10, 2015 Arctic Wolf Networks

Coinapult, an online Bitcoin provider, has announced that it's back in full service after a hack forced them to shut down in March. On March 17, Coinapult fell victim to a hot wallet attack which resulted in the loss of 150 BTC, the equivalent of about $43,000. 

"Today we are happy to announce the full restoration of Coinapult services. Users can now deposit BTC and Lock in addition to withdrawing and Unlocking," said a statement on their website. 

Coinapult has been unable to locate the entry point or identify those responsible for the attack, but have taken measures to ensure that it doesn't happen again. Instead of their former hot wallet withdrawal system, they've now introduced a process where all withdrawals will have to be cosigned by an executive member before being accepted. 

"This manual cosigning is an extremely safe method of operation, but will result in delays making withdrawals," said a statement on their website. "Our team will only be cosigning transactions during the hours of 9am-9pm in Panama (UTC−5)."

The company has also moved its servers and hosting location as an attempt to enhance security efforts. 

Cybersecurity news and analysis brought to you by ArcticWolf, inventors of firebreak detection and response security services. FireBreak, when your firewall fails.

Previous Article
FAA hit by cyberattack earlier this year

The Federal Aviation Administration recently revealed that they found malicious software in their computer ...

Next Article
Humanity: Cybersecurity’s biggest weakness

The biggest weak spots that lead to cybersecurity errors aren't even machines.


Want cybersecurity updates delivered to your inbox?

First Name
Last Name
Thanks for subscribing!
Error - something went wrong!