Chinese crypto exchange, BTER, has announced that it will soon be relaunching its trading platform and employ a robust cold wallet solution.
The exchange had suspended all trading after 7,170 bitcoins (worth at the time close to $1.7 million), were stolen from its cold wallet.
The exchange just tweeted:
We are deploying our new trading system with the safest ever cold wallet solution. we will finish it in 24-48 hours.
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— Bter.com Exchange (@btercom) March 9, 2015
It is rare to hear of hackings into cold wallets, leading some to believe that the theft may have been an inside job. BTER did not delve into further detail of how the new wallet solution will be more secure. It is possible that a software layering on internal organizational controls to restrict access to the wallet is being employed.
Previously, the exchange informed users that it will be resuming withdrawals of select currencies, but did not give an ETA on when trading will resume. Last week, the exchange said it was rebuilding its backend. It also apologized for delays in the planned withdrawals.
The announcements may come as a surprise for some. The exchange previously announced that it was looking to sell assets, including BTER.com, in order to cover losses, leading some to start writing the exchange’s obituary.
BTER’s home page continues to be replaced with a general message of the current status, directing visitors to its Twitter feed for all official updates.