Hackers run off with $1.75 million in Bitcoin in China

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Bitcoin exchanges being hacked seems like a regular occurrence these days. The latest such incident comes from China where a cryptocurrency by the name of BTER has shut itself down while it tries to track down the hackers that managed to steal  more than 7,000 Bitcoins worth almost $2 million combined. 

A Chinese cryptocurrency exchange revealed on Sunday that 7,170 bitcoins have been stolen by hackers. The current value is about US$1.75 million. The BTER exchange is temporarily closed while it tries to track down the culprits and recover the bitcoins. BTER’s site is now displaying only a notice about the hack along with a reward of 720 bitcoins (US$176,000) for hunting down the perps. This was first noticed by Coindesk. The heist in China comes a month after Slovenia-based Bitstamp lost just over US$5 million to hackers. While the Bitstamp thieves haven’t yet been nabbed, the BTER crew hopes that some of its funds can be recovered by tracking the exact transaction in which the theft took place.

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