Vertpig, an exchange focuses on Vertcoin runs out of funds after a series of hack

24 Oct, 2018
by Fifi Arisandi
News
Vertpig, an exchange focuses on Vertcoin runs out of funds after a series of hack

Vertpig, an exchange that focused on Vertcoin, announces the closing down of their platform after a series of hack that have costed them a major loss.

Vertpig, an exchange founded by Vertcoin’s creator announces they’re shutting down their platform, following a series of hack that the exchange experienced recently.

The platform realized something was off for the first time in the early morning of October 15th, where they found “a bunch of uncompleted Swaps that had failed to pay out”.

Further investigation revealed that a vulnerability on the system had allowed an attacker to steal from the platform.

After applying a patch to the system, the London-based company decided to keep the platform going, while seeking information from the bank on the financial status for repayment scheme.

However, after days of running with the remaining funds and successfully processing as many as 100 withdrawals, the exchange decided to stop offering services and shut down their platform as the “funds were running low”.

They are unable to promise any repayment scheme towards the customers’ loss, although stating their hope to be able to repay all customers “one day”.

As Vertpig is seeking for further legal advice, they expect to be able to re-open the platform and offer a Swap only service, although the decision to move forward is still subject to the creditors’ advice.

Vertcoin (VTC) value, fortunately, is not affected by the incident. As of writing time, it's valued at $0.71 and manages to gain 3.84% in the past 24 hours, according to Coinmarketcap

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Read more about: Vertcoin (VTC)

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