Bter is a Chinese Blockchain Assets Trading Platform established in 2012 by Jinan Manwei Information Technology co., Ltd. The objective of the exchange is to provide safe, efficient and honest services of cryptocurrency trading. BTER is another of the hybrid fiat to crypto and crypto to crypto exchanges. Although they had a rocky start to 2015 with a severe security breach, they have gradually reopened markets and have dealt with the situation in a professional manner.
Bter was one of the few exchanges working also with fiat money, in this case it was US-Dollars and Chinese Yuan. Trading on the exchange is carried out in 100 cryptocurrencies. This platform was protected by SSL certificate, Web application Firewall, manual confirmation of withdrawal, as well as two-stage authentication with one-time passwords Google. Most of the funds in the system were stored in cold wallets.
Bter suffered a major hack recently, losing 7170 BTC (US $1 600 000) that had been in cold storage. Bter.com was maintained and operated by MaxCloud Inc. which was registered in British Virgin Islands in 2011.
After the hack, the following message was posted on their website.
7170 BTC got stolen from our cold wallet in this transaction:
720 BTC bounty for chasing it back.
All wallets have been shut down and withdrawals of the unaffected coins will be arranged later.