HONEST EFFORT - China-based Bitcoin exchange Bter promises to payback all its users despite losing $1.75 million in crypto-currency to hackers

Bter lost $1.75 million in crypto-currency to hackers and it is promising it will payback its valuable customers. The China-based Bitcoin exchange has announced that it will continue to operate its services as well. Looks like unlike other Bitcoin exchanges like Mt. Gox that never looked back to pay the investors once they lost their money, this is an honest effort.

When in August the last year Bter lost $1.75 million in crypto-currency to hackers, the observers had thought that it was an end to the operation of the Bitcoin exchange. However, now it is trying to emerge from the ashes like Phoenix as it says that it managed to trace the stolen 7,170 BTC to a Bitcoin mixer, a crypto-currency laundering service called Bitcoin Fog.

As online Bitcoin wallet have been unsafe for Bitcoin users and even for the companies, Bter has entrusted its cold (offline) wallets to Jua.com and plans to eventually hand over its hot wallet services for deposit and withdrawal to the latter as well. The release from the firm says that Bter has learned a lot from its past experience.

Nonetheless, the reports are also ripe that the company says it will use all its future profits from its Bitcoin exchange and upcoming businesses to first pay back users. Additionally, Bter claims to have had 230,000 registered users, including 130,000 from China. The large user base is definitely prompting the Bitcoin exchange to stay in the services.