Bitcoin Exchange Bitstamp Is Back Online with Multi-sig Security after Hack

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bitcoin exchange multi sig securitySlovenian Bitcoin Exchange Bitstamp is now back online with better security than ever. Bitstamp made waves in the mainstream media over the last several days when it went offline after a confirmed hot wallet breach. Everything started four days ago when Bitstamp informed users that it was no longer honoring deposits made to old deposit addresses due to the wallet breach. Soon after, Bitstamp took their entire website down to rebuild security from the bottom up.

Bitstamp reminded the public multiple times that “Customer deposits made prior to January 5th, 2015 9:00 UTC are fully covered by Bitstamp’s reserves. Deposits made to newly issued addresses provided after January 5th, 2015 9:00 UTC can be honored.”

Trading will begin at 21:00 UTC and will be commission-free until 1/17/15.

Also read: Wallet Breach Causes Bitcoin Exchange Bitstamp to Temporarily Suspend Service

Bitcoin Exchange Bitstamp is Back

Bitstamp’s revamped website explains the long hiatus:

We took the decision to rebuild our systems from the ground up from a secure backup for a few reasons. By redeploying our system from a secure backup onto entirely new hardware, we were able to preserve the evidence for a full forensic investigation of the crime. We have also taken this time to implement a number of new security measures and protocols so that customers can resume using Bitstamp with full confidence and trust. While this decision means we have not been able to provide you with services for a number of days, we feel this extra measure of precaution was in the best interest of our customers.

To ensure renewed confidence in their relaunched Bitcoin exchange, Bitstamp has implemented new features.

Our team has been working day and night to rebuild and restore security to the Bitstamp site so customers can resume transacting with us quickly, safely, and confidently. Bitstamp is now fully operational with a number of key improvements:

MULTI-SIG

  •  With the integration of BitGo multi-sig technology, Bitstamp is now the first and only major bitcoin exchange to incorporate the industry’s best security practices available today.

COMPLETELY NEW HARDWARE INFRASTRUCTURE

  • The Bitstamp systems are running on 100% new hardware deployed from a completely secure backup of our code and data.

AMAZON WEB SERVICES

  • Bitstamp is now running on Amazon’s world-class AWS cloud infrastructure, architected to be one of the most secure and reliable cloud computing environments available.

COMMISSION-FREE TRADING

  • As a note of thanks to our loyal customers, all transactions conducted on Bitstamp through the end of the North American Bitcoin Conference — January 17th (at 11:59pm UTC) — will be commission-free.

Bitstamp CEO Nejc Kodrič, who has been continually keeping Bitstamp customers and eager Bitcoiners abreast of Bitstamp’s progress via Twitter, closed with these remarks:

On a personal note, I’d like to thank the incredible teams at Bitstamp and our lead investor Pantera Capital who have worked around-the-clock from multiple time zones in the last few days. I’m incredibly proud of the herculean work of this extended team, and grateful to the phenomenal show of support from customers, friends, and partners in the bitcoin community.

Images from Shutterstock.

 

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