Hackers Steal $1.65 Million in NXT from BTER Exchange

Aug 15, 2014 at 13:49 UTCUpdated Oct 23, 2015 at 13:13 UTC. UPDATE: According to reports from the NXT community and BTER, a rollback is no longer being actively considered.

BTER is reporting that 50m NXT, or roughly $1.65m at press time, has been stolen from its exchange following an attack on one of its hosting servers.

A developer representing the China-based digital currency exchange platform confirmed the news on the community information website NXT Forum, suggesting that the BTER team was considering urging the NXT community to roll back the NXT block chain to recover the lost funds.

"It's totally our fault and we are trying our best to cover all the loss. However, 50m nxt is huge for us, we cannot afford it at the moment."

Freeworm continued his post by providing the address containing the stolen 51,670,000 NXT, and detailing how it would seek to enlist the help of the NXT community in its effort to recover its funds.

The BTER representative suggested that the exchange is exploring all options, including contacting the NXT development team in an effort to rollback the block chain, thereby restoring the ledger to its state before the theft occurred.

Someone hacked Bter's NXT central account and stole 50m NXT. We are working with the dev for a plan.

NXT was initially listed on BTER in January amid excitement about the then-new community.

The second-generation cryptocurrency uses a version of Proof of Stake for its algorithm, awarding the NXT collected from transaction fees in the last block to forgers for continuing to hold NXT. Notably, vericoin cited its own PoS mining system as a key reason for its rollback.

At press time, many NXT Forum members were supportive of the idea of a rollback, though at least one member suggested that time was of the essence should the community look to pursue the fix.