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Foxbit exchange has been down for 72 hours with $270 000 worth of bitcoin missing

Brazil’s largest cryptocurrency exchange Foxbit has been down for over 72 hours already. The problem was reportedly caused by a bug that enabled users to duplicate their withdrawals and resulted in the exchange losing 30 BTC worth approximately $270 000.

As stated by the company’s CEO João Canhada, the bug was exploited by about 130 users in total. Foxbit team has set the exchange at emergency maintenance mode immediately upon revealing the problem, while cancelling several suspicious orders as well.

“All funds are protected, both in reals and in bitcoins. Several clients have already returned duplicate values and we are in touch with everyone. We have a specific fund to cover possible losses and the funds in reals are safe in our bank accounts. The platform was neither hacked nor stolen,“ – Canhada assured through a livestream on YouTube.

He further claimed that some of the ill-gotten funds were already returned by the users themselves. It is not clear though, how many of those who had earlier managed to benefit from double returns decided to back away from it.

Nevertheless, the company’s management promised to revive the platform by March 14, as the missing funds make a miserable percentage of the amount of 7 500 BTC currently stored at the exchange’s wallets.