BITCOIN EXCHANGE FIRM Mt. Gox has promised to restore the value of customer accounts to pre-hack levels.
The theft of thousands of dollars in Bitcoins last week led to two things, the company shutting down its services last week and a massive crash in the quoted value of the digital currency, but this week the Bitcoin currency exchange Mt. Gox hopes to cure both of these problems.
The firm has promised that as it restores its services and rolls back any unauthorised trading, so too will it restore the value of its currency.
"The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST)," it said in a statement.
According to the firm the hack was not as bad as was previously reported, and rather than taking thousands away from one user it actually took only about one thousand dollars.
"One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins," said the statement. "The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins."
However, this was enough to crash the value of the currency down well into the doldrums and the firm is equally as keen to fix this as its security systems.
"Apart from this no account was compromised, and nothing was lost," it explained. "Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again."
The Bitcoin service is expected to go live again at 2am this morning, UK time, and any users with insecure passwords will be asked to choose a more sophisticated alternative before being allowed back in. µ
Watch this space
Hackers could erect man-in-the-middle attacks
Painted into a corner
What we'd call copying, Cupertino calls 'inspiration'