brySON TILLER Exchange (BTX) announced on Thursday that it is shutting down its website.
In a statement, the exchange said that it “will not be able to maintain any further service for the foreseeable future” as a result of the “consequences of the security breach and the subsequent social engineering campaign” by hackers.
The exchange has been an important part of the Israeli and US markets for a long time, and its market value soared during the current wave of geopolitical tensions.
The exchange said it would remain open for business through the end of the month.
The exchanges security team found itself at a crossroads on Monday, with the exchange announcing that its website would be taken offline and that it would be unavailable for all customers until March 18, 2019.
The security breach has left the exchange with no information about customers, nor about what caused the breach.
BTX said that in the past month, hackers had accessed customer accounts on several other exchanges, including one belonging to a New York-based broker.
The breach of the exchange has exposed its business model and its ability to attract and retain users, as well as its ability in the market for large volumes of trading and the exchange’s ability to hold large volumes.
In a blog post, BTX CEO Aaron Tshibbo said the exchange had been operating for five years, and that in 2018 it had about 5 million users, but that in 2020 that number had been reduced to just under 1 million.
“At a time when we are facing unprecedented political and economic threats and tensions, our company has been operating under the most critical of circumstances,” he wrote.
“We are in the process of reviewing our business model to ensure that it remains viable in the face of these challenges.”
In a separate blog post on Tuesday, the US Department of Homeland Security said that BTX is “a major and active provider of bitcoin and other digital currencies, as evidenced by its recent purchase of Bitstamp and Bitfinex, which are both Bitcoin exchanges.
As such, the agency believes that BTZ has the ability to provide critical services to US citizens and to US companies, while also meeting the needs of law enforcement, law enforcement and regulatory enforcement, while maintaining the trust of its customers.”
The DHS said that the exchange, which is headquartered in the Israeli city of Ramat Gan, had “not received any official notice of the alleged cyberattack,” and that there is “no indication of a cyberattack” against the exchange.
It did not say if it was connected to any of the US government agencies involved in the investigation into the attack.BTX has said that if it had received a notice from the US agency, it would have taken immediate action to prevent the breach, which was the result of a “misunderstanding of the nature of our business relationship.”
According to BTX, the hackers had stolen customer names and passwords and used them to create a website that allowed the hackers to “take over and control all BTX accounts.”
“While we are aware of the breach and will take appropriate steps to prevent unauthorized access, we will not be in a position to confirm or deny the existence of any data stolen,” BTX wrote.BTZ said it has been in talks with the US authorities to determine whether the hackers are connected to the Israeli government.
The company said it had “detailed discussions with our attorneys in an effort to determine the extent to which any potential criminal conduct is related to the incident” and is now seeking the help of law-enforcement officials to understand how the breach occurred.
According to a statement by the US Attorney’s office for the District of New York, a criminal investigation was launched in May 2017 by the New York Police Department (NYPD) after a user on the exchange created a “fake account” that was used to send illegal bitcoin to an account belonging to an unnamed suspect.
The suspect is believed to be a former employee of BTZ, which has a branch in the United Arab Emirates.
The US government has been working with the NYPD to determine how to “securely and efficiently protect US citizens from cyber threats,” the statement said.BTB, which declined to comment on the details of the probe, said that all customers and all accounts were “fully protected and encrypted.”