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Update: Gatecoin Set to Re-Launch, Adds ETC Support




Gatecoin will re-open its exchange after the May breach. It will also add support for Ethereum Classic.

After a security breach, which caused the exchange to suspend trading on May 14, 2016, Gatecoin plans to re-launch its trading platform on August 17 at 8:00 a.m. GMT.

Back in July, the exchange raised $500,000 from a Japanese investment firm to secure the re-launch as well as reimburse the customers who lost any 185,000 ETH during the breach. Those affected by the breach will be eligible to withdraw 10 percent of their ETH funds upon the re-launch. They will also be able to withdraw ETC on a later unconfirmed date. The remaining 90 percent with be listed as ETD (ETH Debt). These remaining funds will be locked until they collect enough ETH liquidity.

The post states:

“The difficult times are not over yet, as we still remain committed to pay back the stolen ETH, but we see a bright future ahead once that has been settled.”

Customers who had 10 ETH or above will be eligible to receive a free Ledger Wallet until the end of September 2016. In mid-September, Gatecoin will add support for Ethereum Classic (ETC).

“We are proud to announce our support for ETC, which will eventually be available for trading and transfers on Gatecoin in addition to ETH,” Gatecoin writes.

On the day of the re-launch, BTC, DGD, DAO (withdrawal only), REP (trading only), EUR, USD, and HKD will be available to all customers for trading and transfers. Along with ETC, Gatecoin will add CNY (Mainland China only), DGX (gold-backed Ethereum tokens), and REP transfers (Augur’s tokens) in order to coincide with Augur’s full release.

The CTO of the Hong Kong-based exchange will join the team full time on September 1. His involvement led to the complete re-design of their security system. The new security measures include round-the-clock security monitoring with constant penetration testing, all servers transferred to safer and secure server hosting provider, and a re-design of the multi-signature wallet systems, to name a few.

Though the re-launch is set, Gatecoin will notify their users three days in advance if there will be any delays. Since the hack is still under investigation, new information has not yet been released.

UPDATE 8-17-2016 8:57 PST: After a few technical difficulties this morning, Gatecoin has officially relaunched its site. Customers can begin trading their virtual currency.

Danielle Meegan

New Hampshire native Danielle Meegan is a writer based in Los Angeles. She has been published in a couple of sports and entertainment magazines and newspapers throughout the years and has dabbled with multiple virtual currency exchanges to understand the 'ins and outs' of trading. Danielle has invested in over 15 different virtual currencies, including Ether.

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