Bitcoin Firm Coinapult resumes operations

Coinapult, the bitcoin storage provider and payment processor, has resumed its operations following a hack-related outage in March.

The company underwent a series of security improvements, and users can now deposit funds and 'lock' and 'unlock' their bitcoin to fiat currencies or assets. Login access was given to the users on 21st March and withdrawals were re-enabled after five days.

The hack, which took place on 17th March, resulted in the loss of 150 BTC (approximately $42,900) which further led to Coinapult halting all operations. In order to protect itself from such kind of attacks, the company has implemented 2 of 3 multisignature security, implying that every withdrawal must now be cosigned by a Coinapult executive.

"This manual cosigning is an extremely safe method of operation, but will result in delays making withdrawals. Our team will only be cosigning transactions during the hours of 9am-9pm in Panama (UTC-5)", Coinapult said in a blog post.