On 29 Feb 2020, Coinhako sent the above email to account holders informing them that it has resumed 100% of its services for account holders after some restrictions were imposed due to a hacking attempt on 21 Feb 2020.
Between 21 - 29 Feb, Coinhako implemented the below measures:
Promptly initiate 100% refunds for the less than 20 accounts that were hacked
Impose mandatory password and 2FA resets for all account holders
Resume 'send' function for BTC, ETH and BCH on 28 Feb
Resume 'send' function for all listed cryptos on 29 Feb
The above scenario is in stark contrast to what happened after cryptoexchange Altsbit announced that it was hacked on 5 Feb 2020.
For Altsbit, events unfolded in the following manner:
Announcement on Twitter that hackers stole almost all of the account holders' BTC, ETH and other cryptos
Partial refund offer given to affected customers
Notified customers that refunds will take place from 10 Feb to 8 May, after which Altsbit will cease to operate.
One key factor contributed to the different outcomes stated above- investment in a sophisticated fraud detection system.
Had Altsbit dedicated its resources towards the implementation of robust fraud detection capabilities, it would not have been brought to its knees.