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Norwegian Cryptocurrency Exchange Reimburses Customers after Hack

Bitcoins Norway

A relatively unknown crypto exchange ‘Bitcoins Norway’, in operation since 2013 with 25,000 registered users has reimbursed clients after being hacked.

The company, operated by Bitcoins Norge AS in Stavanger, fell victim to a successful phishing and SIM swap attack, and 4.1 million Norwegian Krona was stolen from user accounts.

Some of those affected however launched a class action lawsuit against Bitcoins Norway in an attempt to get back the full valuation for their BTC holdings, unhappy with the exchange rate they received.

A Sør-Rogaland District Court judge ruled against them, in favour of CEO Ole-André Torjussen – who earlier this year was investigated for fraud and embezzlement by Norwegian group Økokrim (Ecocrime). Those charges were eventually dropped.

Safer Cryptocurrency Sites in Norway

A well-regulated exchange that has never had customer accounts hacked and funds stolen is eToro, which is available worldwide including in Norway.

TradingPlatforms recommends that exchange, home to over 20 million users. Being regulated internationally by ASIC, CySEC, and the FCA, eToro maintains the highest standards of security. It also provides a free secure wallet with an unlosable private key.

In general, cryptocurrency is safe when using well-established trading platforms that are regulated internationally.

Crypto payments are increasingly being accepted at online retailers, airlines, safe betting sites, and many more websites as a preferred payment method and hedge against inflation for institutions and retail investors alike.

In Norway, throughout Scandinavia, and across the world traders and investors are increasingly turning to cryptocurrency as a store of value – some billionaire entrepreneurs such as the Winklevoss twins have referred to it as digital Gold, or Gold 2.0.

The price of Bitcoin surged earlier this year when Elon Musk’s company Tesla announced it would accept Bitcoin payments. It has since reached a new all-time high of $67,000.

About Felipe Erazo
About Felipe Erazo

Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. He has been working as a freelance writer and forex/crypto analyst, with experience gained at several forex broker firms and forex/crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010, and in the crypto sphere since 2015, providing analytical reports that help traders understand market dynamics with a technical and fundamental approach. Moreover, Felipe has worked as a journalist and editor for several media outlets across Latin America, collaborating with radio stations from his home country, Colombia, Chile, and the United States. His experience includes companies such as FXStreet, Cointelegraph, Bitcoin.com, TradingView, FBS, among others.

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