Home Norwegian Cryptocurrency Exchange Reimburses Customers after Hack
Finance News

Norwegian Cryptocurrency Exchange Reimburses Customers after Hack

Omar Ortiz Freelance Writer Author expertise
Fact Checked
Fact Checked
Everything you read on our site is provided by expert writers who have many years of experience in the financial markets and have written for other top financial publications. Every piece of information here is fact-checked. We sometimes use affiliate links in our content, when clicking on those we might receive a commission - at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Disclosure
Disclosure
The investing information provided is for educational purposes only. Trading platforms does not offer advisory services, nor does it recommend or advise investors to buy or sell stocks, securities or other investment vehicles. Some or all of the products displayed on this page are from partners that compensate us. It may influence the products we cover and the location of the product on the page. Nevertheless, our research and analysis is unaffected by our partners.

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.

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post my Question

Leave a Comment

Write a Review

Your email address will not be published. Required fields are marked *

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post my Question

Leave a Comment

Write a Review

Your email address will not be published. Required fields are marked *

Omar Ortiz Freelance Writer

Omar Ortiz Freelance Writer

Omar is a seasoned writer with a strong background in media. He has written for several high authority websites including Stockapps.com and Buyshares.co.uk, as well as TradingPlatforms.com.

Thanks to his strong investment knowledge, Omar is able to write in-depth stock trading and cryptocurrency articles that help readers to make informed decisions. He invests in the financial markets himself and is interested in sharing his expertise with others. 

Before starting his career as a freelance writer, Omar studied at the Universidad de Bogotá Jorge Tadeo Lozano in Columbia.