RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

LiteBit

LiteBit Exchange Review

Centralized
  • 24h Trading Volume

    66.798 BTC
  • Establish date

    2013
  • Headquater

    Netherlands

LiteBit Exchange Review

  • Fiat Deposit

    EUR
  • Accepted Payment Method

    Crypto to Crypto, Crypto to FIAT
  • Native Token

    Yes
  • Margin Trading

    No

LiteBit Exchange Score Analysis

LiteBit is one of the biggest crypto exchanges in Netherlands. In the year 2017, the exchange was hacked twice. The first attack took place on 5th of August and the other one a few weeks later on 12th September. During the first one LiteBit reported suspicious activities on its servers, but it is still unclear if the hackers obtained any data. However, the September attack was successful and the attacker was able to access customer data such as email addresses, hashed passwords, IBANs, phone numbers, home addresses and portfolio data.

Luckily, the wallet server was not hacked and customers didn’t lose their crypto funds. These two incidents clearly show that LiteBit couldn’t keep their website safe – and are currently also not offering insurance for user funds. They do, however, recommend users enable 2-factor authentication, but that security layer is futile against an inside attack.

Although the website is functional, including fast support via the live chat, LiteBit has a very poor performance statistics with a huge commission of 2% for every transaction. The team is known to the public, but unfortunately receives extremely negative reviews across the web due to the attacks they experienced.