Eterbase Crypto Exchange Review: What Went Wrong and Why It Shut Down

Back in 2020, if you were a European crypto trader looking for a simple, low-fee exchange, you probably heard of Eterbase. It wasn’t Binance. It wasn’t Coinbase. But for a while, it felt like the underdog that got things right - clean interface, EUR deposits, no nonsense. Then, in October 2020, everything collapsed.

The Rise of Eterbase: A Quiet European Contender

Eterbase launched in 2015 out of Slovenia, targeting everyday European users who wanted to trade crypto without jumping through hoops. Unlike big U.S.-based exchanges, Eterbase offered native language support in eight European languages - German, French, Spanish, Italian, Dutch, Polish, Portuguese, and Slovenian. That mattered. For people who didn’t speak English fluently, having support and documentation in their own language made trading feel less intimidating.

Its fee structure was a real draw. At 0.15% maker and 0.25% taker fees, it undercut Bitstamp by nearly 40%. That’s not small change if you’re trading regularly. You could trade Bitcoin, Ethereum, XRP, and 42 other coins against EUR, USD, or stablecoins like USDT. Minimum deposits were low - just €10 for fiat, 0.001 BTC for crypto. No lock-ins. No hidden charges. It felt fair.

They even had their own token, XBASE. If you held 50,000 or more, you got up to 50% off trading fees. The idea was smart: incentivize loyalty with deflationary buybacks. Every quarter, Eterbase used 20% of its revenue to burn XBASE tokens. In early 2020, the token hit a $138 million market cap. People were buying in. It looked like a winner.

The Interface: Simple, But Not Smart

The platform was easy to use. No cluttered dashboards. No confusing order types. Just spot trading - buy, sell, hold. That’s exactly what retail traders wanted. Mobile apps on iOS and Android had solid ratings - 4.3 and 4.1 stars respectively. Users praised the clean design and responsive customer service. One review on Affgadgets.com called it “an incredibly practical, straightforward, and trustworthy platform.”

But simplicity can be dangerous if it hides weakness. Eterbase didn’t offer margin trading, futures, staking, or advanced order types like stop-limit or trailing stops. That wasn’t a problem for beginners - until it was. When things went wrong, users had nowhere to turn. No safety nets. No backup plans.

The Security Disaster

On October 18, 2020, Eterbase was hacked. The attackers stole 2,070 BTC, 14,500 ETH, and 1.3 million XRP. That’s about €5.5 million at the time. The exchange didn’t just lose money - it lost trust.

Post-mortem reports from CipherTrace and Halborn revealed the root cause: a catastrophic failure in key management. Their hot wallet signing keys were stored on internet-connected servers with no multi-signature protection. That’s not a mistake - it’s negligence. No professional exchange in 2020 should have done this. Kraken had multi-sig wallets since 2013. Bitstamp had them too. Eterbase didn’t even try.

Even worse, they didn’t properly segregate customer funds. The hack didn’t just hit their reserves - it hit users’ wallets. People lost life savings. One Reddit user reported losing 3.2 BTC - over $100,000 at the time - and got no response from support for 17 days.

The security rating? 2.1 out of 10. That’s not a failing grade. That’s a warning sign you ignore at your peril.

The Aftermath: A Slow Death

Eterbase’s response was tone-deaf. Their first public statement said they were “temporarily suspending operations.” That sounded hopeful. But by April 22, 2021, they confirmed it was permanent. No warning. No clear plan. Just silence.

Users flooded Trustpilot and Reddit. Reviews dropped from 4.1 stars to 1.3. The official forum, once home to over 4,000 active users, shrank to 127 by early 2021. Brand24 analysis showed 92.7% negative sentiment after the hack.

The Slovenian financial regulator revoked their license in September 2021. The liquidation process dragged on for over a year. In March 2022, users were offered a paltry 18.3% of their lost funds back. Most never got anything.

What Happened to XBASE?

The XBASE token didn’t die - it just became a ghost. As of October 2025, its market cap sits at $1.8 million. That’s down 98.7% from its peak. Daily trading volume averages $3,200. No one’s buying it to trade. No one’s using it for fees. It’s just sitting there, a relic of a failed experiment.

Some collectors hold it as a curiosity. Others see it as a warning. It’s the only thing left that still moves - and even that’s barely.

How Eterbase Compared to the Rest

In early 2020, Eterbase ranked #27 globally by trading volume, hitting $85 million daily. That sounds impressive until you compare it to the leaders: Binance did $15 billion. Coinbase did $1.2 billion. Even Bitstamp, their closest competitor, did $120 million.

Eterbase’s edge was price and language. But it lacked scale, depth, and - most importantly - resilience. While Kraken and Bitstamp had multi-sig wallets, insurance funds, and dedicated security teams, Eterbase had a small team and a belief that “we’re too small to be targeted.” They were wrong.

Why Eterbase Failed - And What You Can Learn

Eterbase didn’t fail because it was a bad product. It failed because it ignored the most basic rule of crypto exchanges: security isn’t optional.

It’s easy to get seduced by low fees and a clean UI. But if the exchange can’t protect your money, none of that matters. Eterbase was a cautionary tale for every new trader: Don’t choose an exchange because it looks nice. Choose it because it’s built to survive.

The lesson isn’t just for users. It’s for anyone building a crypto service. Growth without security is just a countdown.

Is There Any Way to Recover Your Funds?

No. The official liquidation process ended in 2022. The Slovenian authorities closed the case. There are no active recovery programs. No lawsuits are pending. No refunds are coming.

If you held funds on Eterbase, you lost them. The only thing left is the token - and even that’s nearly worthless.

What Should You Use Instead?

If you’re in Europe and want a safe, reliable exchange, look at Kraken, Bitstamp, or Coinbase. All have:

• Multi-signature cold storage
• Insurance funds for user assets
• Regulatory compliance in multiple jurisdictions
• 24/7 customer support
• Advanced trading tools

They’re not perfect. But they’ve proven they can survive attacks, audits, and market crashes. Eterbase didn’t.

Final Thoughts

Eterbase was a good idea with a bad execution. It showed how quickly trust can vanish in crypto. One hack. One bad decision. One broken promise. And an entire platform vanished.

Don’t romanticize it. Don’t look for a comeback. It’s gone. And the only thing it left behind is a warning: Never trade on an exchange that doesn’t make security its top priority.

Today, Eterbase’s website redirects to a blank page. The forums are archived. The apps are gone from app stores. The token still trades - but only because someone, somewhere, still believes in ghosts.

Don’t be that someone.