Indian exchange Bitbns admits it was hacked for $7.5M last February

Share This Post

Crypto sleuth who goes by ZachXBT on Twitter, claimed that Indian crypto exchange Bitbns covered up a hack under the guise of “system maintenance” on Feb. 1, 2022. ZachXBT shared a screenshot of the maintenance tweet put up by BitBNS during which time the exchange was hacked, he claimed on March 1, 2023.

Bitbns CEO  Gaurav Dahake admitted in an AMA session today that the exchange was indeed hacked 13 months ago. But Dahake claimed that the system was taken offline to analyze anomalies and was not a tact to hide the hack.

Dahake said that Bitbns took the exchange offline when the team noticed surprisingly high throughput on their servers. The team then discovered that the price of Polygon (MATIC), BNB (BNB), and Aave (AAVE) was incorrect and there was a difference in buying and selling price of the tokens. The team also noticed some anomalies in withdrawals, he said.

During this investigation, the team noticed that a certain address had received different tokens from the platform, alerting them of the hack. These stolen assets were then converted to Ethereum (ETH) and sent to different addresses.

While Dahake did not confirm the number of assets stolen in the attack, ZachXBT claimed the assets were worth $7.5 million.

Dahake mainly brushed off the hack as something that’s “not abnormal” in the crypto space since most major exchanges including Binance have been compromised at certain times. He said that exchanges improve their security systems after such incidents and Bitbns has been functioning “seamlessly” in the 13 months following the attack.

The post Indian exchange Bitbns admits it was hacked for $7.5M last February appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Optimism (OP) Faces Potential Decline To $1.80 — Analyst

Optimism (OP) has experienced a market rebound in the past week gaining by 3576% based on data from CoinMarketCap The Ethereum layer-2 token hovers above $220 with investors strongly bullish on

Bitcoin Out, Gold In: Senator’s Bold Proposal To Replenish US Reserves

US Senator Cynthia Lummis of Wyoming is doubling down on her efforts to legitimize Bitcoin and possibly add this digital asset to the country’s reserves Related Reading: Ripple CEO Reacts To

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

Bitcoin’s price correction across multiple timeframes reveals short-term bearish pressure while maintaining a bullish outlook in the long term Bitcoin Bitcoin’s (BTC) recent price

Shiba Inu Whale Activity Sees 148% Surge In Large Transaction Volume, Price Dips

The post Shiba Inu Whale Activity Sees 148% Surge In Large Transaction Volume, Price Dips appeared first on Coinpedia Fintech News Shiba Inu has seen a 148% surge in large transaction volume in the

Arthur Hayes Predicts Bitcoin’s Potential Rise Amid Economic Shifts, $250K By 2025?

The post Arthur Hayes Predicts Bitcoin’s Potential Rise Amid Economic Shifts, $250K By 2025 appeared first on Coinpedia Fintech News In conversation with  Alpha First, former BitMEX CEO Arthur

Ron Paul Keen to Restore ‘Sanity’ With Musk in Trump’s Government Efficiency Drive

As President-elect Donald Trump assembles his transition team, much attention is swirling around the newly established Department of Government Efficiency, or DOGE Pro-freedom advocate and former