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News

Bitbns CEO Admits To Security Breach, Fails To Address Stolen Assets

February 28, 2023 - Around 3 mins mins to read

Key Points:

  • Gaurav Dahake, the CEO of Bitbns, an Indian cryptocurrency exchange, admitted that the exchange was indeed hacked 13 months ago.
  • Bitbns team observed an unexpectedly high throughput on their servers, prompting them to shut down the exchange.
  • Cybercriminals are increasingly targeting cryptocurrency exchanges due to the high value of digital assets stored on these platforms.
Gaurav Dahake, the CEO of Bitbns, an Indian cryptocurrency exchange, admitted that the exchange was indeed hacked 13 months ago.
Bitbns CEO Admits To Security Breach Fails To Address Stolen Assets

However, Dahake clarified that the exchange was taken offline to analyze the anomalies in the system and not to hide the hack. He also mentioned that cryptocurrency exchanges have since enhanced their security measures to prevent such incidents from happening again. Dahake further claimed that Bitbns has been running smoothly in the 13 months following the attack. However, he did not disclose the amount of assets that were stolen during the attack.

According to Dahake, the Bitbns team observed an unexpectedly high throughput on their servers, prompting them to shut down the exchange. Upon further investigation, they discovered discrepancies in the prices of Polygon (MATIC), BNB (BNB), and Aave (AAVE), as well as some irregularities in withdrawals. During the investigation, the team noticed that one address had received various tokens from the platform, alerting them to the hack. The stolen assets were then converted into Ethereum (ETH) and sent to different addresses.

In response to yesterday’s news, ZachXBT claimed that Bitbns had concealed a hack of $7.5 million in February of last year. However, there is no official confirmation of this claim.

This incident underscores the ongoing challenges faced by cryptocurrency exchanges, particularly with regard to security. Cybercriminals are increasingly targeting cryptocurrency exchanges due to the high value of digital assets stored on these platforms. As a result, it is critical for exchanges to implement robust security measures and regularly assess their systems’ vulnerabilities to prevent hacking attempts.

In addition to security concerns, the regulation of cryptocurrencies remains a contentious issue, particularly in India. The country’s government has proposed a bill that would ban all private cryptocurrencies and introduce a central bank digital currency. If this bill passes, it could significantly impact the operations of cryptocurrency exchanges in the country.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Bitbns

Bitbns CEO

Gaurav Dahake

Indian cryptocurrency exchange

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Bitbns CEO Admits To Security Breach, Fails To Address Stolen Assets

Key Points:

  • Gaurav Dahake, the CEO of Bitbns, an Indian cryptocurrency exchange, admitted that the exchange was indeed hacked 13 months ago.
  • Bitbns team observed an unexpectedly high throughput on their servers, prompting them to shut down the exchange.
  • Cybercriminals are increasingly targeting cryptocurrency exchanges due to the high value of digital assets stored on these platforms.
Gaurav Dahake, the CEO of Bitbns, an Indian cryptocurrency exchange, admitted that the exchange was indeed hacked 13 months ago.
Bitbns CEO Admits To Security Breach Fails To Address Stolen Assets

However, Dahake clarified that the exchange was taken offline to analyze the anomalies in the system and not to hide the hack. He also mentioned that cryptocurrency exchanges have since enhanced their security measures to prevent such incidents from happening again. Dahake further claimed that Bitbns has been running smoothly in the 13 months following the attack. However, he did not disclose the amount of assets that were stolen during the attack.

According to Dahake, the Bitbns team observed an unexpectedly high throughput on their servers, prompting them to shut down the exchange. Upon further investigation, they discovered discrepancies in the prices of Polygon (MATIC), BNB (BNB), and Aave (AAVE), as well as some irregularities in withdrawals. During the investigation, the team noticed that one address had received various tokens from the platform, alerting them to the hack. The stolen assets were then converted into Ethereum (ETH) and sent to different addresses.

In response to yesterday’s news, ZachXBT claimed that Bitbns had concealed a hack of $7.5 million in February of last year. However, there is no official confirmation of this claim.

This incident underscores the ongoing challenges faced by cryptocurrency exchanges, particularly with regard to security. Cybercriminals are increasingly targeting cryptocurrency exchanges due to the high value of digital assets stored on these platforms. As a result, it is critical for exchanges to implement robust security measures and regularly assess their systems’ vulnerabilities to prevent hacking attempts.

In addition to security concerns, the regulation of cryptocurrencies remains a contentious issue, particularly in India. The country’s government has proposed a bill that would ban all private cryptocurrencies and introduce a central bank digital currency. If this bill passes, it could significantly impact the operations of cryptocurrency exchanges in the country.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

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