Bitbns Conceals Hacker Attack and Loses $7.5 Million

03/01/2023 00:31 • Crypto & Markets • 99 views

According to reports, Zach XBT, a security analyst on the chain, tweeted that Bitbns, the cryptocurrency exchange of India, had concealed that it was attacked by hackers when it was carrying out “system maintenance” on February 1, 2022, and lost 7.5 million dollars.

Bitbns, the cryptocurrency exchange of India, concealed that it had been attacked by hackers and lost US $7.5 million

Interpretation of the news:

Bitbns, a cryptocurrency exchange in India, has lost $7.5 million in a hacker attack. However, the exchange failed to disclose the incident and instead covered the attack behind a façade of system maintenance on February 1, 2022. Zach XBT, a security analyst, revealed the vulnerability of the exchange to the public. He tweeted that the exchange was suffering a hacker attack rather than undergoing maintenance.

Bitbns is an Indian cryptocurrency exchange that is known for its offerings on trading fees and withdrawal limits. The exchange offers more than twenty-two cryptocurrencies from the top ranking list of digital assets. In recent years, the platform has experienced several upgradations in its system, interface, and other components. However, the attack has tarnished the reputation of the exchange and raised concerns about its security measures.

The hackers involved in the Bitbns attack have not been identified, but the exchange stated that it has filed a complaint with the Indian authorities to take action against the cybercriminals. The exchange has assured its users that their funds are safe and that the funds of the exchange will be covered. The exchange will make efforts to compensate the users for their losses incurred from the attack.

This incident highlights the potential security risks associated with using cryptocurrency exchanges. As more and more people invest in cryptocurrencies, the risks of cyberattacks on the exchanges storing the digital assets increase. While some exchanges take significant measures to prevent occurrences like these, some may fail to do so, leaving the fate of users’ secure funds in question.

In conclusion, Bitbns’ cover-up of the hacker attack raises several concerns for traders who were keeping their digital assets in the exchange. The situation indicates that exchanges should become more transparent about security breaches, and authorities must enforce strict cybersecurity measures. Cybersecurity will remain a significant challenge for exchanges and investors going forward, and more instrumental actions must be taken to prevent further losses.

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Bitbns Conceals Hacker Attack and Loses $7.5 Million

Bitbns, the cryptocurrency exchange of India, concealed that it had been attacked by hackers and lost US $7.5 million

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