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Hackers robbed the Cashaa crypto exchange for $ 3.1 million

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Hacker stole 336 BTC from Crypto exchange Cashaa

Hackers robbed the Cashaa crypto exchange for $ 3.1 million

Hackers robbed the Cashaa crypto exchange for $ 3.1 million
CONTENT

  • Hackers hacked the crypto wallet of the Indian exchange

  • Crypto exchange management asks partners to block fraudulent transactions

  • Exchange security remains extremely low

International consortium of news organizations developing transparency standards.

The management of the Cashaa cryptocurrency exchange announced a hacker attack, as a result of which 336 BTC worth over $ 3.1 million were stolen from the company’s wallet. At the moment, the exchange is suspended, transactions are not being carried out.

Hackers Hacked Blockchain.com Wallet

 

Hackers robbed the Cashaa crypto exchange for $ 3.1 million

According to representatives of the Cashaa cryptocurrency exchange, a hacker or a group of hackers infected the computers of the exchange with malware, which issued access codes to the company’s wallets. According to the organization, the Blockchain.com wallet that held the exchange’s funds was hacked via a remote attack and 336 BTC were taken to an unknown address, presumably registered in Delhi, India. The security service of the exchange reported that two transactions were carried out, and all the money in the wallet was lost.

“We are still investigating the damage caused by the incident and will suspend all seizures for 24 hours. We called a board meeting to decide whether the company will bear all the losses, ”Cashaa said..

The company is now focused on preventing the thief from selling stolen bitcoins. On its official Twitter page, the exchange posted the address of the hacker’s bitcoin wallet, to which the coins were withdrawn.

Cashaa’s management has asked all exchanges and companies that accept cryptocurrencies as a means of payment not to exchange coins or sell goods or services to the owner of this wallet. Nevertheless, the company believes that hackers will use special “mixers” – sites that mix transactions, and thus do not allow tracing from which wallet the payment was made..

“Everyone who works in the crypto industry must work very hard to provide the same level of security that the average person currently has when working with a bank account. Today, hackers are very confident that they can hack a crypto address and forward it through exchanges that facilitate such laundering through their systems. These exchanges should be closed and the owners of these exchanges should be charged with a money laundering crime, ”said Cashaa CEO Kumar Gaurav.

Almost all cryptocurrency exchanges in India have supported Cashaa in tracking addresses and reporting any suspicious transactions. Kumar said he is delighted that companies such as CoinDCX, WazirX and Bitbns, as well as international exchanges such as Binance, have provided support. Thus, Cashaa wants to prevent hackers from cashing out stolen money.

Crypto exchanges are still powerless against hackers

 

Since the beginning of 2020, several cryptocurrency exchanges have suffered from a hacker attack. Earlier, BeInCrypto reported that criminals had broken into the Bisq v1.2 trading protocol and withdrawn at least about 3 BTC and 4000 XRM. The reason for the hacking was not the wallets themselves, where the clients’ cryptocurrency was stored, but errors in the protocol on the basis of which transactions are made.

Hackers robbed the Cashaa crypto exchange for $ 3.1 million

In addition, hackers ransacked Lendf.me’s decentralized lending protocol. However, the hacker returned part of the funds with a message for the project, which said that the criminals wish the exchange “a better future.” As a result of the attack on the DeFi protocol, bitcoins worth $ 25 million were withdrawn.

A teenage hacker from America stole $ 24 million from the Transch Group in the Blockchain by hacking the phone of one of the top managers. The hacker cashed the stolen money, and then hid it in his room. I kept part of the amount under the pillow for small expenses. According to the criminal, he stole at least $ 100 million.

Israeli cybersecurity company ClearSky has found that a group of hackers from Eastern Europe, dubbed “CryptoCore”, stole more than $ 200 million from cryptocurrency exchanges around the world. ClearSky experts have not yet been able to pinpoint the gang’s origins, but traces of it lead to Russia, Ukraine or Romania..

Hacking and stealing cryptocurrency exchanges is much easier than traditional financial systems like SWIFT. This is due to the fact that many companies in the cryptocurrency industry still practice low security standards..

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