Bitbns Cryptocurrency Exchange Hit by a Cyberattack Leading to $7.5 Million Loss

03/01/2023 00:31 • Digital Disruptors • 85 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

Analysis based on this information:

Bitbns, the cryptocurrency exchange of India, faced a massive cyberattack during its “system maintenance” on February 1, 2022. Zach XBT, a security analyst on the chain, reported that the exchange did not disclose the hack to the public and instead covered it up by attributing the downtime to routine maintenance. According to the report, the cryptocurrency exchange lost $7.5 million worth of assets in the attack.

The cryptocurrency exchange had assured its users that the sudden downtime was due to system maintenance and that their funds were safe. However, the recent revelations by the security analyst have not only exposed the exchange’s lack of transparency but also raised concerns about the security infrastructure of cryptocurrency exchanges as a whole.

Bitbns has not yet officially responded to the allegations. Still, the news of the attack and the exchange’s lack of transparency is not new in the cryptocurrency industry. Several cryptocurrency exchanges have faced severe cyberattacks in recent years, and many have resulted in significant losses. In 2018, Japanese cryptocurrency exchange Coincheck lost approximately $500 million worth of NEM tokens to hackers.

The lack of a regulatory framework and the absence of strict security measures put cryptocurrency exchanges at a higher risk of cyberattacks. The exchange’s inadequate security measures, such as weak passwords and outdated software, make it easier for hackers to gain unauthorized access to the exchange’s systems and steal funds.

The latest attack on Bitbns serves as yet another reminder that users must be cautious when using cryptocurrency exchanges. It is vital to choose a reliable exchange and always follow the best security practices, such as two-factor authentication, strong passwords, and avoiding sharing personal information, such as passwords, keys or passphrases, among others.

In conclusion, the Bitbns cyberattack incident highlights the inherent vulnerabilities of cryptocurrency exchanges and the need for better security measures in the industry. Exchanges must prioritize security as a critical aspect of their operation to protect their users’ funds and build trust in the industry.

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