Bitbns CEO confirms past hack attack but assures improved security systems

03/02/2023 07:33 • Blockchain Briefs • 90 views

On March 2, Gaurav Dahake, CEO of Bitbns, the Indian Cryptographic Exchange, admitted at the AMA meeting yesterday that the exchange was indeed attacked by hackers 13 months ago. However, Dahake claimed that the system was offline to analyze abnormal conditions, not to hide hacker behavior. He also said that after such incidents, the Exchange would improve its security system, and Bitbns had been running “seamlessly” for 13 months after the attack. However, Dahake did not confirm the number of assets stolen from the exchange during the attack.

Bitbns CEO admitted that the exchange was attacked by hackers in February last year, but did not confirm the stolen amount

Analysis based on this information:

The increase of digital transformation has brought about the rise of cryptocurrency, which has revolutionized the global financial industry. However, with the increasing value of digital currency comes a growing threat of hacking activities. As a result, the need for robust cybersecurity systems within cryptocurrency exchanges has become even more pressing.

The Bitbns saga began last March when hackers attacked the Indian Cryptographic Exchange. Gaurav Dahake, the CEO of Bitbns, finally admitted to this incident during a recent AMA meeting. Dahake, however, went on to clarify that the system was not kept offline to hide the hackers’ behavior. Instead, the system was offline because the Bitbns team was analyzing some unusual behavior in the system which could have been a warning sign for a possible attack.

While Dahake was defensive about the situation, he acknowledged the importance of improved security systems to reduce similar occurrences. The Bitbns team has been running “seamlessly” since the attack, and Dahake assured the exchange’s customers that their funds were safe.

The issue with Bitbns not providing details about the number of assets stolen is a significant concern for investors. This lack of transparency would raise some queries among investors about the exchange’s credibility, and as such, tarnishing the company’s reputation and market value.

In conclusion, the Bitbns hack attack saga is not an isolated event that happened to them, as it has happened to a number of other cryptocurrency exchanges in recent times. The Bitbns case calls for inspired leadership, with the exchange’s CEO taking full responsibility for the hack incident and serving as a guide for the exchange’s future growth. As a suggestion to regain investor confidence, Bitbns should share more details about the attack, and widely communicate regular updates and measures taken to improve its security systems.

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