Bitcoin, Fraud and Scams, News & Updates

$5.4 in Bitcoin lost in a Crypto Exchange Firm Attack

Eterbase, a Slovakian Crypto exchange firm has announced on Thursday that it has been hacked and lost $5.4 million during the occurrence.

The hackers accessed the firm’s six hot wallets, which had ALGO, BTC, ETH, TEZOS, TRON, and XRP, then they deleted everything.

The Slovakian crypto exchange firm uses the hot wallets that are operated only when connected to the internet to carry out everyday transactions on the platform. Being connected to the internet it gave an opening to the hackers.

Eterbase’s action to the hack

In a statement they released, the firm said that the attack had been reported to the authorities, and they are willing to cooperate with the investigation.

They assured the users and investors that they have sufficient finances to meet their obligations as they cope with the attack.

In response to the attack, the crypto exchange is also taking safety measures to protect the firm. First, the deposits, withdrawal, and trading were suspended. Eterbase’s operations would be on after an audit of its security is completed.

While the hack is detected, the firm said that they were unable to stop it. Though, they managed to track the coins as soon as it was snatched sneakily.

Tracing the hackers

It was reported that a large portion of coins was sent to Binance wallet Huobi Global and Hitbc Eterbase. The firm communicated with the mentioned exchange firms, and they demanded that the funds be frozen.

Earlier, another crypto exchange firm, Cashaa, also lost 336 BTC from a hacker attack. They then announced that the hacker attacked one of its wallets. The said wallet is where they store BTC and make transfers from the exchange.

Nowadays, crypto exchange firms are primarily increasing to be a target for crypto hackers. Bitpoint, a Japanese crypto exchange firm, was hacked and lost $32 million, and months later, Upbit, a platform from South Korea, experienced a $52 million loss. Another Japanese crypto firm, Zaif, was attacked and lost $60 million in the year 2018.

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