United Kingdom based renowned crypto exchange Cashaa reported hacks of over 336 Bitcoin’s. The exchange has stopped all its cryptocurrency-related transactions, however, prima facia users aren’t affected via this hack.
Explaining further, Kumar Gaurav, CEO of Cashaa added that one among their wallets was compromised and around 336 Bitcoin was sent to the hacker. He also suspects that hacker is from east Delhi, India. The exchange has filed a cybercrime incident report back to the Delhi crime bureau with acknowledgment number 20807200031555 under the cryptocurrency crime category.
Cashaa suspects malware was installed onto the system used to make exchange transfers like user withdrawals. The malware installed the hacker when an employee logged into the account at 1:23 pm on 10th July and made two transfers from the wallet. Cashaa was employing a Blockchain.com wallet to store and transferred BTC.
“We are still investigating the damage caused by the incident and suspend all the withdrawals for the next twenty-four hours. We’ve called the committee meeting to make a decision whether the exchange will bear all the losses.”
However, the main concern of Cashaa is to not permit hackers to sell the bitcoin on any exchanges. Within an official tweet, the exchange also provided the bitcoin address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) of the hacker to trace the movement of the stolen funds. By seeing the pattern of transactions from the reported address, there’s some possibility that coin mixture software is getting used to maneuver the funds and reduce traceability.
Kumar blamed a rise in hacking incidents on the exchanges that support trading where these hackers can deposit the funds. He said:
“Everyone working within the cryptocurrency industry has got to work very hard to introduce some strict level of security that presently an avg person has while handling a bank account . As of today, hackers are very confident to hack cryptocurrency addresses and then transfer it through exchanges that are facilitating such laundering via their systems. Exchanges like these must be packed up and owners of those exchanges should be charged with money laundering facilitation crime.”
Investigating agencies including Delhi Police Cyber Crime department are already working on the case. Also, all the crypto exchanges are notified about the hacker address to block any Bitcoin coming from it.
Almost All Exchanges Are Extending Their Support
Almost all exchanges have extended support to Cashaa in monitoring the addresses and report any suspicious transactions. Kumar said:
“We are glad that almost every majors exchanges in India like CoinDCX, WazirX and Bitbns along with international Exchanges like Binance have shown their quick support. We wish to offer a strong message to the hackers that they can’t just hack bitcoin thinking they’re going to cash out.”
Nischal Shetty, Founder and CEO of WazirX, an Indian cryptocurrency exchange, revealed that “we will help Cashaa altogether the way and also performing on fixing certain security standards for exchanges.” He said:
“It’s unfortunate that there has been a hack. WazirX will make sure that we lock any funds that reach us from the hacked wallet. We’ve informed the Binance team also. As an industry, we’re performing on fixing certain standards to make sure that each exchange adheres to a general set of security standards. This may further assist prevent such incidents within the crypto space.”