Indian Cryptographic Exchange Bitbns Confirms Previous Hacker Attack

03/02/2023 07:33 • Metaverse & Beyond • 76 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

Interpretation of the news:

The CEO of Bitbns, Gaurav Dahake, has confirmed that the Indian Cryptographic Exchange was attacked by hackers 13 months ago. In an AMA meeting, he acknowledged the breach but claimed that the system was offline to analyze abnormal activity and not to conceal the presence of hackers. Although the number of assets stolen during the attack was not disclosed, Dahake assured the public that the exchange has been running “seamlessly” for the past 13 months after implementing improvements to their security system.

This revelation is a serious concern for Bitbns users and the cryptocurrency markets as a whole. The exchange’s credibility and reputation may be compromised, especially since security breaches have almost become synonymous with the cryptocurrency industry over the years. The lack of transparency on the number of assets stolen in the attack raises more questions and doubts about the exchange’s security measures.

However, Dahake’s transparency in admitting the attack is also a positive sign. It shows Bitbns’ recognition of the importance of transparency and security in the cryptocurrency industry. Upon discovering the abnormal activity, the exchange was quick to take down the system and analyze the issue. However, the lack of information of the number of assets stolen may suggest a lack of communication and trust with the exchange’s users, which may have an impact on the exchange’s reputation.

In conclusion, cryptocurrency exchange security continues to be a major challenge for the industry. While Bitbns’ ability to recover and improve its security system after the attack is commendable, the lack of transparency on the assets stolen raises concerns. It is essential for exchanges to be more transparent in such circumstances and maintain trust with their users. Cryptocurrency exchanges and industry players need to prioritize customer security and build confidence through transparency and open communication channels.

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