The UK-based cryptocurrency exchange, Cashaa reported that hackers have taken 336 Bitcoin. The company has stopped all transactions related to cryptocurrency, but users at first glance are not affected by this hack.
In a media report shared with Cointelegraph, Kumar Gaurav, CEO of Cashaa, He said one of his wallets was compromised and over 336 Bitcoin were sent to the hacker. He also suspects the hacker is from the east of Delhi, India. The company has submitted a report on cyber crime to the Delhi Crime Office under recognition number 20807200031555 in the cryptocurrency crime category.
Cashaa suspects that the malware was installed on the computer to make exchange transfers look like user withdrawals. The malware notified the hacker when an employee logged into the account at 1:23 p.m. on July 10 and made two transfers from the wallet. Cashaa used a Blockchain.com wallet to store and send BTC. Kumar said to Cointelegraph:
“We are still investigating the damage caused by the incident and are suspending all withdrawals for 24 hours. We have convened the board meeting to decide whether the company will bear all the losses.”
However, Cashaa’s main concern is not to allow hackers to sell Bitcoin on exchanges. In one TweetThe company also provided the hacker’s Bitcoin address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) to track the movement of stolen funds. When viewing the transaction pattern from the reported address, there is a possibility that currency mixing software may be used to move the funds and reduce traceability.
Kumar blamed trading support exchanges where these hackers can deposit money for an increase in hacking incidents. He said:
“Everyone who works in the cryptocurrency industry has to work very hard to ensure the same level of security that an average person currently has when using a bank account. To date, hackers have great confidence in hacking crypto addresses and moving them through an exchange that facilitates such washing through their systems.. Exchanges like this should be closed and the owners of these exchanges should be charged with crimes of facilitating money laundering. “
Investigators, including the Delhi Police Department for Cybercrime, are already on the case. In addition, all cryptocurrency exchanges were informed of the hacker’s address to block all Bitcoin originating from it.
Fast response from Indian exchanges
Almost all exchanges have supported Cashaa in monitoring addresses and reporting suspicious transactions. Kumar said:
“”We are pleased that all major exchanges in India such as CoinDCX, WazirX and Bitbns as well as international exchanges such as Binance have shown their rapid support. We want to give hackers a strong message that they can’t hack Bitcoin because they believe they can withdraw money. “
Nischal Shetty, founder and CEO of WazirX, an Indian cryptocurrency exchange, told Cointelegraph: “We will help Cashaa in every way and will also work to set certain security standards for the exchange.” He said:
“It is unfortunate that there was a hack. WazirX will ensure that all funds that reach us are blocked from the hacked wallet. We have also informed the Binance team. We are also working as an industry to set certain standards to make sure that every exchange takes place. ” Adhere to general security standards. This will help prevent such incidents from happening in the crypto ecosystem. “