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Indian cryptocurrency exchange admits to hack attack

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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 hac…

Indian cryptocurrency exchange admits to hack attack

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:


Bitbns, an Indian cryptocurrency exchange, has confirmed that it was subject to a hack attack 13 months ago. This admission came during an AMA (Ask Me Anything) meeting with the exchange’s CEO, Gaurav Dahake, on March 2. While Dahake did not confirm the number of assets stolen from Bitbns during the attack, he did state that the exchange had been offline for analysis, and not to conceal the hacker’s behavior.

This revelation is concerning for Bitbns users, as it indicates that even with improved security measures, no exchange is completely immune to a hack attack. Despite this, Dahake claims that Bitbns has been running “seamlessly” for 13 months since the hack attack. The lack of information regarding the number of assets stolen is also a point of concern, as users might be unaware of any loss suffered during the attack.

While Bitbns has not released any details regarding how the hack attack was conducted, it is safe to assume that the exchange’s security protocols were not robust enough to prevent it. The lack of information surrounding the attack and assets stolen also raises questions about Bitbns’ transparency, which can undermine investor confidence in the exchange.

This news highlights the need for cryptocurrency exchanges to improve their security measures constantly. Hackers are always looking for vulnerabilities in exchanges and will exploit any weakness they find. For users, it is crucial to invest in measures such as multi-factor authentication and cold wallets to minimize the risk of theft.

In conclusion, the revelation that Bitbns, an Indian cryptocurrency exchange, was subject to a hack attack is concerning news for its users. While the exchange claims to have improved its security measures since the attack, the lack of transparency and information regarding the number of assets stolen is disconcerting. The incident highlights the need for cryptocurrency exchanges to be vigilant and proactive in improving their security protocols.

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