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Crypto News

Investigator Reveals Bitbns Customer Assets Stolen In $7.5 Million Hack

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

bitbns

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Based on the investigation, the hack occurred on February 1 and resulted in the theft of customer assets valued at $7.5 million.

Bitbns CEO Reveals Details Of $7.5 Million Hack

The CEO of Bitbns, Gaurav Dahake, pledged to address the matter during a “ask me anything” session with the exchange’s users after an investigator the company had engaged had finished their analysis of the incident in response to inquiries surrounding ZachXBT’s claims.

Bitbns held the anticipated AMA on March 1 and disclosed that the platform had been compromised and had lost millions of dollars worth of cryptocurrency assets.

In the AMA, Dahake also insisted that the platform’s system maintenance and a smart contract update both took place at the same time as the hack. He also said that once the company had finished its investigation into the incident, he would share the whole findings with customers.

Following the incident, the founder of Bitbns confirmed that customers could still withdraw money. Several clients, however, have complained that they were unable to process any withdrawals.

Bitbns Wallet Hacked: $7.5M In Customer Assets Stolen

According to initial hack investigations, when Bitbns went offline for “system maintenance,” its hot wallets simultaneously experienced sizable withdrawals.

Investigators claim that a significant withdrawal was made from wallet “0x4960” and transferred to wallet “0x24f3.”

Social media users with keen eyes noticed that the crypto exchange’s response to a customer’s question about transaction fees imposed clearly demonstrated the company trading on the same wallet, proving that 0x4960 was a Bitbns hot wallet.

Subsequent analysis showed that the money from 0x24f3 was taken and transferred to Tornado Cash by another wallet, 0x4895.

In batches of 100 ETH, the attacker has been withdrawing money from the account 0x4895. On-chain data shows that the most recent withdrawal of 3 ETH took place on February 2 in a transaction.
The Bitbns breach is the most recent in a series of attacks on cryptocurrency platforms that have cost users millions of dollars worth of assets.