Indian exchange Bitbns admits it was hacked for $7.5M last February

Crypto Detective, who calls himself ZachXBT on Twitter, claimed Indian cryptocurrency exchange Bitbns covered up the hack under the guise of system maintenance on February 1, 2022. 2023.

Bitbns CEO Gaurav Dahake confirmed at AMA session Today we found out that the exchange was indeed hacked 13 months ago. But Dahake insisted the system was taken offline to analyze the anomaly, not a ruse to hide the hack.

According to Dahake, Bitbns took the exchange offline when the team noticed that Bitbns’ servers had surprisingly high throughput. The team then discovered that the prices of Polygon (MATIC), BNB (BNB), and Aave (AAVE) were incorrect, and that there was a difference between the buy and sell prices of the tokens. The team also noticed some anomalies in the drawers, he said.

During this investigation, the team noticed that certain addresses received different tokens from the platform and flagged the hack. These stolen assets were converted to Ethereum (ETH) and sent to another address.

Dahake has not confirmed how many assets were stolen in the attack, but ZachXBT claimed the assets were worth $7.5 million.

Dahake largely dismissed the hack as not an anomaly in the crypto space, as most major exchanges including Binance have been compromised at some point in time. He said the exchange improved its security systems after such incidents and that Bitbns is functioning “seamlessly” in his 13 months post-attack.