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$105m transferred from CoinBene in different cryptocurrencies

coinbene possible hack revealed by report

CoinBene has recently been getting a lot of attention because of the suspicion that its platform has been hacked. CoinBene has announced that their platform has not been hacked and released an official statement on Twitter addressing the problem.

However, a statement was released by the blockchain query engine, Elementus. Elementus suggests that over one hundred and five million dollars worth of cryptocurrency was transacted out of CoinBene’s wallet. Such a large sum of crypto being sold on different exchanges is what led to the suspicion of the platform being hacked.

The transaction started occurring right after the site went “under maintenance”. The problem was this maintenance was unannounced. This led to many customers having their incoming and outgoing transaction to be stuck as pending.

A Twitter user asked CoinBene about the suggested hack and about an official statement on the issue. To this CoinBene said that they were very sorry for the incontinence. CoinBene came out saying that the upgrade maintenance was essential and agreed upon by all the team members. The upgrade was meant to secure the rights of the customers involved with CoinBene on a global level.

Right after CoinBene’s official statement, Elementus came out announcing the exact sum of crypto that was being transacted to three different addresses and then later being sold to other exchanges. Out of the total one hundred and five million dollars ($105) worth of cryptocurrency almost seventy million dollars ($70 million) of it consists of Maximine coin. Elementus has reported that the coins have continued to be transacted and the transactions are occurring currently as well.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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