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HitBTC breach results in 40 million stolen DVPN coins

TL;DR

TL;DR Breakdown

  • According to the recent Tweet by Sentinel Network, nearly 40 million native DVPN tokens have been stolen in a recent breach.
  • The theft from HitBTC have left people questioning its security and the safety of their assets.
  • The HitBTC breach occurred due to a weakness in the Bitcoin exchange’s mnemonic phrase, as reported by Sentinel Network.

The cryptocurrency world is still in its budding phase. A lot of institutional money is flowing in as people understand that they are gradually adopting cryptocurrencies and blockchain technology. Many vulnerabilities and regulation issues often land crypto exchanges and blockchain-based firms in trouble.

On Friday, it was revealed by the Sentinel Network that a HitBTC breach resulted in a loss of over 40 million DVPN tokens for the centralized exchange. Further details on the HitBTC breach revealed that the breach actually happened due to a weakness that the attackers figured out in the mnemonic phrase.

HitBTC breach due to mnemonic compromise

According to the authorities of Sentinel Network mentioned that the HitBTC breach was not a consequence of the carelessness of the Network. Still, the exchange had delayed their own mnemonic codes. The P2P bandwidth marketplace convinced the users of the DVPN application to trust the application and be rest assured of its safety.

In response to the accusation by the Sentinel Network, the Bitcoin exchange application revealed that Sentinel is deceiving its users and trying to hide its technological flaws and shortcomings.

“HitBTC fully completed the swap part and have sent the assets to your team, but you failed to securely deliver on your part.”

HitBTC’s note to Sentinel Network

In a series of images uploaded by HitBTC, the organization revealed that the Sentinel Network is full of vulnerabilities. They further added,

“Your technology is neither trustworthy nor secure because your new blockchain and software have not been thoroughly tested.”

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John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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