logo

BlueBenx halts withdrawals after $32 million hack

BlueBenx
TL;DR Breakdown
  • BlueBenx suspends withdrawals after hack
  • The platform also axed a portion of its staff
  • Investors are dumping high-yield investments

Crypto exchange platform BlueBenx has cut off its user’s access to its platform after an attack by bad actors. According to the statement from a spokesperson, more than 22,000 users of the platform are now stuck regarding withdrawing their funds from the platform. The company noted that the bad actors capitalized on some flaws, breached its security, and carted away funds worth $32 million in Brazilian currency. Presently, the company has failed to give a detailed account of what happened regarding the hack on the platform.

BlueBenx axes a portion of its staff

According to further details, the company is making some inward adjustments despite little explanation to its client after a fraction of its employees have been axed. BlueBenx is now one of the few crypto firms that have failed its customers in terms of providing them with a massive yield during this dark period in the market. According to several reports, the platform promised customers rewards rising to 66% for any investment they make in digital assets through its various earning methods on the platform.

According to a direct source in Brazil, the hack was something that could be described as aggressive after it forced BlueBenx to shut down almost all activities on the platform. Although the firm claimed that more than $30 million was lost during the attack, investors are challenging the veracity of the incident even if it did happen.

Investors are moving to low-yield investments

At an interview where a select member of the platform’s clients was present, most of them noted that they do not believe the news about the hack. According to a client, he feels that the whole hack things are a charade that the company invented. This issue about trust is emanating from the fact that many platforms that have promised high yields in the past have once in a while used this method to not pay out user earnings.

With most high-yield investments providing visible risks, the majority of the investors in the market are now pandering to investing in products with low returns. This claim is verified by various analysts that have recorded a huge number of investors choosing low-return investments while dumping investments with high returns. With this, most companies will begin to build products that users can trust to invest in and earn moderately.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Related News

Hot Stories

Bitcoin, Ethereum, VeChain, and Filecoin Daily Price Analyses – 1 October Roundup
Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
WINkLink Price Prediction 2022-2031: How High can WIN Rise?
Paraguayan lawmakers disagree over a new crypto bill
Bitcoin, Binance Coin, Quant, and Chiliz Daily Price Analyses – 1 October Morning Prediction

Follow Us

Industry News

Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
Solana restarted for the 8th time. What went wrong this time?
LUNC is finally deflationary
Is Africa winning in crypto adoption?
Spanish telco announces Web3 adoption