Crypto exchange firm hacked, loses $5.4 million in Bitcoin

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Slovakian crypto exchange firm Eterbase, revealed on Thursday that they have been hacked and they lost $5.4 million in the attack.

Hackers managed to get into six hot wallets which had BTC, ETH, ALGO, XRP, TRON, TEZOS, and they cleared everything.

Hot wallets that are operated only when connected to the internet are used by the Slovakian crypto exchange firm to carry out everyday transactions on the platform. Being internet-enabled, the wallets are at the mercy of hackers.

Eterbase crypto exchange response to hack

The firm in a statement they released, however, said they attack has been reported to authorities and they are ready to aid investigation.

They also assured users and investors that they can cope with the hack stating that they have enough finances to meet their obligations.

The crypto exchange firm also has taken safety measures in response to the attack. Firstly, deposits, withdrawal, and trading were suspended.  Operations on the platform according to Eterbase would be on after an audit of its security system is completed.

The firm said also that while the hack was detected, they were unable to stop it. However, they managed to track the coins as soon as they were snapped under their nose.

Tailing the hackers

Reportedly, a large chunk of the coins were sent to a Binance wallet Huobi Global and Hitbc Eterbase posted on Twitter. They have also gotten in touch with these exchange firms demanding that the funds are frozen.

Previously, Cashaa, another crypto exchange firm also lost 336 BTC to hackers. The firm then announced that the hacker attacked one of its Blockchain.com wallets, which is used to store BTC and make transfers from the exchange.

Crypto exchange firms are predominantly becoming a hot cake for crypto hackers. Bitpoint a Japanese crypto firm was raided for $32 million and a few months later South Korean platform Upbit suffered a $52 million loss. Zaif, another Japanese exchange, was attacked for $60 million in 2018.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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