Crypto Exchange Cashaa Reports Hack Attack With 336 Bitcoin Stolen

Crypto exchange Cashaa reports a hack attack where the hackers managed to steal 336 bitcoins from one of the wallets. The company stopped all crypto-related transactions since as we are reading further in the Bitcoin scam news.

The U.K based crypto exchange Cashaa reported that hackers took more than 336 Bitcoins and they stopped all transactions but users are not affected by this hack apparently. In a media brief, the CEO of Cashaa Kumar Gaurav said that one of the wallets was compromised with 336 bitcoins on it that ended up being sent to the hacker. He also suspected that the hackers are from Delhi, India. The company filed a cybercrime incident report to the Delhi crime bureau with the acknowledgment number 20807200031555 under the cybercrime category.

All top exchanges and our partners have joined together to give out a strong message to hackers that cashing out hacked #bitcoin is not going to be easy. Thanks to @NischalShetty @CoinDCX @bitbns @binance @WazirXIndia for the quick action. https://t.co/ZeXcv0esEW

— Cashaa (@yourCashaa) July 11, 2020

Cashaa suspected the malware was installed onto the computer used to make exchange transfers as well as user withdrawals. The malware notified the hackers once an employee logged into the account at 1:23 pm and made two transfers from the wallet. Cashaa was using a Blockchain.com wallet to store and send BTC as Kumar said:

 “We are still investigating the damage caused by the incident and suspend all the withdrawals for 24 hours. We have called the board meeting to decide whether the company will bear all the losses.”

The main problem of the exchange is to not allow hackers to sell the bitcoin on exchanges as they provided the bitcoin address of the hacker in a tweet, to track the movement of the funds. By seeing this pattern of transactions, there is a chance that the coin mixture software is being used to move funds and to also reduce traceability. Kumar blamed the increase in hacking attacks on exchanges that support trading where these hackers can deposit funds:

 “Everyone working in the crypto industry has to work very hard to bring the same level of security which currently an average person has when dealing with a bank account. As of today, hackers are very confident to hack crypto addresses and move it through exchanges that are facilitating such laundering through their systems. Exchanges like these must be shut down and owners of these exchanges should be charged with money laundering facilitation crime.”

Cyber Crime department in Delhi is informed. Also, all the crypto exchanges have been notified about the hacker address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) to block the #Bitcoin transaction. pic.twitter.com/Fe6ZlxtrQF

— Cashaa (@yourCashaa) July 11, 2020

Investigating agencies including the Delhi Police Cyber Crime department is on the case. Crypto exchanges have been notified about the hackers’ address to block any Bitcoin coming out of it. Almost all exchange extended their support to Cashaa.