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336 BTC stolen from cryptocurrency exchange Cashaa in suspected malware attack

Hackers stole more than 336 BTC from U.K.-based crypto exchange Cashaa.

Image by Gordon Johnson from Pixabay

Mon, 13 Jul 2020, 08:44 am UTC

Hackers were able to steal more than 336 BTC from a U.K.-based cryptocurrency exchange. While investigations are still ongoing, it is believed that malware might have been used to breach the company’s system.

Cashaa, a cryptocurrency exchange based in the U.K., confirmed that hackers were able to steal more 336 Bitcoin tokens valued at around $3.1 million, according to Cointelegraph. However, the company assured clients that the hacker was only able to steal the firm’s funds and that the hack did not affect the accounts of its users.

Cashaa CEO Kumar Gaurav explained that one of the cryptocurrency exchange’s wallets was compromised by the hack. As a result, the still-unknown attackers were able to get more than 336 BTC from the wallet.

Gaurav added that he suspects that the hacker or hackers are from the east Delhi, India but he did not elaborate on what led him to have such suspicion. Cashaa already reported the matter to the Delhi crime bureau by filing a cybercrime incident report under the cryptocurrency crime category.

The company suspects that the criminals pulled off the hack by using a malware, which was likely installed into the computer used by Cashaa to make transfers such as user withdrawals. As such, the malware was able to detect when an employee logged into the account at 1:23 pm on Friday, July 10. The hacker then made two withdrawals from the wallet.

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

Cashaa is worried that the hackers might try to sell the stolen BTC on exchanges and has provided the hackers’ bitcoin address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) to track the token’s movement. However, it is possible that the cybercriminals might use a coin mixture software to mask the fund’s traceability.

Major crypto exchanges already expressed their support to prevent the hacker from laundering the stolen BTC through their systems. “We are glad that all majors exchanges in India like CoinDCX, WazirX, and Bitbns as well as international Exchanges like Binance have shown their quick support,” Kumar said. “We like to give a strong message to the hackers that they can’t just hack bitcoin thinking they will able to cash out.”

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