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Eterbase, the cryptocurrency exchange based in Bratislava, Slovakia, confirmed that the platform suffered from a security breach this week. The company added that cryptocurrency funds worth millions were stolen as a result of the hack.
On Thursday, September 10, 2020, Eterbase announced the hacking incident, which involved the theft of various tokens from the platform’s hot wallets, according to Bitcoin.com. Unlike cold wallets that are used to store cryptocurrency offline, hot wallets are connected to the internet and are most likely actively used. In Eterbase’s case, its hot wallets are used for its daily inter and intra-exchange operations.
The hack affected six of the crypto exchange platform’s six hot wallets. They were used to store Bitcoin, Ether, Ripple, TRON, ALGO, and Tezos tokens.
“Dear users, as we have informed our customers/community yesterday, the hot wallets of the ETERBASE Exchange were compromised and assets worth approximately $ 5.4 million were stolen,” the company wrote on a blog post.
Eterbase also made a series of posts on its social media account regarding the hack. On one post, it assured its clients that they have the money to cover for potential losses due to the breach.
“We want to inform our users that we have enough capital to meet all our obligations, and at the same time, we want to reassure everyone that this event won't stop our journey!” Eterbase tweeted.
The platform later posted a tweet saying that investigations are still ongoing. However, it managed to track some of the stolen cryptocurrencies which were coursed through Binance, HuobiGlobal, and hitbtc.
“Eterbase will continue with operations! Our investigation shows a big part of stollen funds ended up on @binance, @HuobiGlobal, and @hitbtc. Your assistance will be appreciated. Thank you!” Eterbase tweeted on September 10, 2020.
Responding to the tweet, Binance CEO CZ assured that his team will do its best to assist with Eterbase’s investigations. “Our security team was on this quite early. Will do what we can to assist,” CZ wrote.
Eterbase already contacted the exchanges to have the stolen crypto funds frozen. While transactions on the platform are still suspended as of September 10, the company plans to resume operations as soon as possible.
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