Crypto Industry Faces Hurdles As Bitcoin Rebounds: Analyst
n a subsequent tweet, Bitbns confirmed that the problem has been resolved. The exchange remained offline for nearly seven hours following the initial reports of user balances being reduced to zero.
As per the information available on the exchange’s website, user balances should have already been restored. However, deposits and withdrawals are scheduled to resume at 7 pm IST. Several users have verified that their accounts now display the accurate balance, indicating that the issue has been rectified.
Multiple users who contacted Business Today also reported receiving notifications of unauthorized trades on Bitbns. They observed that their trading history indicated the sale of all their cryptocurrencies without their authorization.
However, despite the completion of these sales, the corresponding INR proceeds did not reflect in their accounts. One user mentioned that their trade history showed the sale of crypto tokens, despite not initiating those transactions, and expressed concern that the INR amount was not reflected in their account.
The occurrence of these unauthorized transactions prompted speculation among some individuals that the exchange may have been hacked. However, Dahake stated that there was no evidence of an “external security breach.” It is important to mention that crypto investigator ZachXBT previously highlighted in March that Bitbns had concealed a hack that took place in February 2022.
Posted Date: July 8, 2023
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