Another exchange lost about $5 million from its Hot-Wallet.

sunsilk

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Quote from: aioc on September 10, 2020, 09:43:06 AM

Quote from: sunsilk on September 10, 2020, 05:04:10 AM

I've watched a documentary from an exchange on how do they keep their hot wallets off from the web. It's stored in a vault and it contains their main wallet balance to support the exchange.

That seems to be effective for that exchange, I can't think of what exchange was that as I've watched it on YouTube. And as for Eterbase, this is another incident that will make most of the exchanges not to stop being aware of the hacking and those hackers never stop penetrating and stealing exchanges fund.

This is big warning for traders and investors to not store their coins in any exchange, I hope it's not an inside job and they recover the funds and catch the hackers but it's going to be very hard, they need the cooperation of other exchange to track all those stolen coins, this has been the issue of so many exchange, it's a 24 hour business of exchange to keep their exchange fully secure hackers are always watching for a flaw.

Many forum members have been warning a lot of people that never store their coins on any exchange if they think its purpose is to be a storage or long term wallet.

The only hope that they can do is those hackers will wrongly send it to the exchanges to sell it which they've alerted already.

aioc

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Quote from: sunsilk on September 10, 2020, 05:04:10 AM

I've watched a documentary from an exchange on how do they keep their hot wallets off from the web. It's stored in a vault and it contains their main wallet balance to support the exchange.

That seems to be effective for that exchange, I can't think of what exchange was that as I've watched it on YouTube. And as for Eterbase, this is another incident that will make most of the exchanges not to stop being aware of the hacking and those hackers never stop penetrating and stealing exchanges fund.

This is big warning for traders and investors to not store their coins in any exchange, I hope it's not an inside job and they recover the funds and catch the hackers but it's going to be very hard, they need the cooperation of other exchange to track all those stolen coins, this has been the issue of so many exchange, it's a 24 hour business of exchange to keep their exchange fully secure hackers are always watching for a flaw.

sunsilk

hero member

Activity: 3038

Merit: 634

I've watched a documentary from an exchange on how do they keep their hot wallets off from the web. It's stored in a vault and it contains their main wallet balance to support the exchange.

That seems to be effective for that exchange, I can't think of what exchange was that as I've watched it on YouTube. And as for Eterbase, this is another incident that will make most of the exchanges not to stop being aware of the hacking and those hackers never stop penetrating and stealing exchanges fund.

cryptomaniac_xxx

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Quote from: sheenshane on September 08, 2020, 06:42:53 PM

How sad, another weak exchange has been compromised. I do hope they had SAFU just like Binance.

Quote from: sheenshane on September 08, 2020, 06:42:53 PM

For sure the hacked cryptos are let the scammers sleep on the wallets that under their control just like what happened on other hacking incidents. It takes years before they will move into another wallet little by little until it is untraceable and ready to mix. If this was already reported from any centralized exchange we might watch out those DEXs, probably they will exchange there.

I was also thinking that this is an inside job as well or other perception of possible a strategy of exit scam, who knows but I hope that isn't.

Let's see how the investigations on this hacks. I really don't know but we all hot wallets are always connected to the internet and this is one of its flaw and really exposed and vulnerable to this kind of exploits, Going back as far to Binance Security Breach Update.

TheUltraElite

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So anyway, I applied as a merit source :)

Their hot wallets got hacked and only the hot wallets are the prime targets of any hack. They rarely attack or attempt to attack the cold wallets, often only the owners know about the cold wallets. So from that side of things, recovering the funds should not be difficult if they are being sent to other exchanges and they help in freezing any such tainted sources.

Lets hope the law enforcement works closely with the owners of exchange in recovering the funds.

The problem is with mixers in the path of the tainted sources. This is where the real criminal activity can be shrouded and problems tend to arise.

bitmover

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bitcoindata.science

Quote from: harizen on September 08, 2020, 04:08:46 PM

In a situation like that, I can't think of a way how it happened unless there's an inside job. So unfortunate.

It may not be an insider job. Hot wallets are common online wallets. Those wallets can be hacked, and exchange's wallets are a huge attack vector. Every hacker is looking a way to hack an exhcange hot wallet, because it is full of money and its private keys are in an online device, which is hackeable.

5 million might not be all taht money for that exchange, and it may have insurance like binance.

Potato Chips

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yesssir! 🫡

Quote from: coupable on September 08, 2020, 06:35:17 PM

Note that Eterbase promised that users balances won't be infected by the hack and that the exchange is under temporary maintenance for investigations. However, i think about those who have large amounts in their exchange balances and how they don't have to access to it for an unknown period .

Are you talking about this?

Quote from: https://twitter.com/ETERBASE/status/1303312267832852487

We have reported the matter to law enforcement and we are cooperating closely in the investigation. We want to assure our clients that we are taking all necessary steps to ensure that the amount of their deposit does not suffer any damage as a result of a hacker attack.

This is just "we are doing our best to get your money back", I wouldn't count on it much. Coindesk reached out about the same thing but received no response till now

Quote from: https://www.coindesk.com/european-crypto-exchange-falls-victim-to-1-6m-hack

CoinDesk asked Eterbase whether it would reimburse users funds affected in the hack, but received no immediate response.

It's likely that refunds have to come out of their pocket and that's gonna sting especially for a small exchange.

stomachgrowls

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Quote from: harizen on September 08, 2020, 04:08:46 PM

In a situation like that, I can't think of a way how it happened unless there's an inside job. So unfortunate.

A $5 Million loss can't really shake the market that hard literally*** but it will create a sort of negative thoughts about crypto as a whole.

Hopefully, it will not affect the whole operation of the site. I can't imagine the feeling of those who have active funds here then you can't logged to check your account and do something about your funds. They say "We will resume the operations shortly" - for how long that "shortly" is, no one knows.

We can really have that presumption about the possibility of inside job.Its not that we can really just easily took the blame of outside attack yet theres always a possibility about internal issues.

Actual reason cant be determined as long there were no investigations.Exchange can either make some alibi that its external hack and this is why i dont really like on dealing up with

unknown or not too popular exchange.Even the top or known ones do still experienced such hack, how much more into these small places? Its no surprise that these platforms are the best

sweet spot for hackers yet we do know that they do generate up millions.

sheenshane

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How sad, another weak exchange has been compromised. I do hope they had SAFU just like Binance.

For sure the hacked cryptos are let the scammers sleep on the wallets that under their control just like what happened on other hacking incidents. It takes years before they will move into another wallet little by little until it is untraceable and ready to mix. If this was already reported from any centralized exchange we might watch out those DEXs, probably they will exchange there.

I was also thinking that this is an inside job as well or other perception of possible a strategy of exit scam, who knows but I hope that isn't.

coupable

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Quote from: harizen on September 08, 2020, 04:08:46 PM

A $5 Million loss can't really shake the market that hard literally*** but it will create a sort of negative thoughts about crypto as a whole.

From a pessimistic side, that's true. In my opinion, this should create negative thoughts about centralised exchanges in specific, even they are regulated like Eterbase. Note that Eterbase promised that users balances won't be infected by the hack and that the exchange is under temporary maintenance for investigations. However, i think about those who have large amounts in their exchange balances and how they don't have to access to it for an unknown period .

harizen

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For support ➡️ help.bc.game

In a situation like that, I can't think of a way how it happened unless there's an inside job. So unfortunate.

A $5 Million loss can't really shake the market that hard literally*** but it will create a sort of negative thoughts about crypto as a whole.

Hopefully, it will not affect the whole operation of the site. I can't imagine the feeling of those who have active funds here then you can't logged to check your account and do something about your funds. They say "We will resume the operations shortly" - for how long that "shortly" is, no one knows.

coupable

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Announced today in a tweet, the famous European crypto exchange ETERBASE suffered a hack yesterday and lost about $5 million in several cryptocurrencies.

Hackers succeeded to ride Eterbase’s hot wallets for Bitcoin, Ethereum, TRON, Algorand, Tezos, Algorand and XRP.
According to this artile from Yahoo, Eterbase has contacted centralized exchanges that might be receiving the stolen funds and that it has reported the hack to law enforcement.

Official announcement from telegram:

Quote from: https://t.me/s/eterbasenews/639

Dear users,

Our hot wallets were compromised, as bellow funds were moved to the following addresses:

ETH Address: 0x7860F7b2874e77E80bE0fC6EbfB9414f89781aD9

TRX Address: TPdhhbCHqXzrDyUiQnHApS7VL2UxB8Qhna

XTZ Address: tz1hnoxVgc8Z1DUa6D18EUkPCXmNbaHwmLRc

BTC Address: 1ANLZZ2YFGumRXaD3EMii92zWQgvX2CK9c

ALGO Address: PDVFO5SDJMOJ6MC7KAD27DDGQ5YQD4IUTDJR2QRCPENT5A5T6CGT2VAAEI

XRP Address: rNwgkFj6QadEXUyS1jgTD2XEsi8HanKzDX

We have contacted all centralized exchanges that might be receiving these illicit funds.

Due to ongoing investigation more details can not be announced currently.

Sorry for the inconvenience and please have some patience untill we solve the issue.

Topic: Another exchange lost about $5 million from its Hot-Wallet. (Read 175 times)