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Blockchain Analytics: CoinBene’s $105 Million Crypto Transfers “Consistent With Hack”

Another Crypto Hack?

As hinted at in a previous Ethereum World News report, notable crypto exchange CoinBene is under suspicion of being hacked after a sudden maintenance session. Interestingly, a report from Elementus, a blockchain analytics firm, would confirm this. Per the company’s recent report of the exchange, on March 25th, $105 million worth of an array of cryptocurrencies, namely ERC-20 tokens and Ethereum, were spirited out of CoinBene’s hot wallets into an array of addresses. Here’s a quick breakdown; $70.7 million worth of Maximine, $14.2 million of CoinBene Coin, $2.5M worth of Ethereum, and so on and so forth.

Elementus’ Max Galka writes that following these sudden transfers, Coinbene’s hot wallets were shuttered, with the remaining funds subsequently routed to cold wallets, thus leading the exchange into a sudden maintenance session.

coinbene

While $105 million worth of in-exchange crypto transactions within a short time frame is entirely possible, Elementus writes that it is unlikely that Coinbene moved much of the aforementioned sum to a new cold wallet system. Purportedly, much of the funds were “quickly moved to Etherdelta,” where they were subsequently traded for Ethereum. Binance, Huobi, and Bittrex, too, also received some of the funds, where they were presumably sold for Bitcoin or fiat. And with that in mind, Elementus made the following noticing:

The sequence of events — large amount of funds withdrawn quickly, period of inactivity, remaining funds secured into the cold wallet — is consistent with how exchange hacks commonly play out.

While Elementus seems to be postulating, this outlet would be remiss not to remind the reader that this data provider was the first to delve deep into Cryptopia’s ~$16 million hack, in which millions worth of Ethereum, ERC-20 tokens, and Bitcoin were swiped.

CoinBene Begs To Differ

In a tweet, however, CoinBene claims that it is entirely fine. It claimed that all assets on the exchange are “100% secure,” adding that its security team is actively monitoring anomalies at all time.

It adds that the sudden maintenance session earlier this week has much to do with “taking measures to upgrade the wallet immediately” as a result of recent hacks, rather than a hack on their own crypto holdings.

As reported by us previously, DragonEx, a Singapore-based exchange, was suddenly hacked.
The company announced this unfortunate happening via its Telegram channel, in which DragonEx’s PR staff claimed that funds of users and the platform itself were “transferred and stolen.”

DragonEx has yet to divulge the exact details of the crypto assets stolen, including the type and the nominal value. However, the company did post the addresses of the assumed hackers, of which there were about 20 pertaining to a series of assets (Bitcoin, XEM, EOS, XRP, ETC, etc.). From a brief look, a minimum of 135 BTC, 500 Ether, and 4,670 LTC were forcibly yanked from the exchange’s coffers. This, for those who are wondering, racks up to ~$800,000. The full amount hacked, however, could easily be much higher than this sum.

It isn’t clear who executed this attack, but all eyes are looking to Lazarus, a North Korean hacker group that has purportedly been racking up Bitcoin and other digital assets for the regime.

Photo by Markus Spiske on Unsplash

The post Blockchain Analytics: CoinBene’s $105 Million Crypto Transfers “Consistent With Hack” appeared first on Ethereum World News.

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Crypto Exchanges Under Fire: DragonEx Hacked, Coinbene Undergoes Sudden Maintenance

Singapore Exchange Loses A Mass Of Crypto

Exchanges haven’t had the best start to 2019. Sure, Binance has been doing A-OK with its initial exchange offering (IEO) model, with its resident token rallying past $17, but lesser-known crypto platforms have been suffering. Earlier this year, QuadrigaCX was revealed to have ‘lost’ access to over $150 million worth of Bitcoin, Ethereum, and other assets, as Cryptopia suffered a devastating hack.

This facet of the industry’s misfortune has continued, unfortunately enough. According to CoinDesk, DragonEx, a Singapore-based exchange, was hacked. The company announced this unfortunate happening via its Telegram channel, in which DragonEx’s PR staff claimed that funds of users and the platform itself were “transferred and stolen.”

DragonEx has yet to divulge the exact details of the crypto assets stolen, including the type and the nominal value. However, the company did post the addresses of the assumed hackers, of which there were about 20 pertaining to a series of assets (Bitcoin, XEM, EOS, XRP, ETC, etc.). From a brief look, a minimum of 135 BTC, 500 Ether, and 4,670 LTC were forcibly yanked from the exchange’s coffers. This, for those who are wondering, racks up to ~$800,000. The full amount hacked, however, could easily be much higher than this sum.

DragonEx has purportedly informed a number of local authorities, including those in Estonia, Thailand, Singapore, and Hong Kong, to the attack. Elaborating, the crypto startup wrote:

“We’re assisting policemen to do investigation. All platform services will be closed and the accurate assets loss recovery situation will be announced in a week.

It was added that the firm will “take the responsibility no matter what.”

Coinbene Under Seige?

This comes as Coinbene suddenly revealed it would be undergoing maintenance. A tweet from the company claims that it “upgraded the platform wallet… operations such as deposit and withdraw will be affected.”

While this is a normal announcement for exchanges across the board, Coinbene’s session came straight out of left field, leading to ramping speculation. Nick Schteringard posted the below message in a bid to draw suspicion to the exchange’s Ethereum wallets, which sent out a mass of ERC-20 tokens yesterday.

Coinbene’s ongoing imbroglio comes after Bitwise Asset Management, an American crypto-centric investment services provider, targeted the exchange in its scathing report on fake Bitcoin trading activity. As reported by Ethereum World News previously, Bitwise drew attention to
“suspicious exchanges” such as the little-known CoinBene to back its report. CoinBene purportedly utilizes “trade printing” between the bid and ask prices, hinting that there could be an automated system behind much of the trades.

Thus, some have concluded that this sudden period of maintenance could be the platform’s bid to rectify bots and other bad actors.


Photo by Markus Spiske on Unsplash

The post Crypto Exchanges Under Fire: DragonEx Hacked, Coinbene Undergoes Sudden Maintenance appeared first on Ethereum World News.

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Tron (TRX) Enlightens Users On Mainnet, Prepares To Be Listed On Coinbene

TRON has for some times been signaling sundry of developments with an early one coming as TRON testnet. After the testnet, TRON came up with a disrupting news that it will soon launch its Mainnet, leaving ERC20 network to establish its own. At the same time, it is going to be listed on Coinbene.

In 10 days’ time, the launching of the Mainnet will be in place, and TRON will become an outright competitor of Ethereum.

“From today to the last day, we are no longer the ERC20 token and in the future, we will compete with Ethereum as a DApp platform,” Justin Sun said.

“We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum. I will explain to you why we can surpass Ethereum in the future.”

While the migration is a big development that raises eye brow and calls for attention, questions and doubt has been escalating from IOTA’s lovers on what would be of the altcoin’s future.

Assuring users on the future of TRON, Sun replied saying the migration calls for no alarm and it surely benefit them.

“The TRON Foundation decides that TRX only supports migration to exchanges for the sake of the safety of users’ assets and hopes that this allows ordinary users to avoid the risk of losing assets just for missing the snapshot time in the mapping snapshot mode,” Sun said.

Justin made know that issues which would be addressed in the Mainnet includes; Transactions Per Second [TPS], speed, security and overall performance. Q2 which will see the release of the Mainnet, once achieved, would aid the implementation of 10K TPS.

“TRX will not make additional issues before 2021. The bonus TRX for package transactions before 2021 will come from the TRON Foundation. Afterwards, we will increase the supply of TRX at a fixed amount instead of a certain percentage.”

“Our main goal at Q3 is to fully support third-party apps and provide third parties with stable and reliable system-level support, including high-performance pluggable smart contract virtual machines and optimized P2P network systems. In Q4, we will focus on cross-chain communication and privacy protection,” Sun concluded.

TRON To Be Listed On Coinbene.

While TRON has been disrupting the Cypto verse with outnumbering developments, the team behind the cryptocurrency seems to be whispering that the altcoin’s space for development is still wide with a recent one coming from the owner of the altcoin.

Justin Sun went live on Twitter to announce that the altcoin will soon be listed on Coinbene, a Malaysian crypto exchange.

#TRON #TRX will be listed on @coinbene and TRX/USDT will be opened on April 25, 14:00 (UTC+8), click poster to know more. @Tronfoundation,” Sun twitted.

The latest development will see TRON’s expansion to Malaysia, giving it more popularity and at the same time making it go above its competing equals.