Max’s Corner: The Biggest Hacks from a Tumultuous Week in Crypto

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Max’s Corner: The Biggest Hacks from a Tumultuous Week in Crypto
This week, Max Hasselhoff, integration engineer from Bytecoin, takes a look at the Bithumb hack as well as a couple of other hacks and their historical context.
Max’s Corner: The Biggest Hacks from a Tumultuous Week in Crypto

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Source: CoinSpeaker

DragonEX Hack Update: Exchanges Agree to Lend Support, Cyber-crime Reported with Authorities

The Singapore-based Exchange, DragonEX, was hacked earlier this week for an undisclosed amount. It has released an update about the measures taken by the Exchange and authorities to track and retrieve the stolen funds.
DragonEX Crypto Exchange was hacked on Sunday, 24th March 2019. According to an announcement by DragonEX, the following steps have been taken to track the funds.

Hong Kong Cyber Security and Technology Crime Investigation Bureau (SCTCB) has set a special investigation team to look into the hack.
A report to the China Mainland Police has also been submitted by the Exchange.
They are working conjointly with global security agencies and cryptocurrency exchanges to track the funds and the people involved in the hack. Exchanges mentioned in the announcement are Bittrex, Coinbene, Bitmart, Bitforex, and Bitfinex.
The Exchange has set up new department portfolios under  The Asset Appraisal and Audit Group, Investigation and Evidence Collection Group, Public Relations Connection Group, Legal Liaison Group, and User Relationship Management Group to carry out seamless retrieval of funds.

There are two possible places where the hackers can convert their cryptocurrencies: Exchanges or the black market. While the Exchanges are being tracked rigorously, global security agencies are investigating the black markets.
The announcement was made three days after the attack. While no update on the status of the funds or hackers were given to the users, the Exchange seems to have taken the necessary steps to retrieve the funds. Moreover, Global Cryptocurrency Exchanges have also agreed to lend support to DragonEX to track the hacked funds.
Hence, What seems like looking for a ‘needle in a haystack’ can be turned into a successful investigation with worldwide cooperation and thoughtful insight.
The post DragonEX Hack Update: Exchanges Agree to Lend Support, Cyber-crime Reported with Authorities appeared first on Coingape.
Source: CoinGape

DragonEX Hack: Hacked Exchange Seeks Help From Other Exchanges

Hacks are not a good sign for the crypto industry as they deteriorate the public image of the crypto markets. While the industry is trying to eliminate these hacks with additional security measures, a new hack comes forward.  Recently Singapore based DragonEx was found hacked and the asset was assumingly moved to other exchanges forcing the management to seek help from other exchanges to trace back their asset.
DragonEX asks other exchanges to freeze suspected accounts
Earlier today the world of crypto was hit by the news of another hack. The telegram channel of the  Singapore-based cryptocurrency exchange DragonEx was continuously abuzz with messages that crypto asset which the exchange had under its custody belonging to itself and users were all transferred and stolen by hackers. The event happened on Sunday, March 24th and DragonEx announced the same by posting a notice on the exchange’s telegram channel which read as

It had “encountered attacks from hackers” on Sunday (March 24) as a result of which “users’ crypto assets and Platform crypto assets were transferred and stolen.”
Some of the stolen funds “were retrieved.”
The exchange would do its best to get back the rest of the stolen assets.
Authorities in Singapore and several other jurisdictions (including Estonia, Thailand, and Hong Kong) had been notified of this “cybercrime”, and the exchange is assisting the police with their investigation.
All services on the platform had been suspended and the “accurate assets loss recovery situation” (meaning that the exact amount of the loss) would be announced in one week.
The exchange “will take the responsibility” for the users’ losses “no matter what.”

While the news of the hack was still pretty young, Joanne Long, a member of DragonEx’s customer support staff, also took the telegram channel to announce that the exchange had undertaken an investigation  and found that most of their assets were transferred to a variety of wallets including the once which were on exchanges like Huobi, Binance, Gate.io, and Bittrex. Joanne further added that “the stolen assets transferred to Huobi and gate.io are blocked already!” and requested other exchanges also to cooperate. The message read as
“we earnestly request help from all our fellow exchanges and other industrial strength, please help us to investigate and traced the assets, freeze them and stop the assets flows.”
The same request was put forward by fellow exchanges as well.

Recently some other exchanges got invaded. Our security team monitored the hacker address at once and now we are trying to recover the stolen assets. I am here to call on all exchanges to pay attention to security construction, which is our main responsibility to users.
— Michael Gan (@gan_chun) March 26, 2019

Hacks are not a healthy sign for the industry that is trying to grow out of nascency. It will require a collective effort of all the exchanges to tackle this menace of hacks. For now one can just hope DragonEx would acquire back all its lost assets and come back to normalcy with better security
Will DragonEx be able to recover its lost asset? Do let us know your views on the same.
 
The post DragonEX Hack: Hacked Exchange Seeks Help From Other Exchanges appeared first on Coingape.
Source: CoinGape

Tron’s [TRX] Justin Sun announces USDT-Tron support on hacked exchange DragonEx

Hacks have been a recurring issue that have often crippled the cryptocurrency market, with the Cryptopia hack in January being a prime example. The latest victim to fall prey to this predicament was DragonEx, a crypto exchange which announced that its platform was hacked, on their Telegram channel.
The hack was reported on 24-25 March, while on 25 March, the Tron Foundation announced that the USDT-Tron trading pair will be supported by DragonEx. This announcement was part of a slew of updates from the Tron roster, which also included TRX Market announcing its support for the USDT-Tron pair.
It is not confirmed whether Justin Sun and the Tron Foundation were aware of the hack before announcing it on social media, but the timing of the announcement demonstrates that the Tron update followed the announcement of the hack.
Post the hack, DragonEx had announced,
“Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets. Several Judicial administrations were informed about this cyber crime case including Estonia, Thailand, Singapore, Hong Kong etc. and we’re assisting policemen to do investigation.”
Further reports have confirmed that that the lost assets include Bitcoin [BTC], Ethereum [ETH], NEM [XEM], EOS, XRP, Ethereum Classic [ETC], NEO, ABBC, Litecoin [LTC], Bitcoin Cash [BCHABC], Stellar [XLM], Monero [XMR], Cardano [ADA], Ontology [ONT], Tron [TRX], Bytom [BTM], Asch [XAS], Icon [ICX], and Qtum.
The exchange also announced its investigation of the hack, stating that the authorities were working on finding the perpetrators. An official message from DragonEx read,
“We have encountered attacks from hackers and our users’ crypto assets and DragonEx’s crypto assets are both stolen. International Policemen are investigating. Please wait for following announcement about the accurate loss situation.”
The post Tron’s [TRX] Justin Sun announces USDT-Tron support on hacked exchange DragonEx appeared first on AMBCrypto.
Source: AMB Crypto

Breaking: DragonEx hacked; exchange reports loss of customers’ funds

DragonEx, a cryptocurrency exchange platform that claims to be “a safe and stable platform for Bitcoin and ETH transactions,” is in the news after it announced via their official Telegram channel that its platform had been compromised. The announcement stated that the exchange lost control of its users’ cryptocurrency assets. However, the exchange did not elaborate on the exact amount of loss incurred by DragonEx.
The announcement further read,
“Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets. Several Judicial administrations were informed about this cyber crime case including Estonia, Thailand, Singapore, Hong Kong etc. and we’re assisting policemen to do investigation.”
The exchange’s officials stated that the trading services provided to users on the platform will shut down. The team claimed that the exact turn of events, loss of assets and  recovery details pertaining to the hack would be released in a week, adding that the exchange “will take the responsibility no matter what.”
Source: Telegram
DragonEx’s statement on Telegram stated,
“We have encountered attacks from hackers and our users’ crypto assets and DragonEx’s crypto assets are both stolen. International Policemen are investigating. Please wait for following announcement about the accurate loss situation.”
Further, an admin of the channel, Joanne Long stated that the team had tracked down the addresses the stolen funds were transferred to. Based on the data collected, they ascertained that the assets lost during the hack included Bitcoin [BTC], Ethereum [ETH], NEM [XEM], EOS, XRP, Ethereum Classic [ETC], NEO, ABBC, Litecoin [LTC], Bitcoin Cash [BCHABC], Stellar [XLM], Monero [XMR], Cardano [ADA], Ontology [ONT], Tron [TRX], Bytom [BTM], Asch [XAS], Icon [ICX], Qtum, and Tether [USDT].
Source: Telegram
These coins were then transferred to leading exchanges such as Binance, Bittrex, and Huobi. As of press time, the coins transferred from the above addresses were frozen on Huobi and Gate.io.
Notably, this announcement was made only on the exchange’s telegram account. The last update on Reddit was three days ago, while DragonEx remained silent on Twitter.
The post Breaking: DragonEx hacked; exchange reports loss of customers’ funds appeared first on AMBCrypto.
Source: AMB Crypto