Bitbns CEO Gaurav Dahake said that the exchange was taken down to investigate pricing irregularities after a breach was identified.
On February 1, 2022, a hack was concealed by the Indian cryptocurrency exchange Bitbns under the pretence of “system maintenance,” according to ZachXBT, a crypto detective who tweets under the handle @ZachXBT. On March 1, 2023, ZachXBT reportedly tweeted a screenshot of a BitBNS maintenance tweet during which the exchange was hijacked.
Now, during an AMA session, Bitbns CEO Gaurav Dahake revealed that the exchange was actually hacked 13 months ago. Nonetheless, Dahake said that the system was taken down to investigate abnormalities and not to conceal the attack.
According to Dahake, Bitbns knocked the exchange down after seeing an unexpectedly high throughput on their systems. The team then realized that the prices for Polygon (MATIC), BNB, and Aave were wrong and that there was a disparity between the purchasing and selling prices of the tokens. According to him, the team also observed several withdrawal irregularities.
During their inquiry, the team discovered that a certain address had gotten several tokens from the platform, which notified them of the attack. The stolen funds were then converted to Ethereum (ETH) and transferred to several addresses.
ZachXBT stated the stolen assets were valued at $7.4 million, while Dahake would not confirm the number of assets taken in the incident.
Dahake mostly dismissed the attack as “not unusual” in the cryptocurrency world, since most big exchanges, including Binance, had been infiltrated at various times. According to him, exchanges enhance their security procedures after such occurrences, and Bitbns has been operating “seamlessly” for the last 13 months.
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