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The all-digital, nascent nature of the crypto markets has made trading the major targets of harmful actors, and the news of the hackered exchanges has hit markets since their beginnings, beginning with the infamous Mt. Gox hacker who sent shockwaves through the entire crypto industry.
Lately, there seems to be a growing trend towards smaller and lesser-known cryptographic exchanges, victims of devastating hackers, with DragonEx being the latest victim. CoinBene is the latest exchange that would have been hacked, although the platform continues to deny rumors.
Did CoinBene fall victim to an intruder?
Rumors about the potential hacking of CoinBene first surfaced yesterday when the exchange responded to a user who claimed in a tweet that a repository he had initiated had been blocked for more than an hour, which led him to believe that the exchange had been hacked.
CoinBene quickly responded to this user, explaining that he had put portfolios under maintenance to upgrade the platform, which affected deposits and withdrawals.
"In order to improve the user experience, CoinBene upgraded the platform's wallet on March 26, 2019. During maintenance, badociated operations such as deposit and withdrawal will not be affected." explained the stock market.
In order to improve the user experience, CoinBene upgraded the platform's portfolio on March 26, 2019.
During maintenance, this will affect related operations such as deposit and withdrawal, transactions will not be affected.– CoinBene Global (@CoinBene) March 26, 2019
Shortly after the publication of this tweet, speculation about the state of the exchange surfaced, with Nick Schteringard, journalist of the Russian cryptography site Forklog, reporting that there had been a strange activity on the Ethereum portfolios several users.
"A strange activity spotted on #Coinbene. Users report that # ETH portfolios have been hacked and are joining these two addresses, "he explained, referring to two wallet addresses with seemingly signs of suspicious trading activity.
A strange activity spotted on #Coinbene. Users report that #ETH portfolios were hacked and attach these two addresses. https://t.co/f5NxvfscSC https://t.co/S1WnwI8CUx #bitcoin #exchange
– Nick Schteringard (@schteringard) March 26, 2019
CoinBene belies the rumors, the upgrade of the wallet of claims has been caused by the hacking of other cryptographic exchanges
In a notice released today, the cryptographic platform explained that the sudden and unexpected upgrade of its portfolio was not a response to an attack on its platform, but rather a precautionary measure taken in the past. response to the news that other exchanges had been hacked.
They added that "the badets of the platform CoinBene are 100% secure" and promised to fully compensate all users likely to lose funds in the future.
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Someone doubts that CoinBene has been attacked by a hacker recently because of our maintenance.
We are so sorry that CoinBene has worried everyone about this problem.
The truth is pic.twitter.com/2P8Ulwjj6C– CoinBene Global (@CoinBene) March 27, 2019
Although little conclusive evidence indicates that CoinBene has been hacked, their lack of communication regarding portfolio maintenance and their somewhat inconsistent responses to rumors are certainly a source of concern.
This, combined with yesterday's news about the piracy trade between DragonEx, the Singapore-based exchange of cryptocurrency, raises an important question: why would investors use small platforms to trade crypto?
Although hacks are a threat to all cryptocurrency exchanges, regardless of their size, larger, reputable platforms tend to use better security features, including cold storage solutions, which reduces the risk taken by investors by leaving their portfolios encrypted in portfolios on the platform.
Selected image of Shutterstock.
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