UK-based cryptocurrency exchange Cashaa has lost 366 Bitcoin (BTC) in a hack on Friday afternoon, and temporarily halted all crypto transactions.

According to the exchange, one of its wallets was compromised and more than 366 BTC, worth just under €3 million at today’s prices, was transferred to a hacker.

The company says it suspects malware was installed onto a computer and notified the hacker when an employee logged into the account at 1:23pm on 10 July, subsequently making two transfers from the Blockchain.com wallet that was used to store and send BTC.

The funds were transferred to the following BTC address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek). The culprit is suspected of being in east Delhi, India, and the company says it has filled a cybercrime incident report to the Delhi crime bureau.

Other major crypto exchanges and partners are now working with Cashaa to try to track the stolen funds and prevent them from being cashed out, however, it has been noted that the crooks may be using coin mixture software to move the funds and make them harder to trace. 

AYO.NEWS says:

Though Cashaa should be commended for the quick action it took to limit the fallout from the hack, and it’s great to see so many other exchanges and partners working to track the funds, this latest incident must surely strengthen the calls for improved common industry security standards. 

Staying with Bitcoin crime, last week a 35-year old Romanian programmer pleaded guilty in New York to his part in a massive alleged $722 million BTC Ponzi scheme. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020