336 Bitcoins Swiped: Is security an issue for Cryptocurrency exchanges in India?

Crypto exchange Cashaa looses 3 Million in a Hack

By · Jul 12, 2020 . 4min read

Photo by Michael Geiger on Unsplash


In a recent incident, UK based custodial cryptocurrency exchange, Cashaa was subject to cryptocurrency hacking. The exchange has reportedly lost about 336 Bitcoins. The broad landscape of cryptocurrency adoption in India is still a myth. While the ongoing cryptocurrency frauds in India is making it even more difficult for users in terms of financial safety and security.

According to the complaint filed by Cashaa with Delhi Cyber Crime bureau on 10th July 2020 :

  1. At 1:23 PM, Cashaa employee logged into Bitcoin.info wallet
  2. Made 2 transfers at 1:23 PM and 1:26 PM respectively
  3. The employee noticed that there were multiple transfers to the hackers’ address 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek and resulted in emptying the bitcoin wallet.
  4. The employee also added the hacker might have received notifications about the login and quickly drained the Bitcoin Wallet.

The Delhi Crime Branch is investigating the matter under the complaint type of Reporting & Tracking under Cryptocurrency Crime and Fraud Subcategory. Cashaa has paused the deposits and withdrawals until further instructions. Such hacking activities have immensely harmed the Crypto trading community. However, with ambiguous regulations in place, it makes it more difficult for the crypto community in India.

https://twitter.com/cryptokanoon/status/1281974598263689218

With security being a major threat, it is advisable to purchase and store currencies in non-custodial exchanges or hardware wallets. Users must be more cautious while transferring funds and maintain high level of privacy during the same. Cryptocurrency exchanges must adopt high level of security in terms of it’s functioning to safeguard user’s interest. Crypto Projects like WazirX, Zebpaby, Bitbns, CoinCDX have extended their support and are working towards necessary precautions in future.

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