Singapore Cryptocurrency Exchange DragonEx Hacked, Crypto Exchange CoinBene Also Suspected To Be Hacked

Singapore Cryptocurrency Exchange DragonEx Hacked, Crypto Exchange CoinBene Also Suspected To Be Hacked

The Singapore-based cryptocurrency exchange DragonEx has recently confirmed that it has suffered a hacking attack. This came at the same time as another Singapore-based cryptocurrency exchange, CoinBene, announced that it was undergoing maintenance – amidst rumors that this exchange has also been hacked.

DragonEx announces it has suffered a recent hack

First and foremost, DragonEx on March 26th revealed on Telegram that it had been hacked on Sunday, March 24th. Moreover, it also confirmed that an ”undisclosed” amount of user funds had been lost in the hacking attack.

Authorities in Estonia, Singapore, Thailand, and Hong Kong are said to have been alerted of the hacking attack. The team behind DragonEx also noted that:

”All platform services will be closed and the accurate assets loss recovery situation will be announced in a week. For the loss caused to our users, DragonEx will take the responsibility no matter what.”

Moreover, according to an administrator of DragonEx’s official Telegram account, Joanne Long, some of the stolen funds had been sent to regulated exchanges covered by strict Know Your Customer (KYC) regulations, such as Bittrex.

As such, there is a strong possibility that the stolen funds could be recovered, if DragonEx alerts and requests assistance from the exchange in question. DragonEx has also highlighted that it will shoulder the responsibility for the hack.

”DragonEx will not run away and will take the responsibility. The most important [thing] is to retrieve […] the stolen assets.”

Has CoinBene been hacked as well?

Notably, this coincides with another suspected hack of a Singaporean cryptocurrency exchange, CoinBene. CoinBene recently announced that it would be undergoing maintenance of March 26th.

However, insiders have already suggested that this supposed maintenance is, rather, a cover for a large hack that might involve as the theft of up to $40 million.

Moreover, the CIO of the blockchain startup Diviproject, Nick Saponaro, has tweeted that massive outgoing transactions from CoinBene visible on Etherscan serve as proof of an attack.

Nevertheless, as of yet, it is still unclear as to what exactly has happened on CoinBene. One CoinBene user reached out on Twitter to ask why his deposit had been pending for an hour.

In response to this, CoinBene officially replied that the maintenance will ”affect related operations such as deposit and withdraw” and that is the reason as to why the platform is experiencing some outages.

Image by Gerd Altmann from Pixabay