Bitbns CEO admitted that the exchange was attacked by hackers in February last year, but did not confirm the stolen amount

On March 2, Gaurav Dahake, CEO of Bitbns, the Indian Cryptographic Exchange, admitted at the AMA meeting yesterday that the exchange was indeed attacked by hackers 13 months ago. However, Dahake claimed that the system was offline to analyze abnormal conditions, not to hide hacker behavior. He also said that after such incidents, the Exchange would improve its security system, and Bitbns had been running “seamlessly” for 13 months after the attack. However, Dahake did not confirm the number of assets stolen from the exchange during the attack.

Interpretation of this information:

The admission by Gaurav Dahake, CEO of Bitbns, the Indian Cryptographic Exchange, that his exchange was attacked by hackers 13 months ago is a significant event in the cryptocurrency market. While the news is not unexpected, it confirms that even the most robust security measures can be breached by determined hackers.

The response by Dahake is admirable; he acknowledged the attack and claimed that the system was indeed offline for analysis of abnormal conditions, not to hide hacker behavior. Moreover, he promised to improve security after the incident. This transparent and proactive response of Bitbns to the attack is commendable, and it shows that the exchange is keen on safeguarding its users’ assets and maintaining its credibility.

The fact that Bitbns has been running seamlessly for the 13 months following the attack is good news for its users. It shows that the exchange has indeed taken measures to improve its security, and there have been no more incidences. The seamless operation of Bitbns also indicates that the exchange is a reliable and trustworthy player in the cryptocurrency market.

However, Dahake did not confirm how much assets were stolen during the hack. The omission is significant, as it raises questions about the size and scope of the attack. The lack of information on the number of assets stolen may make users hesitant about entrusting their funds to the exchange. Therefore, it is critical that Dahake provides more information on the assets stolen, the nature of the attack, and the steps taken by Bitbns to prevent future attacks.

The statement by Dahake is a wake-up call to other cryptocurrency exchanges in India and worldwide to be vigilant about their security measures. The cryptocurrency market is attractive to hackers because of its anonymity and lack of centralization. Therefore, all exchanges must take steps to protect their users’ funds and data.

In conclusion, the admission by Gaurav Dahake, CEO of Bitbns, that his exchange was attacked by hackers 13 months ago raises important issues about the security of cryptocurrency exchanges. The response by Bitbns to the attack is commendable, but more information is needed on the assets stolen. All cryptocurrency exchanges must learn from this event and take measures to improve their security against potential cyberattacks.