Cryptocurrency exchange Cashaa has become the latest in a long list of many cryptocurrency exchanges that have been hacked and lost money.

336 bitcoins were stolen from Cashaa on Friday afternoon after someone logged into the system and made transfers from the company’s wallet.

A UK-based company that provides financial services to cryptocurrency companies, Cashaa operates a crypto exchange for retail investors. The platform enables Indian users to deposit INR cash into the platform and then use it to purchase cryptocurrencies.

Cashaa suspects that malware has been installed on the computer of one of its employees to make transfers from the platform.

It appeared that the account was logged in at 1:23 pm on July 10 and made two transfers from the platform to a private wallet.

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The Cashaa platform was using the Blockchain.com wallet to store and send bitcoin.

Between 1:23 PM and 1:26 PM, all funds estimated at around 336 Bitcoin (about $3 million at the time of writing) were transferred from the Cashaa wallet to a Bitcoin wallet with the address:

14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek.

Hack and theft report:

Receive Source A copy and screenshots of the crime incident report, where the report has been filed with legal bodies and classified under the category of crypto crimes.

The management of the hacked platform stated:

We are still investigating the damage caused by the incident and may suspend all deposits and withdrawals for 24 hours.

Mr. Kumar Gaurav, CEO of Cashaa blamed the increase in hacking incidents targeting trading platforms where these hackers can steal funds. He stated:

All those working in the crypto industry must work hard to achieve the same level of security that the average person currently enjoys when dealing with a bank account.

Today hackers are very confident of hacking crypto addresses and transmitting them through trading platforms that facilitate such washing through their systems.

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Such platforms should be shut down, and the owners of such platforms should be charged with crimes of facilitating money laundering.

No public statement from Cashaa:

The hacking process was told by the source referred to above, who obtained its data and facts through the CEO of the platform.

Despite this, the platform did not make any public announcement of the breach

While many question the authenticity of the news, especially since there is no public statement yet.

Several well-known crypto companies and names have expressed their solidarity with the Cashaa platform and have told that they will report any suspicious transactions.

By observing transactions from the reported address, it appears that currency mixers are being used to make it difficult to track and move them.

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Ditto – link in Tweet embed We will blacklist the hacked addresses. . .

– Rahul (ZebPay) credit (eth_us) July 11, 2020

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