Cryptocurrency exchanges are the preferred destination for hackers and scammers, because trading platforms are the banks in which users put their money, and by hacking the protection systems provided by the platform, users’ money is at risk.

Recently, the Slovak-based cryptocurrency exchange Eterbase was subjected to a hack that enabled users to steal nearly $2 million.

Hackers have attacked the Eterbase wallets of Bitcoin, Ethereum, Ripple, Tezos, Algorand and TRON, the platform’s Telegram statement said Tuesday.

As for the value of the stolen goods, it is estimated at about $1.8 million.

Dear users, the exchange is currently in maintenance mode because our hot wallets were hacked last night:

We are sorry for the inconvenience and please be patient while we resolve the issue.

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– ETERBASE (ETERBASE) September 8, 2020

About the Eterbase Cryptocurrency Exchange:

Eterbase is a small cryptocurrency exchange that trades around $3 million a day according to Coin Gecko metrics.

Early yesterday morning, hackers gained access to Eterbase hot wallets, i.e. those wallets that are connected to the internet.

Nenad Ristic, who manages Eterbase’s social media channels, said no personal information was stolen.

The stolen funds dispersed to various cryptocurrency exchanges, and some of them were traded, with the stolen Ethereum being converted to Tether USDT via the decentralized exchange Uniswap, and some of them going towards Binance.

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Some simple usage screenshots of our Eterbase crash tracking tools.
ChainLink Token, Synthetix Network Token, ETH Token pic.twitter.com/b3XO4gkxDM

– Nobel Tan (@nobel_tan) September 8, 2020

in statement For the Eterbase platform on the Telegram channel, the following was stated:

We have reported the matter to law enforcement and are cooperating closely in the investigation.

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We want to assure our clients that we are taking all necessary steps to ensure that their deposit amount does not suffer any damage as a result of a hacker attack.

Due to ongoing investigations, further details cannot be announced at this time.

We are sorry for the inconvenience and please be patient while we resolve the issue.

Eterbase has suspended withdrawals in euros until tomorrow, September 10.

Cryptocurrency exchanges are exposed to hacking with alarming regularity, as historically, the cryptocurrency stolen from trading platforms, we find that the largest hack was that of the Mt Gox platform in 2014, where 450 million dollars of bitcoin were stolen.

Last year, Binance was also subjected to a theft, in which it lost $40 million.

South Korean trading platform Bithumb lost $13 million.

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Not to mention Bitfinex, which lost nearly $1 billion in cryptocurrency in 2016.

These funds are still transferred from time to time as he is supposed to seek to get rid of the monitoring of law enforcement agencies, and eventually spend their illegal profits.

The successive hacks of cryptocurrency exchanges made the saying:

You don’t have your keys, you don’t have your coins.

It spreads and reminds users of the need to keep funds away from hot wallets and keep coins in a safer wallet.

This concern has led to the emergence of decentralized trading platforms that allow cryptocurrency to be traded without handing over private keys to a third party.

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