Another Crypto Exchange Hacked :$5.4 Million Stolen

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Cryptocurrency exchange Eterbase had been compromised and total funds worth $5 million were stolen from the exchange
  • On 8th September the exchange tweeted that their trading operations were currently halted as the hot wallets have been hacked the previous day
  • The Ether funds were first transferred to UniSwap, Compound and then Binance as the US dollar-pegged Stablecoin, Tether

As blockchain technology continues to evolve the number of fraudulent activities also continues to grow. Recently, another cryptocurrency exchange Eterbase had been compromised and total funds worth $5.4 million were stolen from the exchange. 

All Operations Halted, as Hot Wallets are Compromised

Eterbase is a Slovenia based small cryptocurrency exchange. As per the crypto analytic site, CoinGecko, the daily trade volumes stands at $3 million. On 8th September the exchange tweeted that their trading operations were currently halted as the hot wallets have been hacked the previous day. Hot wallets are different from the general cold wallets as they are directly linked to the internet. 

User Information is not Stolen Confirms Eterbase

The exchange claims to have contact with all possible centralised exchanges who might have detected the activities of the funds that were involved in the fraud. It seems like wallets of the cryptocurrencies, Bitcoin, Ethereum, XRP, Tezos, Algorand and TRON were mainly compromised. The total stolen funds amounted to $5.4 million. Nenad Ristic, the social media manager at Eterbase confirmed that throughout the process no one’s personal information was stolen or forged. He added that the exchange has the required amount of funds to compensate the loss of the Eterbase customers. 

Funds Transferred to Huobi, Binance and HitBTC

It was noted that the stolen funds were later transferred to different crypto exchanges. The Ether funds were first transferred to UniSwap, Compound and then Binance as the US dollar-pegged Stablecoin, Tether. Eterbase in Telegram confirmed that they have detected the attack but they were unable to take any measures on it. However, the company assured all its users that they were taking appropriate actions and the investigations are on a full swing. Eterbase is constantly tracking the stolen funds ever since they left the exchange. As of now, it has found that major shares of the funds have ended up on Binance, Huobi and HitBTC global exchanges. 

As of now Eterbase has halted all operations in the exchange till September 10th. And the company wishes to resume operations as soon as they have gathered enough sums to compensate the victims.

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