Sentinel Network reports a hack of HitBTC that resulted in the theft of 40 million DVPN coins

• Sentinel Network said in a tweet on Friday that weakness on the HitBTC bitcoin (BTC, +3.64% ) market resulted in the theft of 40 million of its DVPN coins from customers
• Sentinel’s Srinivas Baride termed the revelation gross negligence and said he hoped HitBTC refunded its users and reassessed their management of user cash in response
• HitBTC had delayed the delivery of cash to customers and compromised their own mnemonic, which was entirely outside our control

Sentinel Network said in a tweet on Friday that weakness on the HitBTC bitcoin (BTC, +3.64% ) market resulted in the theft of 40 million of its DVPN coins from customers. The theft was caused by HitBTC revealing its mnemonic phrase, a set of words meant to assist recover a digital wallet or bitcoin, according to the decentralized peer-to-peer (P2P) bandwidth marketplace, which supports the Sentinel dVPN program. Sentinel said, This is entirely out of our hands, HitBTC had delayed the delivery of cash to customers and compromised their own mnemonic. 

Sentinel’s Srinivas Baride termed the revelation gross negligence and said he hoped HitBTC refunded its users and reassessed their management of user cash in response. The Sentinel Network offers open-source distributed and decentralized apps that ensure users that their session information is not tracked, their communications are not saved, and that no one, not even the app’s author, has access to their data. They tweeted stating that, The CEX @hitbtc has revealed that their mnemonic phrase has been disclosed, leading to the theft of 40 million $DVPN from its members. 

HitBTC had delayed the delivery of cash to customers and compromised their own mnemonic, which was entirely outside our control. They also added that they want to reassure users that their $DVPN is secure. The point of failure is @hitbtc, who only disclosed their hack to us an hour later. They also hope Hitbtc takes steps to reimburse $DVPN to its consumers. The customers are very much confused and have been throwing questions at Sentinel networks, over Twitter. 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.