Crypto exchange BitBns admits funds were compromised, clarifies $7.5M hack

Crypto exchange Bitbns admitted on Tuesday it was compromised on February 1. Founder and CEO Gaurav Dahake addressed the issue in a live session on YouTube.

The development follows prominent crypto researcher ZachXBT highlighting some discrepancies in the exchange's practice in a series of tweets.

"Let’s call out the crypto exchange BitBNS for hiding a $7.5 million hack from their users on February 1, 2022," said ZachXBT.

In response to questions about the hack, Dahake said in a YouTube live said that BitBNS had also seen a compromise around the time Binance—one of the world's largest crypto exchanges—also experienced an attack on its exchange.

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"Right before that incident, we had experienced irregular activities on the platform, that’s when we decided to take the exchange offline for a few minutes to analyse the issue," he said, as per a report by Moneycontrol.

Dahake also holds that the movement was not seen as abnormal and that multiple exchanges had witnessed similar incidents.

“When a security issue like this comes up, you try to fix the checks and balances in place,” he said.

Meanwhile, cryptocurrency markets have been in free fall since the collapse of FTX. Large payments players like Visa and MasterCard also decided to halt plans to introduce new crypto products for their users until the market conditions improve, reports suggest.