Indian Crypto Exchange BitBNS’s $7.5M Hack Brought To Light by ZachXBT

• The crypto exchange allegedly hid a $7.5M hack under the pretext of system maintenance.
• Dahake said that they wanted to set out to do an audit of the funds.

A portion of BitBNS’s money was compromised on February 1, 2022, although the exchange’s founder, Gaurav Dahake, indicated on March 1 that this wasn’t an unusual occurrence. This comes after the cryptocurrency exchange allegedly hid a $7.5 million hack under the pretext of system maintenance, as tweeted by independent crypto fraud researcher ZachXBT. Posting photos of BitBNS’ tweets dated February 1, 2022, the researcher confronted the exchange.

The researcher stated:

“Let’s call out the crypto exchange BitBNS for hiding a $7.5 million hack from their users on February 1, 2022 and then proceeding to tell them it was “system maintenance”.

Founder Justifies Incident

Dahake went on YouTube live to respond to the claims, claiming, that most large exchanges witnessed similar instances. As per the founder, the exchange Binance experienced a hack that exposed user cash. A little issue occurred on BitBNS as well. Just before that happened, Dahake claims they saw some strange behavior on the platform, so they temporarily shut down the exchange to investigate.

There was a discrepancy between the purchasing and selling prices of a select number of tokens, he said. Several customers were attempting cashouts at that moment. Dahake said that they wanted to set out to do an audit of the funds and discovered that a number of different tokens had been converted to Ethereum and sent to a number of different addresses from a single address.

Dahake claims this behavior is typical. Binance, KuCoin, etc., were not the only ones to experience this; many others have as well.

Dahake further added:

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