Cybercriminals have compromised a British cryptocurrency exchange, with more than $ 3 million in Bitcoin.
Cashaa halted all crypto-related transactions after cybercriminals stole more than 336 Bitcoin from their exchange. The company said users at first glance were unaffected by the theft.
In a note to the media shared with Cointelegraph, Kumar Gaurav, CEO of Cashaa, said, “We are still investigating the damage caused by the incident and are suspending all withdrawals for 24 hours.”
Kumar said the theft took place after malicious hackers compromised one of the purse’s digital wallets. Once access was obtained, the hackers sent each other the cryptocurrency contained in the wallet.
Guarav said he had reason to believe that the cyber criminals who hit Cashaa are based in East Delhi, India. Following this suspicion, the stock market has filed a cybercrime incident report with the Delhi Crime Bureau in the category of cryptocurrency crimes.
A meeting of the Cashaa board of directors has been called to determine whether the business will bear all of the crime-related losses.
Cashaa said she believed that to commit theft, cybercriminals had installed malware on a computer used to make exchange transfers such as user withdrawals. This malware sent a notification to cybercriminals at 1:23 p.m. on July 10 when an employee logged into the account and made two transfers from a Blockchain.com wallet. It was this wallet that was then compromised and illegally deleted from over 336 Bitcoin.
The company is taking steps to prevent the cybercriminals who hit Cashaa from selling the stolen cryptocurrency on exchanges. On Twitter, Cashaa published the hacker’s Bitcoin address in hopes of following any movement of illegally acquired funds.
Guarav said Bitcoin thefts are on the rise as some cryptocurrency exchanges facilitate the laundering of funds stolen by cybercriminals.
“To date, hackers are very confident of hacking cryptographic addresses and moving them through exchanges that facilitate this laundering through their systems,” said Guarav.
“Exchanges like these must be closed and the owners of these exchanges should be charged with the offense of facilitating money laundering.”