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Cryptocurrency Exchange Eterbase Loses $5.4 Million to Hackers Overnight

Filip TRUȚĂ

September 11, 2020

Cryptocurrency Exchange Eterbase Loses $5.4 Million to Hackers Overnight

A group of hackers on Monday night compromised cryptocurrency exchange Eterbase and raided six hot wallets to steal $5.4 million in Bitcoin, Ethereum, XRP, Tezos, Algorand, and TRON.

The criminals transferred the funds into their wallets which Eterbase managed to track to several rival crypto exchanges, including Binance, Huobi and HitBTC. It then contacted their support teams for help.

The Slovakian crypto exchange has started an investigation into the incident and is asking competing exchanges to cooperate. The company”s announcement on the matter, released via Telegram, reads:

Dear users,

Our hot wallets were compromised, as bellow funds were moved to the following addresses:

ETH Address: 0x7860F7b2874e77E80bE0fC6EbfB9414f89781aD9

TRX Address: TPdhhbCHqXzrDyUiQnHApS7VL2UxB8Qhna

XTZ Address: tz1hnoxVgc8Z1DUa6D18EUkPCXmNbaHwmLRc

BTC Address: 1ANLZZ2YFGumRXaD3EMii92zWQgvX2CK9c

ALGO Address: PDVFO5SDJMOJ6MC7KAD27DDGQ5YQD4IUTDJR2QRCPENT5A5T6CGT2VAAEI

XRP Address: rNwgkFj6QadEXUyS1jgTD2XEsi8HanKzDX

We have contacted all centralized exchanges that might be receiving these illicit funds.

Due to ongoing investigation more details can not be announced currently.

Sorry for the inconvenience and please have some patience untill we solve the issue.

In crypto-speak, a hot wallet is a wallet that”s connected to the internet – as opposed to a cold one, which stays offline. Hot wallets let cryptocurrency users store, send and receive tokens, and they are linked with public and private keys that help facilitate transactions. The keys also act as a security measure. However, because hot wallets are connected to the internet, they are more vulnerable to hacks and theft.

The firm assures customers it has the funds needed to cover the losses.

“We want to inform our users that we have enough capital to meet all our obligations, and at the same time, we want to reassure everyone that this event won’t stop our journey,” the exchange tweeted.

Eterbase has notified law enforcement as well, hoping police will track down and arrest the hackers.

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