Bitcoin Forum

Singapore-Based Crypto Exchange DragonEx Has Been Hacked

https://www.coindesk.com/singapore-based-crypto-exchange-dragonex-has-been-hacked

"Singapore-based exchange DragonEx says it has been hacked for an undisclosed amount in a number of cryptocurrencies.

DragonEx announced the news on its official Telegram channel on Monday, stating that, on Sunday, March 24, it had suffered a cyberattack that saw cryptocurrency funds owned by users and the exchange “transferred and stolen.” No information has yet been provided on the value of the losses.

On Sunday, apparently as the breach was first being discovered, DragonEx first took its platform offline saying it was upgrading its systems. Later the same day, it announced that it was “still working on system maintenance,” before finally disclosing that it had been hacked yesterday.

“Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets,” DragonEx said in Monday’s Telegram announcement."

https://i.imgur.com/RsEN2tR.jpg

"In updates on the hack today, DragonEx’s Telegram admin provided wallet addresses for 20 cryptocurrencies to which the stolen funds had apparently been transferred. The list included the top five cryptos by market capitalization: bitcoin (BTC), ether (ETH), XRP, litecoin (LTC) and EOS, as well as the tether stablecoin (USDT) for which six destination addresses were provided.

“We earnestly request help from all our fellow exchanges and other industry strength, please help us to investigate and traced the assets, freeze them and stop the assets flows,” the exchange said.

The admin added that stolen crypto assets transferred by the hackers to the Huobi and gate.io exchanges have already been blocked."

Somehow, exchanges are the only helpful one with all of the hacks these days regarding of blocking and retrieving funds that were sent to those exchanges since those coins are just useless if it cannot be exchange to fiat.
Only thing is for btc or any coins that has mixers/tumblers to anonymize the coins and transactions.

I like how they're handling the situation. They informed their users about what happened and also what's currently happening (in telegram). Speaking as a user (regardless of the exchange), I'd feel a bit at ease knowing even a little detail on how things are going after a hack.

I do not know what is the point of publicly publishing these addresses if scammers will turn those coins into central platforms, often a process of manipulation rather than hacking.

I hope that they return those stolen cryptos but that the developer team needs to be more professional in tracking these currencies.
There are a lot of techniques that can be used to track and refund money.

This is what I don't like about exchanges not providing enough transparency.

I get what Dragonex coming from, in terms of keeping the customers calm and all that while they sort out the issue. But in my opinion, it's just flat out dishonest and unprofessional if you are going to claim to be doing some sort of maintenance, while in fact, customer funds are already missing from wallets. While there is a possibility that there is just a coincidence that the maintenance actually coincided with the hack, I don't think it's a particularly large one.

Anyways, hacks are going to be inevitable with all centralised exchanges, and when they do happen, it's difficult to say who's fault exactly it is and whether reimbursements out of pocket should be conducted by the exchange. Hopefully Dragonex customers will get compensated, though right now, it's still too early to tell.

It's funny to see a company prefers to announce such an important news on a Telegram channel. ::)
From 1 exchange platform hacked per year we're going to 2 exchanges per trimester. There is trully a lack of security with these sites, it happens even to the large Exs whereas they spend a lot of money on their security.

DragonEx's most recent update on their Telegram channel :

https://i.imgur.com/NbcgdFv.png

Just another shitcoin exchange doing what dozens others have done already, which is either steal people's funds or get hacked.

I by default ignore sites and services with odd domain names. Seriously, what exchange uses dragon in its domain? It just screams 'don't use me' yet people still use it.

Looking at its poor Alexa ranking (https://www.alexa.com/siteinfo/dragonex.io), it doesn't seem to be a wildly popular exchange, so whatever the losses are, they very likely are very small in the grand scheme of things.

Whether it concerns hacked exchanges or coins that got 51% attacked, people don't seem to care anymore. They'll keep using this shit till they end up completely broke.

Yeah, I really don't understand why they announced the hack on telegram only. There wasn't any info on android app on that day. It was too bad to heard that news from coin magazine blogs, instead of hearing from them directly.