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It was announced on Twitter and telegram that six hot wallets on the European crypto exchange 'Etherbase" has recently been hacked. The etherbase which was designed to exchange Eth, Tron, BTC and other cryptos have been compromised and Over 5 million USD worth of cryptocurrency have been withdrawn from hot wallets

where did you get this news
etherbase hacked, is there any responsibility from the exchange to the customers who hold it there?

Here’s the story..
 https://news.bitcoin.com/european-crypto-exchange-hacked-for-5-4-million-in-bitcoin/ (https://news.bitcoin.com/european-crypto-exchange-hacked-for-5-4-million-in-bitcoin/)

Been using this exchange before a bit shocked that a small exchange is now targeted by hackers. Well wallet security is a big headache for exchanges specially that money is in operation in their platform 24/7  and its their duty to secure it by any means possible  unless it is intentional or inside job.

It is Eterbase. Yes, they were hacked.

Any hack means that they lack or has a weaker security. This is one source that you can search all over the internet.

Cryptocurrency exchange Eterbase hacked, $5.4 million worth of funds stolen (https://www.tripwire.com/state-of-security/featured/cryptocurrency-exchange-eterbase-hacked-5-4-million-worth-of-funds-stolen/)

can it be an inside job? can they trace where the funds go? because they will know the addresses involved on this hack.

they can coordinate with the exchanges that they identified where their stolen coins go, that is if they wanted it resolved. or this will be a signal that they are closing down their exchange? users should withdraw their funds before its too late...

Another correction will come to the market.
It is really now normal that exchanges were hacked and stolen by large funds of hackers. We should be more careful in selecting exchanges and importing our funds in our wallet is the best thing to do in order to prevent losses of funds. This is the reason why I want top exchanges because they give an importance not just in liquidity but in security of our funds as well.

Odds are it's an inside job.   :/

I've seen many exchange hacks already in the past years and this another incident of hack seems like a common news already.

Anyway, its like investors getting scammed. They will not adjust if they aren't experiencing the worst and that is being scammed. Same with crypto exchanges. They will not adjust their security if they aren't getting hacked. This just shows that some or most of the crypto exchange's security system is weak that hackers can go into it quickly.

To think that six hot wallets have been compromised all at once is a big question! I tend to agree with your assumption, this feat could not be achieved easily not unless someone from inside could have given access to those wallets.

Additionally, now it became apparent that its dangerous to use lesser known exchange like Eterbase with very low daily volume as per CMC (https://coinmarketcap.com/exchanges/eterbase/) data since they tend to invest less in their security assuming it was really hacked. :)

Some wallets have already drained by the hackers while there are other wallets still safe. In eterbase group chat, admin and some people were still tracing where the money will be going on.

It looks like 5 million dollars are not eh final amount and some people may predict it become more or less.

The team has no power to recover all of the stolen amount but the team is still showing a good cooperation to the investors and traders. I thought that if this will become another cryptopia.
It's very interesting to see how eterbase team will recover it.

The eterbase team has already known if the hacker was cashing out the stolen crypto through use the huobi and binance wallet (cash withdrawal). the team is also contacting both of exchange sites to trace the hackers through use the KYC and AML investigation. I hope we can see the real identity of the hackers that will be published by eterbase very soon.

It looks like this is the main advantage the KYC and AML implementation for accounts that wanna use the account with higher limit.

the only way they can do is to watch the wallet address what if the hacker use mixer before  selling it to exchange ? Are they still able to kNow that details if hackers already use it?


And no hacker or scammers will sell their crypto if they know there are persons that monitoring them they are at risk to be identified so I don't think hackers will exchange it immediately after having that large balance,I am sure they will wait for years before doing that and stay in the wallet for long time.

This is extremely difficult for the Eterbase team. It's already gone, it will only be back if the hacker will decide to give it back, lol (extremely impossible).
Using such a mixer for this hack is kinda impossible, it's really huge amount of Bitcoin, I also don't know what the hacker will do. The address for sure used in the hack is already flagged in some exchanges or other services.

They moved some to Binance and exchanges are working together these days to combat hackers. And since they moved the cryptos to exchanges, Etherbase might actually might get those funds back

https://i.imgur.com/Dh7pCG4.png]https://i.imgur.com/Dh7pCG4.png

That is some heavy shit to be keeping on your hot wallets. I thought exchanges have a more systematic way of keeping their hotwallets always loaded but 1 mill each sounds like unnecessary risk.

First time I've heard of this exchange. Even small players have millions to play with huh.

Still can't be sure of anything, but I hope the top exchanges will have a workaround since this is a huge amount and could cause Eterbase to crash. I think exchanges like Binance, Okex or Huobi will seek to lock out that trading account and hackers will never be able to withdraw funds. Anyway, this is a problem that always appears in a lot of exchanges and there is nothing safe when you choose to invest in this market.

That possibility can always be included.

They have already coordinated with several exchanges. If by chance the hacker has sent it to any of those, they can easily recover it and the exchange that they have asked for coordination.

It's easy for them to apply freezing of funds for that specific account/trader without any notice. Only if, the hacker will do that.

I am definitely in favor of investigating the possibility that this is an inside hack or an inside job. Somebody from the inside might have supplied the hacker with the information needed for the hacker to hack inside their security (or the lack of). I hope I am wrong since if this is really an inside job, that would be a big blow to any legit company to start in crypto as a trading website. The investors would be weary of joining the new ones and instead will join established ones.

Won't be surprised if it was. But it is very difficult to prove due to the anonymity being offered by the cryptocurrency. The thieves are intelligent enough to mix the coins and not to use their real identity in the exchanges. For example, more than 50% of the stolen funds from PlusToken is being traded through Huobi. But the law enforcement authorities can't do anything, as these trades were done using fake accounts. 

Unfortunately, this is very bad, but it also shows once again how many crypto exchanges, especially those that were previously launched poorly protected. This news also suggests that the crypto market needs new reliable crypto exchanges with better protection. I also believe that the emergence of new crypto trading platforms should influence the solution of security problems and give the crypto community reliable platforms for trading cryptocurrency.