Cashaa hacked. 336 BTC Stolen.

[100bitcoin]

One of our wallets with http://Blockchain.info was compromised and funds were transferred to 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek #Cashaaexchangeissafe #Cashaafightsfraud @coincrunchin

Source: https://twitter.com/yourCashaa/status/1281995351864430593 ( http://archive.is/DTCh8 )

Cyber Crime department in Delhi is informed. Also, all the crypto exchanges have been notified about the hacker address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) to block the #Bitcoin transaction.

Source: https://twitter.com/yourCashaa/status/1282010893115482112 ( http://archive.is/x72ui )

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[LoyceMobile]

Putting 336 Bitcoin in a web wallet should be considered a crime by itself!

[NotATether]

Putting 336 Bitcoin in a web wallet should be considered a crime by itself!

Even more so when a company does it. It isn't difficult for them to buy hardware wallets to store all that in there. They haven't even acknowledged the hack on their website. True it happened only a few hours ago but for the amount of BTC stolen it's unacceptable to postpone it for a long time.

Also it's ironic how they used hashtags like Cashaaexchangeissafe and Cashaafightsfraud in their tweet when recovering stolen bitcoin is practically hopeless.

[Ryker1]

Well, I dont understand why the company did not purchase their own safe wallet or a cold wallet like Trezor or Ledger Nano wallet.
They prefer to used web wallet and I think they know that these web wallets are easy to compromise and prone to hack. Storing 336 bitcoin on web wallet while hardware wallets will only cost below a hundred dollars, --how poor their knowledge on crypto storing process.
Another tweet an hour ago they stopped all bitcoin transactions, perhaps they start investigating now. I have doubt it is an inside job.

[btc_angela]

It's bound to happen though, they are involving themselves with huge amount of bitcoin, but they don't know how to protect them. And now they know the transactions are irreversible so lessons learnt for them in a very expensive way. They said its possible that the malware has infected the machine that's why the hackers was able to stole their funds.

[gentlemand]

It's bound to happen though, they are involving themselves with huge amount of bitcoin, but they don't know how to protect them.

It's bleedin' obvious. Get a hardware wallet. It's hardly a well kept secret. I guess they reasoned spending 0.001 BTC made less sense than losing 336.

Coincheck decided the same and that cost them $500 million. Some fascinating reasoning.

I could just about wrap my head around the idea of some crappy service that occasionally dabbled in BTC being lazy enough to use blockchain.info. An exchange? Sheesh.

[Kelvinid]

They let the thing happen with them without any anticipation for possible hacking and to keep their Bitcoin in safe place by simply putting it in a hard wallet. What a kind of disgrace that having this amount hasn't known about it.
Anyway, they are already putting such a claim but couldn't give assurance that their Bitcoin will turn back. That is how hacking makes sense for everyone and that is why we need to keep our wallet safe and need to anticipate for this kind of possibility especially when we are holding big amounts.

[hatshepsut93]

Even if big names like Binance get hacked, how can people have the trust to store their coins on a small exchange like this one? I get that they are traders, but traders need to understand that there's always a big risk of a hack, a "hack" or an exit scam, and unless they make truly crazy money from day trading, it's simply not worth it to do trading from the point of view of risk/reward calculation, because the risk of incidents like this results in a negative expected value.

[Baofeng]

Putting 336 Bitcoin in a web wallet should be considered a crime by itself!

Agree, I don't know what's going on with the those people putting huge chunk of bitcoin in a web wallet. Ordinary investors are already nervous putting their 1 bitcoin in a web wallet, so it's really hard to comprehend, and it's short of saying that they are really that stupid. Another lessons to be learn for everyone specially that currently holds a ton of bitcoin, get a hardware wallet so that you can sleep good.

[Jating]

Even if big names like Binance get hacked, how can people have the trust to store their coins on a small exchange like this one? I get that they are traders, but traders need to understand that there's always a big risk of a hack, a "hack" or an exit scam, and unless they make truly crazy money from day trading, it's simply not worth it to do trading from the point of view of risk/reward calculation, because the risk of incidents like this results in a negative expected value.

Crypto traders will never really learn, unless it's too late and then they will blame the system, the exchanges. But if they would just look closely, storing bitcoin in wallet that you don't have control in the first place is a big risk. And now the worst had happen, the exchange has been hack or maybe there was an inside job or probably some employees click a malicious link that started all.

And small exchanges like this don't have SAFU, for sure. Of course, we wanted them to pay back and compensate their users, so we will have to see, but the chances are slim.

[philipma1957]

It's bound to happen though, they are involving themselves with huge amount of bitcoin, but they don't know how to protect them.

It's bleedin' obvious. Get a hardware wallet. It's hardly a well kept secret. I guess they reasoned spending 0.001 BTC made less sense than losing 336.

Coincheck decided the same and that cost them $500 million. Some fascinating reasoning.

I could just about wrap my head around the idea of some crappy service that occasionally dabbled in BTC being lazy enough to use blockchain.info. An exchange? Sheesh.

 336 x 9200 = 3,091,200. 

on blockchain info no less

you can buy 5 of these

1000 usd cost.
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10 sticks of ram 300 cost
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1845 gives you 5 separate core wallets.  each with a full back up clone

lots of other ways to have cheap pc based core  wallets with back up clones.

[sheenshane]

My question is, are they fully oriented on how to use Bitcoin or cryptocurrency?

That is a huge amount that something you trust web wallet and you know that you didn't own the private key of your wallet. Sounds strange for me, how this comes up like this.

I checked that transaction of scammed address, it seems like 336 bitcoin has been divided into small amounts within different addresses, the last 85 amount of Bitcoin landed on this transaction address. It seems like the hacker didn't cashout yet Bitcoin into fiat.

[covfefe_]

Putting 336 Bitcoin in a web wallet should be considered a crime by itself!

What kind of exchange puts that amount in a web wallet? It's totally the fault of the so called exchange themselves. They are making money of users and risking the funds for some savings. Seems like the exchange was a home project of a few kids. It's one of the reason why you should go with popular exchanges. Even if the users won't lose the funds, they'll get it freezes and unusable for quite a time.

[LogitechMouse]

I'm not familiar with the company itself but base on the posts here, they are putting their huge amounts of BTC in a not that safe wallet (web wallet) so the chances of them being hacked are high.

They are holding 336 BTC and yet they don't even know the basics of storing crypto. Just a hardware wallet can prevent hacking (at least a bit) but they didn't do it. Anyway, even the huge companies are getting hacked even they have been secured for a long time. People will never learn if they will not experiences things like this so lesson learned for them (hope so).

[Janation]

With that huge amount of Bitcoins, they still can't afford a hardware wallet?

I remembered an incident where a user was robbed in their house with his Bitcoin. People who reacted to it says that this user has a lot of Bitcoins but can't buy a CCTV camera. Hope for the best of this incident.

[eaLiTy]

With that huge amount of Bitcoins, they still can't afford a hardware wallet?

They call themselves an exchange but they could not secure their system, the way in which the hacker could infect the computer easily is just awful and they knew about the stolen coins once they lost the coins, it shows they had no idea what they are doing and they are not paying someone to take care of the IT security and even if they had their own hardware wallet the hacker could stole those coins, first learn to secure the system and then call themselves an exchange or than inviting hackers to test their practices.

I remembered an incident where a user was robbed in their house with his Bitcoin. People who reacted to it says that this user has a lot of Bitcoins but can't buy a CCTV camera. Hope for the best of this incident.

Showing off his wealth in social media and flaunting his cryptocurrency wealth is welcoming them to unwanted trouble and that is what happened in this case you are talking about.

As per the owner Kumar Gaurav he filed a complaint in Delhi as he feels that the hacker is from India but the problem is that there are many hack complaints we filed in the past and coinsecure was another exchange that got hacked and we never recovered a single coin and i have filed many cases against ponzi scammers and even though i used to run to the cyber cell often they are yet to take any meaningful action against anyone, so no hope in that regard.

[NavI_027]

With that huge amount of Bitcoins, they still can't afford a hardware wallet?

I'm wondering the same thing but here are the possible reasons I can think of: 1) They are new to this business (they are established on 2019) so their knowledge and management is not yet mature as the other big companies. However, this is not a valid excuse becuause you supposed to know the business, from the chances of best or worst case scenario, before entering. 2) They are complacent, thinking "What could possibly go wrong?".

Nevertheless, it's their own fault. They can't blame anyone even the hackers bacause being bad is in their nature already. How sad that the least thing they can do is to make their excahge bullet proof but they fail to do so .

[pooya87]

Even more so when a company does it.

just because some idiot kid starts a website and calls that a "company" it  doesn't make it a real "company".
more and more of these low quality services have been popping up because people saw the profit that such services like exchanges make and thought they could do the same thing too but were too lazy and greedy to spend money on security!

[meanwords]

My question is, are they fully oriented on how to use Bitcoin or cryptocurrency?

That is a huge amount that something you trust web wallet and you know that you didn't own the private key of your wallet. Sounds strange for me, how this comes up like this.

I checked that transaction of scammed address, it seems like 336 bitcoin has been divided into small amounts within different addresses, the last 85 amount of Bitcoin landed on this transaction address. It seems like the hacker didn't cashout yet Bitcoin into fiat.

Most likely the hackers are trying to hold it for now and staying cool for now. They'll eventually cash it out to fiat.

I've never heard this exchange before to be honest. Maybe they are trying to exit scam by making this fiasco? because any developers knowledgeable enough on cryptocurrency or Bitcoin itself knows that web wallet is not a safe way to store Bitcoin.

[Kemarit]

With that huge amount of Bitcoins, they still can't afford a hardware wallet?

I'm wondering the same thing but here are the possible reasons I can think of: 1) They are new to this business (they are established on 2019) so their knowledge and management is not yet mature as the other big companies. However, this is not a valid excuse becuause you supposed to know the business, from the chances of best or worst case scenario, before entering. 2) They are complacent, thinking "What could possibly go wrong?".

Then they are in the wrong business if they don't know how to secure their wallet and their customers funds. They are considered a newbie despite claiming to be a company or crypto exchange. I'm interested as to who are the people behind it.

Nevertheless, it's their own fault. They can't blame anyone even the hackers bacause being bad is in their nature already. How sad that the least thing they can do is to make their excahge bullet proof but they fail to do so .

No one to blame but themselves. Hackers are every where and if by chance they spotted you with weak security or there are points of attack, like in this case a malware infection as per their tweet. Then its just a matter of time before they will be the next victims of the growing lists of exchange hacks.

[Eugenar]

336 BTC is a really huge amount of money, I wonder why that company didn't secure well their money, the company should always be open to the things that might happen, they should know that hackers are always there trying to gain access on your wallet account and can steal your money. If you are holding 336BTC or a huge amount of money, you should secure it well, you should use the safest and secure wallet which is the hardware waller, by using that kind of money you will prevent hackers from stealing your money.

[amishmanish]

Even more so when a company does it.

just because some idiot kid starts a website and calls that a "company" it  doesn't make it a real "company".
more and more of these low quality services have been popping up because people saw the profit that such services like exchanges make and thought they could do the same thing too but were too lazy and greedy to spend money on security!

I saw their twitter feed and they are tagging other Indian exchanges like coindcx and wazirx. This platform is run by this fucker with a website on his own name. Some Kumar Gaurav he is. I have never heard his name except for the first time at this trumpeting website. From the looks of it, he seems to me like another one of those sleazy, scammy "crypto entrepreneurs".

He is comparatively newer to the crypto scene and has attended a handful of conferences. There is a chance that he is scamming someone or has been scammed by some of  his own fellows who just cannot handle the kind of money that custodial bitcoin services have to safeguard. This person is an incomptent bullshitter thriving on videos and blowing his own trumpet. He calls himself amongs the "top 100 most influential blockchain people". The only authentic list i could find is this one at cointelegraph, and no, he is not there.

[logfiles]

Lol, I can't even store as little as 0.2 BTC on a web wallet and then there is some company out there that calls themselves an exchange and a banking app storing 336 BTC in a web wallet  What kind of thick-headedness is this?

Members, is blockchain.com/blockchain.info wallet the same as bitcoin.info?


Imagine handing over your money to such a very careless individual who can't even differentiate between blockchain.info and bitcoin.info.

[davis196]

We still don't know if this is an exit scam or the exchange wallet address has been hacked.
I would be very suspicious,if some cryptocurrency exchange platform is keeping all the Bitcoins in a web wallet.The hypothesis of an exit scam should be investigated,even though the Cashaa team reported the theft.
Anyway,this is just another case that proves that we need the creation of fully function decentralized crypto trading platforms,where the users will keep their private keys.
Exchange platforms like Cashaa are no better than any regular bank.They can be even worse than banks.

[noorman0]

Lol, I can't even store as little as 0.2 BTC on a web wallet and then there is some company out there that calls themselves an exchange and a banking app storing 336 BTC in a web wallet   What kind of thick-headedness is this?

I don't know how much transaction traffic happens every day on this platform. But if their reason is to reserve 336BTC for daily withdrawals, that is a large amount that should only be done by large services as well as Binance.
Cashaa must be prepared to lose his reputation from the customer. How does a banking platform service treat large amounts of customer assets just by keeping it vulnerable to hacking.

[rodskee]

Cashaa must be prepared to lose his reputation from the customer. How does a banking platform service treat large amounts of customer assets just by keeping it vulnerable to hacking.

Not even the hashtags will save them from this issue, trust can't be given as incident like this
should be avoided in the first place.
Storing assets online always attract hackers attentions, whatever securities has been applied
with a huge value of money hackers will find ways.


But if they will do the same thing like what binance did when the wallet was compromised, making
sure that all those hacked funds will be refunded
and the business will continue to move forward, hard for sure but in terms of trust business owners
needs to sacrifice and ready to fund their business.

[joniboini]

Okay, so one of their employee PCs (or maybe one of their core team) is probably infected with malware too, judging from the reports. How in the world are they running their business? Their customers should move on and find another service before they went bankrupt and unable to return the money back.

[reliable]

336 BTC is a really huge amount of money, I wonder why that company didn't secure well their money, the company should always be open to the things that might happen, they should know that hackers are always there trying to gain access on your wallet account and can steal your money. If you are holding 336BTC or a huge amount of money, you should secure it well, you should use the safest and secure wallet which is the hardware waller, by using that kind of money you will prevent hackers from stealing your money.

This has a huge blow on everyone that how can 336 btc someone really store it on online web wallet and more worrying that how have they being carrying out the business for so long. This is really a sign of cautious from here on and should be dealt very carefully. Hopefully they will be able to recover it and the guilty should be punished.  Certainly, basic rules in crypto world itself is missing from Cashaa.

[Shasha80]

It is possible that the company has no experience in the world of cryptocurrency, I just don't have that much Bitcoin. Can still think
will not store large amounts of Bitcoin in an online wallet. This 336 Bitcoin is stored in an online wallet, no wonder until it's hacked.
It should be stored in hardware wallets such as Trezor or Ledger Nano, which are much safer and impossible to hack.

[pawanjain]

The founder must be a fool to keep 336 BTC in a web wallet. Even if I had more than 1BTC I would consider buying a hardware wallet to put my coins in it.
Calling himself an entrepreneur he must know that 336 BTC in not a small amount and he should have never considered to hold funds in a web wallet.
I think it is the founder/CEO that should be punished.

[ChrisPop]

I don't want to be rude, but Cashaa asked for it. I mean no one should trust 336 BTC with a web wallet. Let's be serious. Did they, at least, had 2FA activated or some extra security features like whitelisting?
However, this amount should have been held in a cold wallet by the company or with a custodian, but not in a crappy web wallet.

[vanhuy]

It's a sad story, after this story, you have to be experienced the next time if there are more BTC keeping it in your hardware wallet so you can rest assured that no one will be able to hack your wallet.
Exchanges still hold cryptocurrencies in cold wallets at the most, no one can be assured with web wallets

[Zackgeno96]

Lol, I can't even store as little as 0.2 BTC on a web wallet and then there is some company out there that calls themselves an exchange and a banking app storing 336 BTC in a web wallet   What kind of thick-headedness is this?

Members, is blockchain.com/blockchain.info wallet the same as bitcoin.info?


Imagine handing over your money to such a very careless individual who can't even differentiate between blockchain.info and bitcoin.info.

Exactly! Here on the forum even a new member understands the risk of having large amount of funds in an online wallet, let alone a company having 336 bitcoins in the blockchain wallet online. After reding the statement it seems that the hacker wasn't able to steal the funds before logging into the account, after the person logged into the account and had a transaction done then the hacker stole all the bitcoins, so I think there would have been a keylogger on the computer from which the person accessed the wallet.

Members, is blockchain.com/blockchain.info wallet the same as bitcoin.info?

These two aren't the same at all, blockchain is hosting wallets and block explorer whereas bitcoin.info is having price information and some referral shit on the website.

[pakhitheboss]

This exchange has lost it, they will never be able to recover 336 Bitcoin. What a bunch of morons? Why did they keep everything on a web wallet? Don't they know every exchange also have a cold wallet. We should stop promoting such exchanges and investors should take out whatever they can from it.

[Latviand]

Even if big names like Binance get hacked, how can people have the trust to store their coins on a small exchange like this one? I get that they are traders, but traders need to understand that there's always a big risk of a hack, a "hack" or an exit scam, and unless they make truly crazy money from day trading, it's simply not worth it to do trading from the point of view of risk/reward calculation, because the risk of incidents like this results in a negative expected value.

Crypto traders will never really learn, unless it's too late and then they will blame the system, the exchanges. But if they would just look closely, storing bitcoin in wallet that you don't have control in the first place is a big risk. And now the worst had happen, the exchange has been hack or maybe there was an inside job or probably some employees click a malicious link that started all.

Victims are the one to blame in this issue as they are not securing their assets in a wallet that they are using. Plus, a wallet that you don't have a full control is really a risky thing to do, if you want to secure your money, you will not do that. Instead, you will use a hardware wallet that will somehow make you safe and secured about your assets.

People should be knowledgeable about these instances in cryptocurrency exchange. They should know that hacks can ruin an exchange once it entered in to its system but as you've said that employees can cause that hackers. Is it a customer's fault for that to happen? Then the exchange should be accountable for that and not the victim.

[Slow death]

When I read about this news the first thing I thought about checking was:

Where will this exchange be located?

I went on the website and looked for their address and found this:

Cashaa is the trading name of Cashaa Technologies Limited, a UK registered company (No. 11644308) whose registered office is at Suite 207 Equitable House Business Centre, 10 Woolwich New Rd, London, England, SE18 6AB.

on google map i didn't see anything relevant about this address, but they reported this case to Cyber Crime department in Delhi

https://twitter.com/yourCashaa/status/1282010893115482112

why didn't they report to the UK police?

[btc78]

One of our wallets with http://Blockchain.info was compromised and funds were transferred to 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek #Cashaaexchangeissafe #Cashaafightsfraud @coincrunchin

Source: https://twitter.com/yourCashaa/status/1281995351864430593 ( http://archive.is/DTCh8 )

Cyber Crime department in Delhi is informed. Also, all the crypto exchanges have been notified about the hacker address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) to block the #Bitcoin transaction.

Source: https://twitter.com/yourCashaa/status/1282010893115482112 ( http://archive.is/x72ui )

I don't know but i think there are some mis judgement in this transactions because like what LoyceV says how could a company/.exchange put 336 Bitcoins in just web wallet?
there seems to be a Inside Job behind this hack,sorry i may sounds like Unfair but this is how i see things here.

and besides not popular exchange like this mostly the questionable one about when they become a victim of hacking.

[kryptqnick]

To be honest, I've never heard of Cashaa crypto exchange. Why would a person use a barely known exchange when there are multiple reputable ones out there? If an exchange is popular, there is a higher chance it will have a way better level of security. Plus, if it's reputable, there's a good chance the losses will be compensated to users (which is what happened with Binance a year or two ago). And what sort of exchange stores money on Blockchain rather than in a cold wallet?
What might be good news is that it seems that users won't be affected by the hack:

The company has stopped all the crypto-related transactions, however, prima facia users are not affected by this hack.

[cheezcarls]

One of our wallets with http://Blockchain.info was compromised and funds were transferred to 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek #Cashaaexchangeissafe #Cashaafightsfraud @coincrunchin

Source: https://twitter.com/yourCashaa/status/1281995351864430593 ( http://archive.is/DTCh8 )

Cyber Crime department in Delhi is informed. Also, all the crypto exchanges have been notified about the hacker address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) to block the #Bitcoin transaction.

Source: https://twitter.com/yourCashaa/status/1282010893115482112 ( http://archive.is/x72ui )

This is why I should never advise newbies and beginners to store cryptocurrencies in exchanges. Either putting it on hardware or mobile wallet where you hold and own the private keys or mnemonic phrases.

Never heard of Cashaa yet, but this is totally alarming for exchanges. Not even Binance and other well-known exchanges are exempted from getting hacked or compromised. No matter if they have tighten the security level of their CEXs, the hackers would always be one step higher due to their intelligence in counter-attacking and breaching security protocols.

[Slow death]

The company has stopped all the crypto-related transactions, however, prima facia users are not affected by this hack.

when I read it now, I saw that they also said this:

“We are still investigating the damage caused by the incident and suspend all the withdrawals for 24 hours. We have called the board meeting to decide whether the company will bear all the losses.”

This is a big question now, and there is no way they could have been stolen this amount of bitcoin without affecting their customers, maybe for the time being so as not to panic people, they are using the language of politicians to calm people down.

[gentlemand]

To be honest, I've never heard of Cashaa crypto exchange. Why would a person use a barely known exchange when there are multiple reputable ones out there? If an exchange is popular, there is a higher chance it will have a way better level of security. Plus, if it's reputable, there's a good chance the losses will be compensated to users (which is what happened with Binance a year or two ago). And what sort of exchange stores money on Blockchain rather than in a cold wallet?

My number one source of learning about obscure exchanges is when they rape their customers. It's a dependable stream of information.

I'd never heard of them before either.

From the looks of their site - https://cashaa.com/business-account - https://cashaa.com/personal-account  - they are primarily about providing conventional banking with crypto integrated as a sideline. Many people, especially businesses, are desperate for banking so will go with anyone who offers it and makes crypto friendly noises.

[Yudhisthir]

To be honest, I've never heard of Cashaa crypto exchange. Why would a person use a barely known exchange when there are multiple reputable ones out there? If an exchange is popular, there is a higher chance it will have a way better level of security. Plus, if it's reputable, there's a good chance the losses will be compensated to users (which is what happened with Binance a year or two ago). And what sort of exchange stores money on Blockchain rather than in a cold wallet?

My number one source of learning about obscure exchanges is when they rape their customers. It's a dependable stream of information.

I'd never heard of them before either.

From the looks of their site - https://cashaa.com/business-account - https://cashaa.com/personal-account  - they are primarily about providing conventional banking with crypto integrated as a sideline. Many people, especially businesses, are desperate for banking so will go with anyone who offers it and makes crypto friendly noises.

The exchange is from some Indians and the alleged hack is also from India. It could be an insider job. I don't mean that the exchange itself is involved but maybe someone that is working with or had worked in the past with the exchange that had some inside knowledge as how and where the funds are kept. Indian police have an experience of investigating hacks in the past, I hope they get to the hacker this time too.

[gentlemand]

The exchange is from some Indians and the alleged hack is also from India. It could be an insider job. I don't mean that the exchange itself is involved but maybe someone that is working with or had worked in the past with the exchange that had some inside knowledge as how and where the funds are kept. Indian police have an experience of investigating hacks in the past, I hope they get to the hacker this time too.

Hmm. What's with all the GBP and EUR talk? And the London address? There are some mentions of India in there but visiting it I wouldn't know it had much to do with there at all.

If the Indian police do a good job then more power to them. If it was the UK they'd be told to 'report it' and then it would likely be ignored.

[Lucius]

This is just proof that even those who should set an example to others have no idea what they are doing, because this is nothing but an ordinary amateurism. Given that they present themselves as a serious company with offices from Singapore to the UK, this event actually presents them in the right light - not only do they use an online wallet for their business, but they are not able to adequately protect that same wallet.

Just look at all these awards and recognitions over the years, one wonders who is crazy here and who is normal


Source : https://cashaa.com/business-account

[Krislaw]

Biggest joke. Example of funds are not #SAFU
If a company like that doesn't know the vulnerability of a web wallet, then they deserve getting low ratings. Haven't even heard of their name before but seeing this news won't even make me go close to them. This hack would affect them because they seem not to much userbase and it's going to affect them.

[BlackHatCoiner]

How hard is to save your funds in an offline wallet? How??

Steps:

1) Install electrum on a cold machine.

That's all.

[Rotten Egg]

Cashaa is not new to BitcoinTalk. Here is what I found about them...

Announcement: https://bitcointalk.org/index.php?topic=2272412.0

Bounty: https://bitcointalk.org/index.php?topic=2273856.0

Also, following details found about Cashaa founder Kumar Gaurav...

Personal Website: https://kumargaurav.com

Twitter Profile: https://twitter.com/kg_Cashaa

[sukbir]

When I read about this news the first thing I thought about checking was:

Where will this exchange be located?

I went on the website and looked for their address and found this:

Cashaa is the trading name of Cashaa Technologies Limited, a UK registered company (No. 11644308) whose registered office is at Suite 207 Equitable House Business Centre, 10 Woolwich New Rd, London, England, SE18 6AB.

on google map i didn't see anything relevant about this address, but they reported this case to Cyber Crime department in Delhi

https://twitter.com/yourCashaa/status/1282010893115482112

why didn't they report to the UK police?

According to UK government site, they have registered their company in UK as well.

Source: https://beta.companieshouse.gov.uk/company/11644308/officers

[gentlemand]

According to UK government site, they have registered their company in UK as well. I think they report to uk police.

That's a bit of a shame. They don't have much notable track record when it comes to successfully nabbing cyber criminals or taking it particularly seriously.

In the UK you're supposed to report online crime here - https://www.actionfraud.police.uk  which repeatedly refers to 'reporting' crimes rather than solving them. Most of the time they say they've noted it and... that's it.

Maybe they work a little harder, or do any work, if it's a large amount like this.

[rathaha10]

Putting 336 Bitcoin in a web wallet should be considered a crime by itself!

Well going through the original writeup, it doesn't seems the whole 336 bitcoin were stolen from him alone, he specifies that 336 bitcoins has been transferred to the hackers wallet so far meaning other peoples are affected also. I agree with you though, even a few amount of bitcoin that's worth something ought to be kept in a more secure hardware wallet rather than just some free online/web wallets

[LFC_Bitcoin]

Putting 336 Bitcoin in a web wallet should be considered a crime by itself!

Probably an inside job if I had to guess, wouldn’t be hard for an employee to get the blockchain.com wallet details.

[thesmallgod]

My question is, are they fully oriented on how to use Bitcoin or cryptocurrency?

That is a huge amount that something you trust web wallet and you know that you didn't own the private key of your wallet. Sounds strange for me, how this comes up like this.

I checked that transaction of scammed address, it seems like 336 bitcoin has been divided into small amounts within different addresses, the last 85 amount of Bitcoin landed on this transaction address. It seems like the hacker didn't cashout yet Bitcoin into fiat.

The problem with such exchange is that they don't wanna spend money on security. Any exchange platform should provide up to date security and also carry out security auditing at least ones in a month. If big exchange with robust securities are getting hacked, I don't know what the smaller one expect. If the bitcoin have been divided into small fractions. It is likely the hacker will get it mixed and it will remain untraceable after that

[jerrison]

One of our wallets with http://Blockchain.info was compromised and funds were transferred to 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek #Cashaaexchangeissafe #Cashaafightsfraud @coincrunchin

Source: https://twitter.com/yourCashaa/status/1281995351864430593 ( http://archive.is/DTCh8 )

Cyber Crime department in Delhi is informed. Also, all the crypto exchanges have been notified about the hacker address (14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek) to block the #Bitcoin transaction.

Source: https://twitter.com/yourCashaa/status/1282010893115482112 ( http://archive.is/x72ui )

The incessant cases of hacking has of recent been on the increase and it is expected that projects should have tight security measures put in place to safeguard their investors fund as it the main target where hackers are having eyes on. Again, I do not expect funds to be kept in an online wallet as it is always targerted by hackers, they should be kept offline to keep the funds #safu just as it was in the case binance.

[Janation]

With that huge amount of Bitcoins, they still can't afford a hardware wallet?

I'm wondering the same thing but here are the possible reasons I can think of: 1) They are new to this business (they are established on 2019) so their knowledge and management is not yet mature as the other big companies. However, this is not a valid excuse becuause you supposed to know the business, from the chances of best or worst case scenario, before entering. 2) They are complacent, thinking "What could possibly go wrong?".

Nevertheless, it's their own fault. They can't blame anyone even the hackers bacause being bad is in their nature already. How sad that the least thing they can do is to make their excahge bullet proof but they fail to do so .

That is so true.

They should really blame theirselves. They should know better since they are an exchange and they are holding lots and lots of Bitcoins in their hands. I don't know why they stick to holding it in a hot wallet, maybe they have their purposes but still, they should start using cold storage.

This is a lesson of the past for a lot of exchanges but they did not learn from it.

[stompix]

According to UK government site, they have registered their company in UK as well.
Source: https://beta.companieshouse.gov.uk/company/11644308/officers

Hihihi, I bet it's a company registered through a middleman by some guys that never set foot in the UK.
Seen it a lot of times, way too many times. Exstock was also a registered company in the UK, when people strated complain they found weren't allowed to conduct any financial activities, and empty office, and nothing.

But, the irony...

Correspondence address
Suite 207, Equitable House Business Centre, 10 Woolwich New Rd, London, United Kingdom, SE18 6AB
Equitable...my a**.

The director is a 30yo Indian esiding in the UAE and the manager a german from Malta. Oh yeah, nothing shaddy!

From the looks of their site - https://cashaa.com/business-account - https://cashaa.com/personal-account  - they are primarily about providing conventional banking with crypto integrated as a sideline. Many people, especially businesses, are desperate for banking so will go with anyone who offers it and makes crypto friendly noises.

They provide "banking" and they store their coins in a web wallet.....

[BD Crypto]

Another sad news apeard here.Actually not only mine but also all user advice is that you should never store your funds in exchange site.Because any centralized exchange can be hacked or be scam.
So always we should be safe and store then in private wallet.

[7788bitcoin]

Probably an inside job if I had to guess, wouldn’t be hard for an employee to get the blockchain.com wallet details.

Everything about the website is shady and the so called owner will be behind the heist, storing the coins in an online wallet and then the funds are moved simultaneously when he moved some small amounts and then he filed a police complaint in India just to show everyone that an investigation is taking place. The way in which a service is holding the funds is a joke and the threads regarding the service in this forum are deleted.

[Falkyire]

incidents like these remind me of Mt. Gox esuque "oops i got hacked" if people find a legal way of getting qucik bucks and they just get proficient in using Empty fort strategy again and agian