Cashaa hacked. 336 BTC Stolen.

[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.