Crypto Exchange DragonEx Hacked, Damage Still not Disclosed

Singapore-based cryptocurrency exchange DragonEx revealed that it has been attacked by hackers.

The exchange made the news public on March 25 via its Telegram channel where it stated that the cyber attack happened on the day before. The announcement detailed that funds of its clients stored in the exchange were “transferred and stolen.”

“On March 24th, DragonEx has encountered attacks from hackers, our users’ crypto assets and Platform crypto assets were transferred and stolen,” the exchange noted.

The exchange also said that part of the stolen assets had already been retrieved and that it is working on getting the rest of the stolen funds.

The exchange stated that it has informed the authorities of several jurisdictions including Estonia, Thailand, Singapore, and Hong Kong and is also cooperating and working with the authorities.

“We’re assisting policemen to do investigation. All platform services will be closed and the accurate assets loss recovery situation will be announced in a week. For the loss caused to our users, DragonEx will take the responsibility no matter what,” DragonEx stated.

The exchange has also made addresses for 20 Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term public to which the stolen funds were transferred. The addresses indicate that a variety of digital assets including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ether, Ripple, Litecoin, and EOS were siphoned by the hackers.

“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,” a Telegram update from the exchange stated.

Will It Maintain the Transparent Approach?

The attack on DragonEx is the second attack on a crypto exchange in 2019, following a similar incident with New Zealand-based crypto exchange Cryptopia. However, unlike Cryptopia, the Singapore-based exchange has taken the responsibility for the attack which is praised by the community.

@Dragonex_io got hacked and their first statement ended with

"For the loss caused to our users, DragonEx will take the responsibility no matter what.” On the other side, Cryptopia recently wrote "There will be a rebate for customers who unfortunately lost funds." @Cryptopia_NZ — JJ747 ? (@jollyjoker747) March 26, 2019

Interestingly, the attack followed scheduled maintenance on the cryptocurrency exchange on March 24. According to the same Telegram channel, the maintenance faced some issues which delayed the deposit and withdrawal activities from the exchange.