Crypto Exchange Bitbns Admits to $7.5 Million Hack After Accusations of Cover-Up

Bitbns, a Crypto Exchange, Has Admitted to Being Compromised in a $7.5 Million Hack in 2022 After Being Accused of Covering It Up

Gaurav Dahake – the Founder – Noted This Was Not an Isolated Incident and Most Major Exchanges Had Gone Through Similar Problems

In February 2022, Bitbns Temporarily Suspended Operations Due to System Maintenance. However, the Exchange Was Taken Offline After Company Personnel Noticed an “Unexpectedly High Throughput” on Their Servers

Dahake Reported the Platform Had Experienced “Irregular Activities” Before the Hack, Leading Bitbns To Take the Exchange Offline for a Short Period of Time To Investigate What Went Wrong

Bitbns’ Recent Controversy Is Not Its First Encounter; Previously, the Exchange Had Voiced Its Displeasure With Indian Authorities for Delays in Withdrawals

The Recent Controversy in the Indian Crypto Startup Ecosystem Has Put Investors on Edge