Crypto Exchange Cashaa Suffers a Hack, Loses 336 BTC

Cryptocurrency exchange Cashaa recently said that hackers stole 336 Bitcoin from one of its wallets. The company said that it has stopped all transactions related to digital currencies.

British exchanges experienced a hack

Cashaa is a UK-based cryptocurrency exchange. It said that it has stopped all transactions on its platform after the 336 Bitcoins were stolen. However, it appears that the hack has not affected the users’ prima facie. CEO of Cashaa, Kumar Gaurav said that one of the company’s crypto wallets was compromised because of which hackers were able to steal the currency.

They suspect that the hacker is based in East Delhi in India. The company has also filed a cybercrime incident report to the Delhi crime bureau. It has filed the complaint under the crypto crime category with acknowledgment number 20807200031555.

The company suspects that the malware was installed in their system. It notified the hacker when an employee had logged into the account on July 10 at 1:23 pm and made two wallet transfers. Cashaa was using wallets on Blockchain.com to store and send Bitcoin.

Kumar noted, “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.”

Tracking the funds

One of the main concerns of the company is to stop the hackers from selling their Bitcoin on crypto exchanges. The company has identified the Bitcoin address of the hacker- 14RYUUaMW1shoxCav4znEh64xnTtL3a2Ek. It predicts that the hacker is using coin mixers in order to move the funds and reduce traceability as well.

Kumar added that everyone needs to get the same level of security in crypto that they usually get with a bank account. Hackers are very confident today that they will be able to move their funds through exchanges that support this kind of laundering activities. He added that such exchanges must be shut down and the owners of these companies should be charged with money laundering facilitating crime.