Cryptocurrency on-chain sleuth ZachXBT has recently taken to Twitter to share the details of a recent hack that occurred on the Indian cryptocurrency exchange, BitBNS. He called out the exchange for hiding the $7.5 million hack, which happened on February 1, 2022, from its users.
The hack was allegedly covered up as system maintenance by the exchange, which was also shared by ZachXBT. However, BitBNS CEO Gaurav Dahake addressed the hack and why the exchange concealed it from its users in an AMA session.
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Law enforcement asked BitBNS not to make the hack public, says CEO
Dahake stated during the AMA session that the law enforcement authorities advised the exchange against making the hack public. He mentioned in the AMA that the exchange had immediately contacted law enforcement, and he also claims to have all the case IDs and logs regarding it.
“Law enforcement advised us that the users should be educated about the incident only after the investigation is completed or reaches a dead end,” said Dahake.
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The BitBNS CEO also stated that he has reached out to ZachXBT to help him in bringing the culprits to light. India and cryptocurrencies have an ongoing relationship, however, that is not positive. The country has always expressed its opposition to the sector and imposed a 30% tax to discourage the industry.