Bitbns

Wallet Stolen

Estimated loss

$7.50M

VERDICT —OUT OF SCOPE

Root cause is private-key / signer compromise — the on-chain contract behaved exactly as written. No pre-deployment source audit or bytecode review reaches the key-custody perimeter; this is operational-security territory (HSM/MPC hygiene, key rotation, hot-wallet isolation). Bytecode would show nothing wrong.

▰ METHOD

PRIVATE KEY

PRIVATE-KEY

Root cause

Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.

Forensic narrative

On March 1, ZachXBT, an on-chain data analyst, tweeted: "Indian cryptocurrency exchange Bitbns concealed a $7.5 million hack from its users on February 1, 2022, and informed users that it was system maintenance." According to CryptoSlate, Bitbns CEO Gaurav Dahake admitted in an AMA session that the exchange had indeed been hacked. But Dahake claims the system was taken offline to analyze anomalies, not to hide hacking. He also said that exchanges improve their security systems after such incidents, and that Bitbns has been operating "seamlessly" since the attack. Still, Dahake would not confirm the amount of assets stolen from the exchange in the attack. Attack method (per SlowMist): Wallet Stolen. Reported loss: $ 7,500,000.

Primary source

https://cryptoslate.com/indian-exchange-bitbns-admits-it-was-hacked-for-7-5m-last-february/ ↗

Sourced from

slowmist

Technical record