Another Day, Another Hack; The Story Of DragonEx

There’s a lot to love about the cryptoverse, from the unique control it offers to it’s users down to the endless possibilities it offers in way of evolving business models, one can’t help love all things crypto.

However, since everything has pros and cons, we can’t help but hate the dark side of crypto. We’re talking scams, fraud and worst of all, hacks. The cryptoverse is not the perfect utopia one would have you believe, it comes with it’s own complicated baggage.

Now, another crypto venture has fallen prey to the horrors of hacking and as per a report by Coindesk, a Singaporean crypto exchange by the name of DragonEx is the latest victim as they announced on Sunday that their platform was hacked, although to what is extent is yet to be seen.

DragonEx shared their announcement via their Telegram channel where they wrote that their platformed was the victim of a cyber attack which had led to the crypto asset of customers of the exchange being reported either stolen or transferred into unknown locations. However, the company has not yet shared the exact value of these losses.

When the hack first took place, the company sent out this message to users;

“DragonEx is still working on system maintenance due to data exception during which all trading and deposit and withdrawal will be temporally delayed to open until March 25th 18:00.

Please wait for the following announcement for detailed information.”

Later that day, DragonEx claimed that they were simply “working on system maintenance due to data exception,” however they were finally forced to accept that they had suffered a breach of privacy.

As per the report, they then circulated a message on Monday to users that stated, “Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets.”

Source; Coindesk.com

The exchange also added that the relevant authorities had been alerted and that the company was cooperating with police in the investigation;

“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.”

Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism.

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