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‘Minor technical glitch’ at Bitbns stirs panic after customer accounts temporarily show zero balance

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Several investors panicked after seeing their accounts on the Indian exchange Bitbns empty on the morning of June 27. Investors told Business Today that they woke up to find their portfolios wiped out overnight, with no INR or crypto balance.

In a tweet earlier today, Bitbns said that an issue with the overnight database upgrade caused its user balances to become nil. Bitbns CEO Gaurav Dahake told BT it was a “minor technical glitch.”

In a later tweet, the exchange said that the issue is now fixed. The exchange was offline for almost 7 hours after the issue of nil user balances was first highlighted.

According to the exchange website, while user balances should already be restored, deposits and withdrawals will go live at 7 pm IST. Some users confirmed that their accounts have started reflecting the correct balance.

However, several users also told BT they received notifications of unauthorized trades on Bitbns. Some users said that their trading history reflected that all of their cryptocurrencies were sold without authorization, although the INR proceeds of the sales did not reflect in their accounts. One user said:

“Sale of my crypto tokens is also in my trade history, but I had not conducted any of these transactions. Even after the sale is completed, the INR is also not reflected in my account,”

These unauthorized transactions led some to speculate that the exchange was potentially hacked, although Dahake said there was no “external security breach.” It is worth noting that crypto on-chain sleuth ZachXBT pointed out in March that the exchange had covered up a hack in February 2022.

In India, crypto exchanges and the market at large remain unregulated while the government dithers and keeps delaying regulations.

The post ‘Minor technical glitch’ at Bitbns stirs panic after customer accounts temporarily show zero balance appeared first on CryptoSlate.

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Bitbns customers woke up to find their digital wallets cleaned out. This unfolding saga is a testament to the new-age challenges the burgeoning crypto market continues to face. The unthinkable happened on July 27 morning in the fleeting digital universe…

Crypto people baffled by missing cash on Bitbns

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Bitbns buyers woke up to discover their electronic wallets cleaned out. This unfolding saga is a testament to the new-age difficulties the burgeoning crypto market continues to deal with.

The unthinkable transpired on July 27 early morning in the fleeting electronic universe of cryptocurrencies – a vanishing act that despatched shockwaves by way of the vivid Indian crypto community. 

End users of Bitbns, a noteworthy Indian cryptocurrency exchange, located their crypto balances minimized to zero overnight. This unpredicted ‘null event’ rattled buyers and brought on a storm of distress alerts on social media.

Bitbns consumers were being still left dumbfounded as they started out their working day with a chilling realization. Their meticulously amassed crypto wealth experienced vanished. Having invested about 12 lakh rupees ($16,000 approx), one particular user explained the encounter as coronary heart-wrenching. 

Yet another with a 7.06 lakh rupees ($9,500 approx) portfolio echoed a equivalent plight. 

Customers also reported unauthorized trades executed from their accounts, still there was no trace of the Indian Rupee (INR) stability from these transactions.

The withdrawal deadlock

Incorporating another layer of complexity to this debacle is Bitbns’ final decision to suspend withdrawals. Whilst it carries on to take deposits, buyers are caught in a aggravating limbo, unable to obtain their money. 

This asymmetric fiscal situation has fueled the soaring discontent among the the platform’s end users and a cry for regulatory intervention.

Bitbns’ response

Amidst this chaos, Bitbns shared updates through Twitter acknowledging the stability discrepancies and providing a timeline for resolution. 

We have determined the problem.

This took place all through a database upgrade yesterday night.

We are working on repairing it.

Method would be paused for routine maintenance.

Buying and selling, deposits, withdrawals, Balances all features would resume submit servicing. https://t.co/YrM3hpeobw

— BNS (@bitbns) June 27, 2023

They certain buyers of an imminent procedure update, promising the restoration of balances and trading by June 27 night. 

We are mindful of person balances reflecting for particular buyers. This is becoming labored on.

Anticipated time all around 2 hrs.

— BNS (@bitbns) June 27, 2023

Still, what induced this bizarre incident continues to be undisclosed, intensifying uncertainty.

The Twitter fallout

Meanwhile, the Twitterverse is ablaze with shoppers expressing their distress. Just one person explained the stark reality of their vanished crypto belongings. 

I misplaced all my crypto asset.

— Crytpo_Cat (@i_deepakp) June 27, 2023

A 2nd user’s pleas highlighted the unresolved concern of stuck money, unattended for a thirty day period in spite of multiple support tickets. 

@arpana0428 ma’am be sure to support me. Bitbns is cancelling my each individual crypto withdrawal request due to the fact very last 1 month. My resources bought caught there considering the fact that very last 1 thirty day period. You should 🙏🏻 assist ma’am. I have elevated various help tickets but no just one even cares to reply. Kindly help ma’am.

— Sabyasachi Mallik (@Sabyasa72799147) June 20, 2023

There’s a brewing skepticism about Bitbns, with some users branding it a scam, reinforcing the require for regulation in the nascent nonetheless dynamic crypto landscape.

What will Btbns do?

In spite of its robust marketplace position, Bitbns is grappling with a crisis of self confidence. This incident is a stark reminder of the volatility and hazards accompanying the guarantee of vast benefits in the crypto market place.

As consumers anxiously await the restoration of their vanished crypto prosperity, this episode highlights the urgent will need for additional robust checks and balances in the swiftly evolving crypto ecosystem. 

Until eventually then, crypto investors would do properly to remember that in electronic currencies, the line among reality and illusion can be fragile.

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Indian trade Bitbns admits it was hacked for $7.5M previous February

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Crypto sleuth who goes by ZachXBT on Twitter, claimed that Indian crypto exchange Bitbns covered up a hack less than the guise of “system maintenance” on Feb. 1, 2022. ZachXBT shared a screenshot of the upkeep tweet place up by BitBNS through which time the exchange was hacked, he claimed on March 1, 2023.

Bitbns CEO  Gaurav Dahake admitted in an AMA session currently that the trade was in fact hacked 13 months back. But Dahake claimed that the technique was taken offline to examine anomalies and was not a tact to conceal the hack.

Dahake stated that Bitbns took the trade offline when the workforce observed incredibly superior throughput on their servers. The crew then learned that the price tag of Polygon (MATIC), BNB (BNB), and Aave (AAVE) was incorrect and there was a change in getting and advertising cost of the tokens. The team also recognized some anomalies in withdrawals, he explained.

In the course of this investigation, the workforce seen that a sure handle had gained unique tokens from the system, alerting them of the hack. These stolen property were being then converted to Ethereum (ETH) and despatched to different addresses.

Whilst Dahake did not verify the amount of assets stolen in the assault, ZachXBT claimed the belongings were being truly worth $7.5 million.

Dahake generally brushed off the hack as anything that’s “not abnormal” in the crypto area because most major exchanges together with Binance have been compromised at particular situations. He said that exchanges boost their stability techniques following these kinds of incidents and Bitbns has been operating “seamlessly” in the 13 months pursuing the attack.

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