Unscheduled Maintenance By Cryptocurrency Exchange, Coinbene Leading To Hack Rumors

The vulnerability of the cryptocurrency ecosystem is such that its participants often jump to a negative conclusion, which is why, when Coinbene, a Cryptocurrency exchange announced unscheduled maintenance on Tuesday, March 26, the industry has been filled with rumors that a hack might be behind it.

Ranked 16th on CoinMarketCap by adjusted volume, Coinbene was questioned about a hack situation by a Twitter user nicknamed Crypto James, the exchange denied any such issue and clarified that the hick-ups on the platform are due to maintenance work.

Read more:Cryptopia Relaunches Its Website, Resuming User Balances As Per Their Pre-Hacked State

Suspected Hack

However,  some insiders point out that the maintenance announcement may be a cover for a large hack that might involve up to $40 million stolen. The CIO of blockchain startup Diviproject, Nick Saponaro wrote on Twitter that as per the data showed on major statistics website for Ethereum and Etherscan,  massive outgoing transactions are occurring, which might serve as evidence of an attack. Another Twitter user Stephen Morrison noted in a comment to Saponaro’s tweet, that the funds appear to have been moved to an address commented on as “cold wallet.”

Note that a large portion of #MaximineCoin or #MXM is involved. This unknown #coin is up more than 700% per this month. pic.twitter.com/bKZYnW8ZKl

— Nick Schteringard ?? (@schteringard) March 26, 2019

The United States Securities and Exchange Commission (SEC), published a report on March 19, that claims that ,95 percent of Bitcoin (BTC) trading volume reported by unregulated crypto exchanges were fake. Prepared by  Bitwise Asset Management, creator of a crypto index fund, the report names Coinbene as the largest BTC exchange in the world with $480 million in daily volumes. Per the report, the activities reported by the exchanges are suspicious, especially the fact that trading timesteps frequently coincide and the amounts of buying and selling are almost similar.

Read more:Rakuten’s Cryptocurrency Exchange, Rakuten Wallet Is Scheduled For April

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