Elementus CoinBene Speculation: $105M Crypto On The Move; Hacked Or Legit Transfers?

Elementus Says Coinbene Might Have Been Hacked

After the high-profile hacks of exchanges such as Cryptopia, Exchange users are constantly on high alert regarding any possible hacks taking place on other exchanges.

Such was the case with Coinbene, an Exchange which came out on twitter on March 27, 2019, to state that they had not been hacked.

“User assets on CoinBene platform are 100% secure, our platform promises that if any user assets will be lost, we will compensate 100%]. The CoinBene security team monitors any anomalies at all times and will issue a warning the first time to prevent any possible risks,” their statement said.

Rumors of a Hack first surfaced when users reported having trouble making withdrawals and deposits on the platform. While their announcement gave some assurance to users, not everyone is fully convinced.

Foul Play?

Elementus has released a report which documents the recent activity that has taken place on Coinbene that seems to suggest that it has been compromised.

The first of these is a transfer of $105 million worth of crypto out of Coinbene’s hot Wallet. The report outlines the activities that took place from March 25 to March 26 2019.

“Monday 25-Mar, 2:58pm: A series of transfers totaling $105m in value begins out of CoinBene's hot wallet into three different addresses. Monday 25-Mar, 6:24pm: CoinBene's hot wallet ceases all activity and remains inactive for 8 hours. Tuesday 26-Mar, 2:44am: CoinBene's hot wallet begins moving funds to the cold wallet,” it says.

Elementus noted that while large amounts are often moved between the various wallets that belong to an exchange, this is not the case. Another point to be noted is that the cryptos were sold for Ether tokens on Etherdelta. More funds were also found to have been moved to Exchanges like Binance, Huobi, and Bittrex.

While Elementus has made it clear that they are not disputing Coinbene’s claims of being under maintenance, this activity, they believe, is consistent with those of hackers who are wishing to sell off their ill-gotten gains and cover their tracks. Coinbene has not commented on the report so far and users are simply waiting for the Exchange to finish its maintenance or come clean.

Where’s The Money?

While no definite judgment can be passed on the current Coinbene issue, it is interesting to note that hacks have become frequent enough that a pattern of activity has been compiled in order to recognize when it is happening.


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