Vietnam Crypto Exchange VinDAX Hacked, Losing $500,000 in Cryptocurrencies

  • The majority of users on the VinDAX platform are from India.
  • In total, over $1 billion has been stolen in the cryptocurrency industry.

VinDAX is a cryptocurrency exchange that is based in Vietnam, but it is relatively unknown for the most part. While it is now making headlines in the industry, the news isn’t positive, the exchange was recently hacked, according to The Block. The hack was worth “half a million USD,” as confirmed by an admin of the Telegram channel for the platform. This attack took place “3 days ago.”

The Block spoke with a source that said the funds were lost via 23 cryptocurrencies. While the admin wasn’t forthcoming with more information, they stated, “We have made a full recovery from this attack.” It is unclear if the company will be releasing additional information.

Using the Launchpad established by VinDAX, the platform focuses on engaging in token sales for projects that aren’t well known yet. Presently, consumers can visit the platform to invest in MyFie, which is a blockchain project. There are another five token sales that are scheduled for the platform. Last month, over 390,000 visitors took their attention to the platform, while most of these users came from India, based on data collected from SimilarWeb.

In the interest of full transparency, VinDAX expressed that they would be sending emails to the projects whose tokens were impacted by the hacked tokens, asking for funds.

One of the emails stated,

“Please lend us an amount of your token/coin equal to 30%-100% the amount that was stolen in the last accident so that we can address the withdrawal request of the users that are related to your token/coin.”

This is the seventh breach of a cryptocurrency exchange this year. As it stands, about $1.39 billion has been stolen in the industry, based on research performed by The Block.

In this year alone, over $100 million has been lost by cryptocurrency exchanges.

Bitpoint, a Japanese cryptocurrency exchange lost $32 million in a hack in July, which included XRP. A month earlier, Bitrue lost $4.3 million in XRP and Cardano (ADA) tokens. Other exchanges that endured hacks included Binance, Bithumb, DragonEX, and Cryptopia.

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