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

    The cryptocurrency industry is no stranger to attacks, already having lost millions of dollars in this year alone. The VinDAX exchange has unfortunately fallen victim to an attack worth $500 million, but recently assured users that their platform is already running smoothly again.

    • 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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Institutional Investors Still Slow On The Uptake But Unregulated Crypto Exchanges Rule the Market

    Institutional Investors are still slow on the uptake despite bitcoin being over a decade old. In 2019, institutional investors remained sidelined despite the improvement...

    Shopify Joins Facebook-led Libra Association To Help Build Stablecoin Payment Network

    E-commerce platform Shopify has announced that it has joined the Libra Association. This means that the online shopping firm is the latest entrant of...

    Tron Launches A New TIP While BTFS Prepares to Deliver Next-Gen Decentralized Storage

    Sprinkle of good news: TPS to add new features to TVM, number of accounts on Tron Network exceed 4.7 million, partnership with Steemit,...

    IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

    Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and...

    Gold Hits 7-Year High As Investors Jump into Safe Haven Assets But Bitcoin Not Following

    Coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe-haven assets like gold US dollar also rising while...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.