Hacker Steals $500,000 From Vietnam-Based Cryptocurrency Exchange VinDAX

by Sunny Hoi

Vietnam-based cryptocurrency exchange VinDAX has lost $500,000 worth of cryptocurrencies as a result of a cyberheist carried out by an unidentified hacker three days ago.

The hacker stole the funds and spread them across 23 different cryptocurrencies.

The admin of VinDAX’s official Telegram channel affirmed that it is correct that the exchange was hacked, lost cryptocurrencies worth half a million dollars, and that a complete recovery was made from the cyberattack. No additional details were provided by the admin. It is not known how many users were affected by the security breach.

VinDAX is a little-known cryptocurrency exchange that is mainly involved in conducting token sales of lesser-known projects through its Launchpad platform.

In spite of the security breach, there is currently a token sale taking place on the platform for blockchain project MyFie and five additional token sales are scheduled on the platform.

VinDAX may not be the most popular, but analysis emphasized that the platform attracted over 390,000 visitors last month, and 65% of the visitors were from India.

Interestingly, the latest VinDAX cryptocurrency hack brings the total security breaches related to cryptocurrency to seven that have totaled the amount of stolen cryptocurrencies to be approximately $1.39 billion.

In 2019, cryptocurrency exchanges have thus far lost over $100 million to hackers and cybercriminals.

According to cryptocurrency intelligence firm CipherTrace, cybercriminals have raked in an approximated $4.3 billion USD in 2019.

In July, hackers successfully stole approximately 3.5 billion yen ($32 million) from Japanese cryptocurrency exchange Bitpoint which included cryptocurrencies such as Bitcoin, Bitcoin Cash, Ripple, Ethereal, and Litecoin.

A month before the Bitpoint cyberheist, Singapore-based cryptocurrency exchange Bitrue was also targeted by an unknown financially-motivated hacker, which led to the exchange losing approximately $4.5 million in Ripple (XRP) and Cardano (ADA) tokens.

Additional crypto exchanges that were targeted by hackers include Binance, Bitfinex, and Beaxy.

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