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Singapore-based Cryptocurrency Exchange, DragonEx Gets Hacked

On March 25, DragonEx, a Singapore-based cryptocurrency exchange announced on its Telegram channel that they had suffered a security breach. It is believed that 20 different cryptocurrencies were stolen through the attack. The exchange is, therefore, calling on other platforms to assist in its investigation and freeze any funds received.

DragonEX Confirms Hack on its Platform on March 24

Based on DragonEx’s publication, the Exchange was hacked on March 24 and funds owned by both users and the platform was stolen. An admin who made the update also revealed that part of the stolen funds was retrieved, while the other is still yet to be tracked.

In line with that, the virtual currency exchange has assured its customers that irrespective of what may happen, they will take responsibility for their losses. In their own words, “DragonEx will take the responsibility no matter what.”

Judicial Administrations and Policemen Have Been Informed

While highlighting on the measures they are taking to recover the stolen assets, DragonEx stated that Judicial administrations as well as those in Estonia, Thailand, HongKong have been informed. They will also work alongside policemen in order to investigate the crime.

Accordingly, the exchange has temporarily stopped operations given that a part of the message outlined that its services will be closed for now. An announcement will also be made during the course of the week to inform users on the exact amount of funds that have been recovered.

Hacked Funds Point to 20 Cryptocurrency Wallet Addresses

Another update made today on the Exchange’s Telegram Channel reveals that the stolen cryptocurrencies were sent to 20 wallet addresses. They addresses point to Bitcoin, Ethereum, Ripple, EOS, Ethereum Classic, ABBC, NEO, Stellar, and several other wallets. The platform is also calling on other cryptocurrency exchanges to assit it in its quest of loacting these funds.

A hack of this nature is not the first of its kind, given that it is one among many others of recent. Cryptopia, a New Zealand exchange was hacked twice this year and about $16 million stolen. The exchange is still trying to recover and is taking positive steps to become fully functional again.

Another is the case of QuadrigaCX, a Canada-based exchange which wasn’t hacked, but its customers are unable to access their funds. So far, the court has appointed an investigator to look into the matter. Ernst Young, the investigator revealed in its report that the cold store which the exchange claimed to hold C$190 million is basically empty.

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