The Coinhako hacking episode has led the exchange to limit user withdrawals in a bid to protect the assets. The exact cause and mechanism behind the sophisticated attack are under research. The restrictions on user withdrawals will be lifted until further notice.
Coinhako is a Singapore-based cryptocurrency exchange backed by crypto celebrity Tim Draper. Users were informed officially today about the disabled account send function on their accounts. The increasing number of hacking attacks in the crypto realm is shaking investor confidence and also causing embarrassment to the DeFi sector.
Coinhako hacking attack still a mystery
The exchange initially stated that account withdrawal restrictions were due to routine network maintenance. However, they retracted their statement and said that the exchange had suffered a significant hacking attack leading to account restrictions. The step will help avoid any ‘unauthorized transactions’ that can further complicate matters. Read More...