DragonEX Hacked; Total Losses Unknown

Wilfred Michael 

Wilfred Michael

News reporter

26 March 2019,
DragonEX Hacked; Total Losses Unknown

Singaporean cryptocurrency exchange, DragonEX reported via its English Telegram group on Monday, March 25, that hackers breached its service the day before and stole a yet-to-be-determined sum in different cryptocurrencies.

The exchange then reportedly took its platform offline to access the extent of the hack and try to recover the stolen cryptocurrencies which were denominated in Bitcoin (BTC), Ethereum (ETH), EOS, Ripple (XRP), and Litecoin (LTC) and other altcoins.

Those recovery efforts proved successful at least to an extent with the exchange confirming that “part of the assets [reportedly transferred to Huobi and gate.io] were retrieved back” as they continue efforts “to retrieve back the rest of stolen assets.”

In another update today March 26, DragonEX’s admin revealed the other addresses they suspect hackers have transferred the funds and solicited joint effort from the crypto community to hunt down the culprits.

Additionally, the exchange said it has reported the ugly incident to judicial administrations in countries such as Estonia, Thailand, Singapore, and Hong Kong and are closely working with the police to investigate the hack.

Although the amount of “transferred and stolen” coins are unknown, DragonEX’s website was live at press time, something uncharacteristic with some high-profile hacks on cryptocurrency exchanges.

Hopefully, the extent of the damage and the vulnerability exploited by the hackers will be ascertained in the coming days.

Meanwhile, DragonEX’s situation represents one in a fleet of reported hack incidents involving cryptocurrency exchanges in 2019 only.

In January Stmarket.co reported a breach on peer-to-peer cryptocurrency exchange LocalBitcoins with March also bringing news of an 18-year old Japanse who stole $134,000 from the local crypto exchange, Monappy Wallet.

On a positive light, New Zealand-based exchange Cryptopia which suffered a hack in January returned to business earlier this month.


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