Slovak Crytpo Exchange Eterbase Hacked for $5.4 Million

Slovak Crytpo Exchange Eterbase Hacked for $5.4 Million

The Slovak crypro exchange Eterbase is the latest victim of an online hack which saw the stealing of a substantial amount. $5.4 million were stolen from the exchange firm.

The Slovak firm released detail: six hot wallets were compromised. Capital in Bitcoin, Ethereum, Ripple, Tron, Tezos, and Algorand were taken.

The company has reassured its victimized users that it has the necessary compensatory funds available to meet the users’ losses. The firm will continue to function as per usual after the security audit has been completed.

The Slovak exchange commented,

After the security audit of renowned global companies, our operations will continue…We will announce the date of the re-opening of the ETERBASE Exchange platform as soon as possible.”

Investigators claim that the hackers are moving the stolen digital currency to other exchanges, like Uniswap and even Binance, but also are proceeding to convert a big portion of them into other assets. For instance, some of the stolen Ether coins are converted into Tether.

Security breaches and crypto thefts are nothing new. In the past, these actions have led to casualties equaling to hundreds of million of dollars. Most notably, the the Japanese Coincheck exchange fell way behind after a $535 million hack.

Etherbase is by no means a major exchange. In fact, when put against the big fish in the industry, it pales in comparison. The usual numbers of Eterbase were $3 million in daily trades. By comparison, Binance’s numbers reached an average trading volume of $2,8 billion per day in 2019!

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