Investigations confirmed that the BitBns exchange was hacked, later the exchange CEO admitted that its platform was compromised.
BitBns is an averagely popular Indian crypto exchange. Initially, this exchange was launched in 2017 but faced huge struggles because of the crypto banking ban in India on behalf of the Reserve Bank of India (RBI) orders. It was the only Bitbns exchange that introduced peer-2-peer (P2P) crypto buy-sell service in India at that time. This exchange provides multiple crypto services, including Systematic Investment Plan (SIP) in crypto assets, a BitBns wallet, an arbitrage extension, margin trading with 4x leverage, etc.
On 1 Feb 2023, BitBns crypto services were suspended by its team citing system maintenance.
At that time many news media companies approached BitBns exchange to know the main reason behind the long-term maintenance issue but BitBns failed to disclose the main incident that the exchange faced.
On 1 March 2023, Crypto detective Zachxbt’s investigations revealed that the BitBns platform was hacked for $7.5 million and the BitBns team failed to disclose that big incident from the customers.
When the hack news went into the public domain, then BitBns CEO & founder Gaurav Gahake held an AMA session & admitted that the exchange was exploited by some hackers and the exchange lost the mentioned amount of funds.
The current trade price or BNS token, the native token of the BitBns exchange, is 6% down over the last 24 hours’ trade price. This is clearly showing that its native token faced a significant negative impact because of this news & also it is expected that the BNS token will plunge more in the next few hours.