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Vietnam-based VinDAX gets hacked, loses crypto assets worth $5,00,000

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

VinDAX is a Vietnam-based startup cryptocurrency exchange that got hacked recently, losing almost half a million dollars in the theft. The hacker took the amount using 23 different cryptocurrencies. The exchange later mentioned that they have recovered from the attack.

Vietnam-based cryptocurrency exchange VinDAX got hacked three days ago, and the hackers did damage of $5,00,000. This information about the hack was released on the official Telegram channel of VinDAX. The funds lost by the exchange were spread across 23 different cryptocurrencies.

The admin of the Telegram channel further informed that a full recovery had been made from the attack, and no further details were provided. It is still not sure how many users got affected by this attack. VinDAX is a little-known¬†cryptocurrency exchange, and it helped other lesser-known tokens with its platform. This token sale is carried out on the exchange’s Launchpad platform.

Despite the hack, token sales have been taking place on the platform for any upcoming blockchain project MyFie. Five other token sales are scheduled on the platform for the coming few days.

VinDAX 7th “Hackathon” in a year

VinDAX is a small cryptocurrency, but analysis highlighted that the platform has about 390,000 visitors in a month, with 65% of the visitors on this Asian crypto exchange from India. This lesser-known exchange has proved to be inadequate when it comes to managing their security.

In 2019, the exchange has faced seven different cryptocurrency hacks that have totaled the amount of stolen cryptocurrencies to be around $1.39 billion.

Another Asian cryptocurrency exchange was targetted in July and lost $32 million in cryptocurrencies, which included XRP. Bitrue, a Singapore-base cryptocurrency exchange, lost almost $4.3 million in XRP and Cardano (ADA) tokens.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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