- Hackers attacked DragonEx and transferred crypto assets belonging to both users and the platform
- The exchange will be shut down and the feedback about the investigations will be issued after a week
- The trading volumes in the exchange were skyrocketing before the hack
On March 24, DragonEx announced through their official Telegram channel that they had experienced adverse attacks from different hackers leading to transfer of crypto assets from both the users’ and platform’s accounts.
According to the report, the company was able to retrieve some of its property, but most of the assets are still missing.
Details of the Heist
Crypto EX is performing an intense and thorough investigation of the culprits who are suspected of the cybercrime. For this, they have informed several judicial administrations about the hacks and assisting the authorities in the investigation. Part of the announcement read:
“Several Judicial administrations were informed about this cybercrime case including Estonia, Thailand, Singapore, Hong Kong, etc. and we are assisting police officers in doing an investigation.”
The platform has stated that they will shut down to ease the investigation process.
Apart from the Telegram message, there hasn’t been much information released about the incident. Apparently, the official twitter handle of the platform is temporarily restricted due to “unusual activity” from the account.
However, on the platform’s announcement section, on the same day they had announced about the hack (March 24) on Telegram, the DragonEx team reported that trading, deposit, and withdrawal would be temporarily delayed due to system maintenance prompted by data exception. The systems were scheduled to commence on March 25th 18:00.
DragonEx is a Singapore based crypto exchange focusing on Chinese clients. The exchange operates out of Singapore, but its website still runs in Chinese with no English version. The exchange has its own token that can only be traded on the platform. The token is used as a means to share out the profits they generate with its users.
Despite the unfriendliness to foreigners, DragonEx’s exchange volumes have been on a constant hike which remains a surprise. Being a young project as it is, DeagonEx supports trading in a few altcoins and a few less popular tokens.
With a trading volume of USD 187,796,581 on CoinMarketCap, this was a project with a likelihood of expanding in the future, but that seems to have hit a snag after this hack.