Over the past 11 years, numerous cryptocurrency exchanges have been hacked. The total amount of funds stolen because of these incidents has become astronomical.
Even in 2019, that trend is not slowing down. VinDAX, a Vietnamese trading platform, has fallen victim to a cyber attack.
VinDAX Confirms the Theft of Funds
It is believed that nearly two dozen digital assets were affected during this security incident. That in itself is worrisome, primarily because the company hasn’t disclosed which those assets are.
VinDAX is a company primarily providing the trading of stocks. In recent years, they also ventured into the world of crypto-assets.
The majority of trading pairs on the platform are all small tokens with a nearly non-existent market cap.
Some of those tokens are also sold via an IEO organized on the VinDAX platform itself.
Early estimates indicate the criminals could have obtained as much as $500,000 in crypto assets.
Given how low the market cap of some of those assets might be, it seems unlikely that figure is 100% accurate.
It is not the first time a cryptocurrency exchange is hacked in 2019 either. The total tally now sits at seven “major” incidents which were effectively reported to the public.
There is always a chance a trading platform suffers from a breach and does not disclose it at that time.
As such, there may be more of these stories before the year 2019 comes to a close.
This story serves as another warning for cryptocurrency enthusiasts.
If they do not store funds in a compatible wallet fully under their control, there is always a chance the money will be lost at some point.