Indian Crypto Exchange “Bitbns” is next FTX, A Crypto Influencer Says

BitBns, an Indian cryptocurrency exchange, suffered a major hack in Feb 2023, resulting in the loss of around $7.5 million worth of funds.

A crypto influencer on 28th September 2024 urged all Indian crypto investors to boycott a new crypto platform, “Onramp.money.” This new crypto trade platform is backed by BitBns founder Gaurav Dahake, so there are huge chances that it will also result in another hack & scam, which is itself a very big red flag for the crypto investors especially for those who are already suffering huge losses due to the BitBns hack and WazirX exchange hack.

BitBns, an Indian cryptocurrency exchange, suffered a major cryptocurrency exchange hack on 22nd Feb 2023, resulting in the loss of around $7.5 million in funds. Initially, the exchange concealed the breach, claiming it was undergoing maintenance on its trading system. Later, it confirmed the hack and stated that the attack targeted hot wallets. However, the exchange faced criticism for the delay in disclosure, raising concerns about its security measures.

The hack contributed to a loss of user trust, leading to a collapse in its market credibility. However, a recent development shows that the exchange founder is not giving up and is all set to launch a new crypto platform.

Dahake announced the launch of Onramp.money on 27th September 2024, stating that the platform will enable fiat on-ramp for crypto exchanges, OTC trades, and crypto custody. He also highlighted the platform’s goal of making crypto accessible to everyone in India.

Despite Dahake’s efforts to present Onramp.money in a positive light, many crypto users expressed concerns and urged Indian crypto investors to steer clear of the platform.

One crypto X user pointed out Dahake’s involvement in the BitBns hack and highlighted the risks associated with investing in a new platform launched by the former crypto exchange founder. The user also expressed hope that WazirX users will not end up like those who trusted bitBns.

FTX Creditors Are Only Getting Back 10% to 25% of…

Binance’s CZ Made His First Post After Being…

China’s Former Vice Minister of Finance Urges Study…