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Another Hacking Suspect or Exit Strategy: Coinbene Crypto Exchange Under Maintenance

Coinbene cryptocurrency exchange is under the radar for a long time due to its artificial presence of the volume on its trading platform.

At present, Coinbene is under the maintenance which has been announced by the establishment through a twitter post. As per CoinMarketCap, the 16th ranked cryptoexchange in an attempt of shielding itself from users accusations indicated in a post about the requirement of wallet maintenance which has occurred due to some internal upgradation process.

Following the circulated message on social media, the related operations of the company such as deposits and withdrawals would be going to affect as a result of the new developments, however, trading wouldn’t be affected.

There are rumors hanging in the crypto industry that the exchange has been hacked. Initially, a user moniker Crypto Jamesuttered that his deposits have been running pending for an hour and indicated that exchange has experienced a hack.

While responding to the user complaint the official Twitter account of Coinbene Global, @CoinBene, has replied:

 “CoinBene upgraded the platform wallet on March 26, 2019, in order to enhance the user experience. During maintenance, it will affect related operations such as deposit and withdraw, trading will not be affected.”

In addition to the tweet, Coinbene has also supplemented that once the maintenance settles down all the deposits and withdrawals would be completed spontaneously. According to the post, the completion time isn’t sure and the users have to wait until the next separate announcement. 

Furthermore, CIO of blockchain startupDiviproject, Nick Saponaro following the discussion communicated that as evidence of an attack Ethereum, Ehterscan Websites have shown the statistics of the considerable amount of outgoing transactions from Coinbene.

While responding to Saponaro’stweet, Twitter user Stephen Morrison remarked that the funds possibly “moved to a “cold wallet”.”

If to believe on few tip-offs there is a probability of a $40 million stolen funds from the platform and the maintenance broadcast is simply a camouflage for a big hack.

From Russian crypto media Forklog, Head of Investments Department, Nick Schteringard also found some “strange activity” on Coinbene. Schteringard mentioned few users report who are claiming that their wallets were hacked. Further, he referred two addresses:

According to his signal and a San Francisco-based crypto index fund provider Bitwise, MaximineCoin, or MXM,  probably involved in the hefty transactions. Recently, MXM has spotted with approx.. 700% gains, the coin which was earlier completely known. The Streaky activities of human-generated trades are also suggestive as per the research.

Allegedly, Bitwise also mentions that almost 95% of reported bitcoin trading is fake on most of the exchange platforms. The firm is currently working to create awareness and pushing US Securities and Exchange Commission to approve an exchange-traded fund that sincerely tracks the price of bitcoin.

Although, Coinbene has still not disclosed about the actual state of the organization and left everyone to think dodgy. If the assumptions of the users and researchers are true then there would be a massive impact on the cryptocurrency industry. Some possible major announcements from the regulatory authorities are also expected while imposing stringent regulations on crypto business industry. After Quadriga CX case there are already investors, traders, cryptocurrency exchange users, and wallet users are skeptical, and losing trust on the platforms. If this is to be true than complications would be certainly in the air for the new crypto ventures.

KoinPost will keep on posting the upcoming updates on Coinbene once any substantial information is communicated.

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