ZB, Which Itself ‘World’s Most Secure Digital Asset Exchange’, Seemingly Hacked

by Ilan Hazan
7 ways to make with crypto

ZB, Which Itself ‘World’s Most Secure Digital Asset Exchange’, Seemingly Hacked

On Wednesday (August 3), blockchain security firm PeckShield reported that around $4.8 million has been transferred out of crypto exchange ZB.

On its website and in its Twitter bio, ZB calls itself the world’s most secure crypto exchange, as you can see from the screenshot below (taken at 6:27 p.m. UTC on August 3):

ZB, Which Itself ‘World’s Most Secure Digital Asset Exchange’, Seemingly Hacked

Source: ZB

ZB, Which Itself ‘World’s Most Secure Digital Asset Exchange’, Seemingly Hacked

Source: Twitter

Here is some information about the ZB exchange:

Founded in early 2013, CHBTC.com has been a reliable digital asset trading platform. Due to Chinese Regulatory compliance,CHBTC had ceased all trading activity on 30th September, 2017. CHBTC dismissed the Chinese operation team and let the overseas operation team take over. Since then, CHBTC changed its name to ZB.com and focus on international operation.

ZB has offices in Dubai, Malaysia, Singapore, Australia, Russia, South Korea, Hong Kong, Switzerland and the United States. ZB platform uses multiple technical security protections to build a professional financial-level digital asset trading network.

At 2:39 p.m. UTC on August 3, PeckShield tweeted:

And at 3:21 p.m. UTC on August 3, PeckShield provided a detailed breakdown of the tokens that had allegedly been transferred out of the ZB exchange:

Around 8:25 a.m. UTC on Tuesday (August 2), ZB announced that it had “temporarily” suspended deposits and withdrawals due to the “sudden failure of some core applications.”

ZB also posted the following announcement to its website at that time:

ZB, Which Itself ‘World’s Most Secure Digital Asset Exchange’, Seemingly Hacked

Source: ZB

A report — published at 4:35 p.m. UTC on August 3 — by The Block about ZB stated:

On-chain data shows significant amounts of over 20 crypto tokens moving from ZB.com’s hot wallet to another address on Tuesday. This address has subsequently liquidated all but five of these tokens as of the time of publishing.

These tokens were sold on several decentralized exchanges on Tuesday, in exchange for 2,224 ETH ($3.6 million). The potential hacker moved the funds to this wallet address where the ether tokens still sit as of the time of publishing. Meanwhile, another wallet controlled by the suspected hacker — where funds from ZB.com’s wallet were first moved — still holds about $1 million worth of those remaining five tokens.

Please note that (as of 7:00 p.m. UTC on August 3) ZB still has not confirmed that it has been hacked. We’ll update this article as more details become available.

Image Credit

Featured Image by “B_A” via Pixabay.com

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