The Singapore-based Exchange, DragonEX, was hacked earlier this week for an undisclosed amount. It has released an update about the measures taken by the Exchange and authorities to track and retrieve the stolen funds.
DragonEX Crypto Exchange was hacked on Sunday, 24th March 2019. According to an announcement by DragonEX, the following steps have been taken to track the funds.
- Hong Kong Cyber Security and Technology Crime Investigation Bureau (SCTCB) has set a special investigation team to look into the hack.
- A report to the China Mainland Police has also been submitted by the Exchange.
- They are working conjointly with global security agencies and cryptocurrency exchanges to track the funds and the people involved in the hack. Exchanges mentioned in the announcement are Bittrex, Coinbene, Bitmart, Bitforex, and Bitfinex.
- The Exchange has set up new department portfolios under The Asset Appraisal and Audit Group, Investigation and Evidence Collection Group, Public Relations Connection Group, Legal Liaison Group, and User Relationship Management Group to carry out seamless retrieval of funds.
There are two possible places where the hackers can convert their cryptocurrencies: Exchanges or the black market. While the Exchanges are being tracked rigorously, global security agencies are investigating the black markets.
The announcement was made three days after the attack. While no update on the status of the funds or hackers were given to the users, the Exchange seems to have taken the necessary steps to retrieve the funds. Moreover, Global Cryptocurrency Exchanges have also agreed to lend support to DragonEX to track the hacked funds.
Hence, What seems like looking for a ‘needle in a haystack’ can be turned into a successful investigation with worldwide cooperation and thoughtful insight.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com