DESCRIPTION OF EVENTS
"Vbitex is a cryptocurrency exchange that launched in 2017, domiciled in the Seychelles." "Vbitex is a cryptoasset exchange located in Singapore." "Since it's establishment, VBITEX has been serving users sincerely for two years and has also won unanimous recognition and support from users. It is also a loyal fan of XDAG and the only platform with real trading."
Exchange review site CryptoWisser was "not able to find any information on this exchange’s withdrawal fees. This is potentially a risk for you as an investor. Whenever an exchange does not inform of a fee, there is a higher risk that such fee is high. Accordingly, we strongly urge you to make your own analysis of the withdrawal fees here before depositing any funds here."
"VBITEX platform was hacked, resulting in malicious manipulation of platform data and theft of virtual assets."
"After verification, our platform was hacked, resulting in malicious alteration of platform data and theft of virtual assets. Administrative rights have been tampered with maliciously. During the Spring Festival and the epidemic, team members were on holidays and quarantined, resulting in failure to deal with related matters in the first place. Therefore, the VBITEX team apologizes to you for the inconvenience and loss. The current loss situation is waiting for detailed statistics after the related staff rework, which does not rule out the possibility of legal intrusion in the same industry and disruption of VBITEX's normal operation."
"After careful investigation and confirmation, our platform will announce the loss, theft, tamper evidence, hacking wallet address, and subsequent processing plans. Given that the administrator does not have all the background permissions, it is recommended that you do not perform related fund operations on the VBITEX Account for the convenience of follow-up data recovery and forensics. During this period, all news releases of VBITEX are subject to the announcement. Do not trust false information released by unrelated personnel (including any customer service account, community, and unverified VBITEX staff)."
You know you're dealing with a safe trading platform when different sites say it's based in different countries and there are no withdrawal fees listed.
Unfortunately, this platform was breached and it appears that any users who had funds would have lost them. This didn't get much coverage, and there doesn't appear to be any record of how much was lost.
HOW COULD THIS HAVE BEEN PREVENTED?
We've proposed a clear framework of requirements, which would prevent hacks of this nature and ensure that customer assets were fully backed while also not blocking innovation.
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