Koinex: India’s top exchange looted after a loophole cracked by users

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Mumbai: On 26 January 2018, biggest exchange in Japan was hacked, and just ten days later India’s top exchange Koinex is looted after a loophole cracked by its users. Last week the exchange underwent maintenance, and on Tuesday, users were able to get double of their ripple coins on transferring ripple into a wallet or on the other exchanges.

Vijay (name changed) a user at koinex notified this issues. He said, He just transferred Ripple to another exchange to earn from the price difference, after selling the coins on the other exchange he found his same number of Ripples in his wallet. A technical glitch that can happen with any system. But how significant this technical glitch is not known. The company has not released any statement yet and is currently monitoring the users who got the double of their Ripple holding into their wallets on withdrawals.

According to the source, Ripple is only affected by this issues and not other cryptocurrencies. The exchange allows to trade popular cryptocurrency in India and is operating since August 2017. The exchange is working normally now, but the company has not reported this issue yet. We hope for a statement from India’s top exchange to comment on this glitch.

Apparently, banks have been asked by the RBI in an informal communication to stay away from dealing with the virtual exchanges and, therefore, they (banks) are doing it so brazenly,” said a lawyer who works with a few of these exchanges.

Meanwhile last week in the budget speech Arun Jaitley said that cryptocurrency would not be the part of the payment system and any illegal activities happening using the cryptocurrency will be tracked. Trading and holding are not termed as illegal. China has also stopped its users from trading on international exchanges on Monday. Currently, the market has poorly rekt.

 

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