$1 708 000 USD
DESCRIPTION OF EVENTS
"CoinTiger is a digital asset exchange / cryptocurrency exchange that is based in Singapore." "CoinTiger is a cryptocurrency exchange which came into existence in 2017 in Singapore. The team behind this beautiful platform consist of top minds from China, Singapore and South Korea.The CEO of CoinTiger pro is Frank Ling."
"CoinTiger’s biggest appeal lies in its low trading fees. It charges a trading fee of 0.15% for takers and 0.8% for makers, both of which are significantly lower than the global industry average of 0.25%. This gives the exchange a slight competitive edge over other platforms with higher trading fees. It has a withdrawal fee of 0.0005 BTC, which is also slightly lower than the global industry average of 0.0008 BTC. Overall, the exchange supports quite competitive fees. CoinTiger is also an entry-level exchange, as it allows for fiat deposits to be made. This renders the exchange friendly towards new cryptocurrency investors. Such deposits can be made through both bank transfers and credit cards."
"One disadvantage lies in the fact that the exchange lacks transparency. Though the address of their headquarters is provided on the website, there isn’t any information regarding the team behind the exchange. This lowers the credibility of the platform, as not knowing the expertise and backgrounds of the people in charge of the exchange could deter users from trusting CoinTiger."
"Cold wallets stolen from the CoinTiger exchange, 400 million PTT's in the wallet disappeared." "On August 17, the CoinTiger exchange suddenly released an announcement. According to the announcement, they recently found that the cold wallet storing PTT was hacked during the regular cold wallet verification check, resulting in theft of the wallet [401,981,748] PTT."
"According to the hacker address provided by the CoinTiger exchange, 400 million PTT was hacked away as early as July 1. After more than 47 days, CoinTiger officially disclosed the matter to project parties and users."
"The cold wallet of CoinTiger exchange was stolen, and the proton chain of 400 million PTTs was missing, which made investors suffer huge losses. After the incident, the exchange and the project side launched a number of rounds of announcements, which formed a confrontation, but CoinTiger did not come up with a valid compensation plan. Instead, it closed the PTT coin-return function (the coin channel was still open)."
"On August 21st, the Proton Chain (PTT) official website issued a comprehensive warning statement on the CoinTiger exchange regarding the recent theft of PTT, and launched a comprehensive risk warning to the CoinTiger exchange. The announcement stated that PTT holders and supporters are strongly reminded that any PTT-related recharges and transactions on the CoinTiger exchange are extremely risky."
“But if the exchange has to say that the private key has been stolen in the USB stick, or put it in the safe, the hacker has smashed the safe. If this is the case, it is really stolen. Who can still be safely stolen?” An analyst at security firm PeckShield told Odaily Planet Daily.
“The cold wallet was stolen, shouldn’t it be a thief? How did it become a “hacker”? This is the worst time for a hacker to be hacked! The hacker’s heart OS: I obviously can rely on technology, I really have to rely on insurance. Cabinet! “Grozen coin user Xiaomi whispered.
"According to the data of Matcha Exchange, at 3 pm on August 28, PTT quoted 0.023 RMB, which is worth RMB 2.76 million and RMB 400 million worth of RMB 9.2 million. On the morning of August 29, the price has dropped to 0.013 RMB."
"At the same time, CoinTiger directly asked the project side to upgrade the contract, hoping to create a new currency, and then map the 260 million PTT that had been frozen to the new currency."
“We ask that the return is not to let the project party pay for our mistakes, but to ask the ‘return to the original owner’.”
“Second, regarding the contract upgrade, we may not know that this is a common way for the industry to face contractual loopholes or stolen. They have audited the contract, but now there are 280 million stolen money, no upgrade, the upgrade is the most Good sideAnd no trouble at all. CoinTiger also said that it will bear the cost of contract upgrades. “They don’t upgrade, so how do you deal with this 280 million?” This is the problem they have been avoiding.
But the project side is unacceptable. “The cost of upgrading the contract is too great, and we can’t accept it.” If you want to upgrade the contract, PTT will close all the exchanges and withdrawals of the exchange, and all users need to bear the cost. “The PTT project party said.
"Who is the most injured in this incident is undoubtedly an ordinary investor. After the PTT in CoinTiger was stolen, CoinTiger frozen the user’s coin. According to a PTT investor, there are currently only 37 million PTTs in CoinTiger’s hot wallet, and there is no way to pay PTT investors."
CoinTiger had the PTT token in a wallet without multi-sig. This wallet was breached, and all funds were taken.
It does not appear that the exchange did anything to compensate the affected users. The Proton Chain also refused to upgrade their chain to assist.
HOW COULD THIS HAVE BEEN PREVENTED?
All funds should be stored with multiple signatures required to release them. Relying on a single private key/wallet is not an acceptable level of security.
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