VBITEX Hacked

Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' section to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.

Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!

VBITEX

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.

The country for this case study is not yet known.

About VBITEX

"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)."

The country for this case study is not yet known.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - VBITEX Hacked

Date	Event	Description
February 17th, 2020 12:00:00 AM	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Total Amount Lost

The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Prevention Policies

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.