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Coinbene Produces Update About Exchange Maintenance Amid Rumors Of A Hack By Users

Coinbene Produces Update About Exchange Maintenance Amid Rumors of a Hack by Users

Coinbene Announces Maintenance Amid Rumors Of A Hack

Due to unfortunate previous experiences, crypto users are often on the lookout for signs that an Exchange has been hacked and often demand answers for all activity that might Suggest so.

This is the current case with Coinbene, a crypto Exchange that announced On March 26, 2019 that they will be undergoing a scheduled maintenance period. This announcement has led to people wondering if the Exchange has been hacked or, worse if this is part of an exit strategy.

This also draws parallels to the Cryptopia Hack in which the Exchange initially claimed that their site was down due to scheduled maintenance before eventually admitting that they had been hacked.

Coming Clean?

The announcement was made when a twitter user sent a tweet to Coinbene’s official account asking why his deposits had been pending for an hour On the Exchange.

“In order to enhance the user experience, CoinBene upgraded the platform wallet on March 26, 2019. During maintenance, it will affect related operations such as deposit and withdraw, trading will not be affected,” Coinbene responded.

This immediately sparked some debate among users as to why an official announcement wasn’t made and details were revealed until a public complaint was made. The Exchange also said that all pending transactions would be completed once the maintenance exercise was completed, though the time that this would happen wasn’t given.

“The tokens in the deposit or withdrawal will be automatically done after the maintenance.
The completion time of the maintenance will be notified separately. After the maintenance is completed, your experience will be improved. Please understand that the inconvenience caused,” they said.

Not Buying It

Despite the Information being given by the exchange, not everyone believes that this is merely a maintenance exercise in progress.

According to Nick Saponaro, CIO of blockchain startup Diviproject, there have been significantly large amounts of tokens being moved from the accounts, which have been detected by Etherscan and might be evidence of an attack taking place.

On the flip side, it could also be an exit scam. A Twitter user named Stephen Morrison pointed out that the funds appeared to be moved to a Cold Wallet.

Nick Schteringard, who is affiliated with Russian crypto media Forklog, pointed out that all claims of hacks from Coinbene users come from two addresses and that there has been an over 700 percent increase in the last month of MaximineCoin, or MXM transactions.

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