Security of cryptocurrency exchanges in India has always been an important issue, the biggest example of which Wazirx hack Which is the biggest hack ever. A major incident that took place on 12 February has made the headlines related to the security of the Crypto Exchange. In fact, on Wednesday morning, the X account of the popular Indian Crypto Exchange Coinswitch was hacked. Hackers promoted a fake native token $ switch through this account, which was released on the pump.amusing platform based on Solana Blackchain. CEO of Coinswitch, Ashish Singhal assured the users that the security of the exchange is completely intact and their funds are also safe.
Coinswitch X Account Hacked
On Wednesday morning, a new native token called $ Switch was announced from the official X account of Coinswitch. It was also said in this post that the trading of $ Switch would start from UTC at 8 pm. However, this complete information was fake and as soon as the coinswitch team saw it, they immediately deleted that tweet.
Following this incident, coinswitch’s CEO Ashish Singhal confirmed this hack and informed all the users that their exchange and their funds are completely safe. He also said that it was only a social media account hack and had no effect on other systems of Coinswitch. Singhal in his post urged the users to ignore any message from the hacked account, especially the rumors about $ Switch.
Subsequently, Coinswitch’s team approached with X and started efforts to recover the account. However, earlier large exchanges like Wazirx have also fallen victim to similar hacks, which has increased concern about security in Crypto community.
$ Switch rip-off and official statement of coinswitch
During the investigation, it was discovered that the scam meemkoin called $ SWITCH has a total of 184 holders and its market cap is only $ 4659, while its price is currently $ 0.00000466. The $ Switch MemeCoin was designed by its manufacturers with the purpose that it would “award the top traders, which would make trading and rewarding.
However, coinswitch’s CEO Ashish Singhal flatly denied any official relationship with this meskin and suggested the users not to believe any verified information on social media. Coinswitch clarified that they have no official tokens, and all these rumors and fake products are part of a cyber crime.
Coinswitch is giving Wazirx User Sign-up Rewards
This hack incident has come to light when Wazirx is giving sign-up rewards to user coinswitchIn fact, after a cyber attack of 2000 crores ($ 234.9 million) on Wazirx, Coinswitch has introduced a new scheme to attract Wazirx users, taking a unique step. Where Coinswitch has launched a plan of Rs 600 crore ($ 75 million), under which it is promising to give sign-up rewards and more returns to users affected in Wazirx Hack. Through this coinswitch wants to switch to those Wazirx users on their platforms, which are worried about their funds after the cyber attack in July 2024.
Conclusion
The incident of this hack has re -exposed the issue of safety of cryptocurrency exchanges. Coinswitch, however, has guaranteed safety to its users and stated that all funds on the platform are safe. This incident has once again proved how important it is for any digital platform to focus on cyber security, especially when it comes to cryptocurrency. Users should always be cautious and get information from official sources only. Coinswitch and other crypto platforms also need to strengthen their security systems to avoid such attacks in the future.
