100$ Million Vanished from Coinbene. Theories Point to Either a Hack or an Inside Job

Coinbene doesn’t stop raising polemics. The constant accusations of hacks and fund manipulation do not seem to leave the managers of this Exchange in peace.

A few weeks ago, more than 100 million dollars in losses were reported after a supposed hack to the exchange. The company denied this breach of its security systems, commenting that in reality users could not visualize the tokens because the platform was undergoing general maintenance, promising that as soon as they completed this routine work, the tokens would reappear normally.

However, a recent report by Elementus has revealed that the company could be lying, as the incident actually had all the characteristics of a hack:

“After leaving CoinBene, the tokens were quickly moved into Etherdelta, where they were sold for ETH. A large amount of funds were also moved into centralized Exchanges, including Binance, Huobi, and Bittrex. The funds continue to move into exchanges as I write this.”

The fact that the tokens were moved and sold generates clear suspicions that it was an attack conducted by third parties, however, according to data received by Cointelegraph, the situation appears to be much more serious than expected.

Maybe Coinbene Wasn’t Hacked… Perhaps It’s a Pump and Dump

Stakeholders explained to Cointelegraph that after virtually all the company’s ERC20 tokens were stolen, they were sold for credits and over 1.2 billion Maximine tokens.

This curious pump caused a sudden rise in the prices of Maximine (MXM) which reached historic levels. Such an unusual course of events led many to think this is actually an inside job as it seems the most logical explanation to the strategy discovered.

Also, it’s worth to remember that Bitwise used Coinbene’s trading patterns to explain to the SEC how an Exchange can manipulate markets by using fake data, bots and similar shady strategies.

Coinbene has not said anything about when the maintenance will end, however, the team denies both the theories pointing to a hacking and -of course- those of concerted fraud by the staff.

Coinbene is currently in the list of the top 10 exchanges with the largest number of active traders around the world. The exchange reported a a sum of more than 1 billion dollars in total traded assets.

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