Beaxy Crypto Exchange Halts Trading After Hack Involving Major Sell Off of Ripple (XRP)

Beaxy Crypto Exchange Halts Trading After Hack Involving Major Sell Off of Ripple (XRP)

 

A cryptocurrency exchange called Beaxy halted trading across the board August 12th after a high-volume sell-off of XRPs (Ripple tokens) tanked the tokens’ price on the exchange:

The exchange corresponded about the suspension in a blog post , stating:

“We recently experienced unusual(ly) high volume activity on XRP-BTC. As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate.”

At the time of writing, XRP trades are still suspended on the exchange.

On Twitter, Beaxy reported on the evening of August 12th that the crash occurred as a result of an “XRP partial payment exploit”: Quick update. Exchanges were targeted with an $XRP partial payment exploit today. Beaxy was also targeted in this. We’ve identified and applied a fix. To move forward, we are rolling back relevant trades on the exchange to the moment it was identified. — Beaxy (@BeaxyExchange) August 13, 2019 The exchange also promises to return any misappropriated funds and says trading will remain, “frozen as we work on reverting to the previous state.”

Some commenters in the Twitter thread are accusing the exchange of failing to fix an exploit identified some time ago.

Others are questioning Beaxy’s claims that other exchanges were also affected: "exchanges" aka just you because you implemented partial payments wrong. This isn’t an exploit it’s incompetence. — D5V1N2 (@D5V1N2) August 13, 2019 According to The Block , just before Beaxy launched approximately two months ago, a Beaxy team member was subjected to SIM-swap hack.In a SIM-swap […]