CoinBene denied being hacked despite $105M in suspicious large withdrawals that blockchain analysts confirmed as unauthorized.
On March 25, 2019, blockchain analysts detected over $105M in unusual ERC-20 token withdrawals from CoinBene wallets. The exchange claimed it was conducting routine maintenance, but the withdrawal patterns — immediate sale via decentralized exchanges — matched hack behavior. The exchange later quietly resumed operations without acknowledging a breach.
ERC-20 tokens immediately sold on Uniswap, Etherdelta, and other DEXes, crashing several token prices. ETH proceeds moved through multiple intermediary wallets. No mixer usage traced — funds dispersed through DeFi protocols. CoinBene's denial made official recovery efforts impossible. Funds considered lost.
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