Indian Crypto Community Jumps Against BitBns Founder’s New Crypto Platform
The crypto community united to boycott the Onramp.money platform, as its founder already left crypto investors with huge losses following the BitBns crypto exchange hack incident.
BitBns, an Indian cryptocurrency exchange, suffered a major hack in Feb 2023, resulting in the loss of around $7.5 million worth of funds. The exchange initially concealed the breach, claiming it was undergoing system maintenance. Later, it confirmed the hack and stated that the attack targeted hot wallets. BitBns faced criticism for the delay in disclosure, raising concerns about its security measures. The hack contributed to a loss of user trust, leading to a collapse in its market credibility.
On 28 Sep 2024, an Indian crypto X user urged all Indian crypto investors to boycott a new crypto platform, “Onramp.money.” This new crypto trade platform is backed by BitBns founder Gaurav Dahake, so there are huge chances that it will also result in another hack & scam, which is itself a very big red flag for the crypto investors especially for those who are already suffering huge losses due to the BitBns hack and WazirX exchange hack.
WazirX Hack Incident, Binance, & Hope
As we have reported multiple times about the Binance vs WazirX dispute and the hacking incident in which WazirX lost $235 million worth of cryptocurrencies, the WazirX legal team secured regulatory approval for the moratorium application. However, the whole situation suggests that nothing will change unless Binance leadership intervenes in favour of WazirX customers.
As we know, Binance’s former CEO Changpeng Zhao (CZ), known for making decisions in favour of crypto investors, was released from jail yesterday. It is expected that he may announce some decisions. However, people need to understand that he cannot directly address the Binance vs WazirX conflict due to legal constraints.
Read also: US Senator Cynthia Lummis Urges SEC to Clarify Crypto Rules, Advocates EU-Like Regulations
