Gaurav Dahake, CEO of Indian encryption exchange Bitbns, admitted at an AMA conference yesterday that the exchange was indeed hacked 13 months ago. But Dahake claimed that the system was taken offline to analyze anomalies, not to hide hacking. He also said that exchanges improve their security systems after such incidents, and that Bitbns has been operating "seamlessly" in the 13 months since the attack. Still, Dahake would not confirm the amount of assets stolen from the exchange in the attack.

Bitbns shut down the exchange when the team noticed surprisingly high throughput on its servers, Dahake said. Subsequently, the team discovered incorrect prices for Polygon (MATIC), BNB (BNB), and Aave (Aave), with discrepancies in the buying and selling prices of the tokens. The team also noticed some anomalies in withdrawals, he said. During this investigation, the team noticed that an address had received different tokens from the platform, alerting them to the hack. These stolen assets were then converted to Ethereum (ETH) and sent to different addresses.