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I Exploit Loopholes. Security Loopholes – Arijit Dey

Arijit Dey possibly remains the most hated name in the Cryptocurrency space this week in India. Coin Crunch was able to uncover the scam and identify Arijit for duping a Koinex and Bitbns customer into sending 4962 XRP to his personal wallet on Bitfinex. After the XRP were returned to the user, Arijit was able to log in to the user’s account and steal 4962 XRP again. We were able to identify the hacker as Arijit Dey and it was reported to Bitbns.

Bitbns released a statement and acknowledged the scam. They further assured users that no other customers were affected and that they will be doing a police case on Arijit Dey.

In continuation to the unfolding story, today we would like to release a statement sent to us by Arijit Dey, the alleged scammer.

For the fast readers, this is an excerpt from the whole statement:

  • I exploit loopholes. Security loopholes. Isn’t security the biggest factor of exchanges?
  • All those coins are mine and there is no loss to anyone. If my money comes to me, it isn’t a scam.
  • I worked 24 hours everyday for 2 months for Bitbns without being paid.
  • I was sacked without an investigation or explanation
  • It is not because of coin Crunch that Bitbns has added 2FA, it is because of my exploitation
  • I exploited loopholes of Coinome, Coindelta and Bitbns.
  • I want compensation from Bitbns and Koinex
  • I handled 1000s of conversations on telegram as head of admins on Bitbns. If I had to scam, I would have scammed them.



Full statement by Arijit Dey

There is always two sides of a story. Just remember there are always two sides to every story. And most the time no one is completely innocent. Just don’t ever second guess him bc then it’s the ultimate freeze out. no talking, no explanation. You have got to be kidding me. There is so much more to this life than the sides we choose to stand by. There are two sides to every story, and just like tossing a quarter up to see what side it will land on, the side you end up on is one you did not choose on your own, you were raised into it.
I Exploit Loopholes. Security Loopholes. Isn’t Security is the biggest factor of Exchanges?.
Now here comes to Story. I didn’t made loss to any individual.

I just took my coins. Which During Order Execution time it got vanished.
My whole 4000 xrp at Koinex got Vanished.
And this Coins are not Koinex’s, Nor Ashish’s Neither of Bitbns.
And there isn’t 6900 XRPs. And All those Coins are mine. Which i took it in Revenge.
Here, Not Even Rupee 1 Loss of Koinex, Ashish nor Bitbns.
Isme 1₹ ka b loss nai hua Koinex Ashish aur Bitbns Ko
If my own money comes to me. It doesn’t calls as Scam. I didn’t take any user’s Coins. Not Even 1. All those Coins of Ashish are of Extra Ripple Case of Koinex. Not his own either.
Here, No User or Individual got Loss. Neither i did to. I repeat this sentence again and again. I took Koinex’s XRP indirectly mine for Revenge. Neither Ashish also.
Also regarding Bitbns. I didn’t do any wrong with them. I worked 24 hours without any salary for two months. Even handled All Major Promotions, Supports, Channel Supports, Community Management Everything without any Salary or Payment. I handled Officially all major promotions of Bitbns. The Support you get from Bitbns is Curated by me. I recruited all the Current Admins. Even i recruited all the current Bitbns Admins Nitin vaid, Vaibhav Sabharwal, Baali whom all Bitbns Users are Trusting and happy with their work is Recruited By Me Only. Then why i’m sacked and banned. Did everything but even after all this I worked Tirelessly for 24 Hours all this 2 Months and Maintained Bitbns Current Reputation. I handled All Official Coins Partnerships and Promotions but even after all that they sacked me without any investigation or proper truth. I till now didn’t asked or got a penny from Bitbns. I Curated all Social Revolutions of Bitbns. I’m the Creator of @BitbnsAnnouncement Channel, Admin Group, Medium Page of Bitbns. @BitbnsRules. Everything i did. And they removed me and Banned me from Community without Any Proper Explanation or Anything. I did whatever i could for Bitbns. Even all Official Coin Partners thinks me as Bitbns Founder. But what i got in return from Bitbns? Nothing. Is it hat reward i should i get? I got defamed but tell whom did i caused loss.
And I Exploit Loopholes. Its not Because Coin Crunch or Anyone today Bitbns Added 2FA in Coins withdrawal. Its because of my Exploitation of Security Loophole. *Isn’t that called Major Bug Bounty? I Suggested as Head Admin of Bitbns to Gaurav and Prashant ( I can provide proof if required ) manytimes to Introduce the Email Withdrawal Confirmation Mechanisms like how other Exchanges providing. But they didn’t listen to me. Is it my flaw that i already knew the LoopHole?* How did that today introduced 2FA in Withdrawal after i exploited the Security and before they couldn’t. I didn’t cause loss to any user or exchange be it Bitbns or Koinex.
Its me who is in loss. I Exploited loopholes of Coinome,Coindelta,Bitbns. Is it wrong? I should be rewarded for my Bug Bounty. There also many more things to explain but i won’t as I don’t any Exchange to get into loss. Now i request you to please turn the other side of coin before labelling me as SCAMMER or Anything. If i was. Give me list of all those users if i scammed or caused them loss.
Now i want compensation from Bitbns and Koinex. Atleast Bitbns knows i didn’t do any wrong.Also want to remove the Scam tag from my name. And I’m Telling as Head Admin of Bitbns.I handled and helped 1000s of Users at Telegram and access to Lakhs registered at website being Head Admin of Bitbns. If i wanted to scam. Why didn’t scammed them? if you still find me guilty then let the scam tag attached to me else you know what you’ve done to my credentials.

Our conversation with Arijit




How are those coins yours?

I booked a sell order at Koinex on 8th Feb of 4000 XRP however I tried several times to cancel the order. Neither the order is cancelled, neither XRP has been credited nor my money is refunded. Later my account got under monitoring by them

Coin Crunch has not been able to verify the claim independently.

You took advantage of a loophole for a personal benefit. That’s not public service, that’s a scam

Ofcourse I agree I did for personal benefit. But benefit in the cost of no one else. Scammer? I didn’t cause loss to anyone. I didn’t get a penny from Bitbns. Ofcourse I took use of the loophole. Loopholes are for that only. What they did today, couldn’t do from 2 months that I was screaming

We couldn’t ask anymore questions at the time. But we received some more information later from Arijit.

Why were the funds stolen?

You should know I wasn’t going to steal the fund. But what Gaurav and other admins did, provoked me. Gaurav removed me from Admin post and Baali banned me from Bitbns community. Why? Even after you didn’t make my name public.

What now?

I need compensation for my 2 months of work. Return my 1.89 LTC that were in my account. They have to buy telegram channel @BitbnsAnnouncements and another month compensation. Also buy medium.com/Bitbns with another month compensation.

Coin Crunch Opinion:

Two wrongs don’t make a right

Revenge by hurting someone is never a good idea. Arijit may think he did nothing wrong by stealing funds that were mistakenly credited by Koinex, but we believe he did. Koinex has blocked Ashish’s account. He cannot trade until he returns the extra funds that Arijit has stolen.

Arijit may have done this to exert vengeance for not being paid for this work. Again it is wrong. There are legal recourses that can help him.

We would like to let our users know that Arijit has scammed Coinome users earlier as well as Coindelta users. If you are able to find loopholes it is a moral duty to report them, not exploit them. There will be a reward for reporting loopholes. not exploiting them. Exploiting loopholes for personal gain is scam.

If Arijit Dey have done it for education, he choose the wrong path. However, he still holds a chance at fixing everything. We request Koinex and Bitbns to reach out to Arijit and come up with an amicable solution.

Are Arijit’s actions justified? Please let us know what you think in the comments below

Disclaimer: Coin Crunch India team at the time of this writing may hold cryptocurrency or are actively trading in them at Indian or international exchanges. 

Update: The image of Arijit Dey was removed on request.

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