Crypto.com Restores Withdrawals After Reportedly Losing $15m To Hackers
January 18 2022 - 3:54AM
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Crypto.com, the popular cryptocurrency exchange platform, halted
all deposits and withdrawals on Monday, January 11, citing
“unauthorized activity” on some accounts. It has, however,
reinstated some accounts and withdrawal services, noting that the
accounts are now safe. News From Yesterday According to security
and data analytics firm PeckShield, Crypto.com has been the latest
target of a cyberattack, with about $15 million worth of
cryptocurrency stolen. At least 4,600 Ether has been taken from
some of the exchange’s accounts. Crypto.com issued a tweet
informing users that a number of users have reported suspicious
behavior on their accounts. Withdrawals will be temporarily halted
as their staff investigates the situation. All of the monies are
safe, according to the message. We have a small number of users
reporting suspicious activity on their accounts. We will be pausing
withdrawals shortly, as our team is investigating. All funds are
safe. — Crypto.com (@cryptocom) January 17, 2022 Dogecoin (DOGE)
founder Billy Markus spotted a strange transaction pattern on
Etherscan, leading the firm to suspend all transactions until it
can figure out what’s wrong with their platform. Several users
reported on social media that their tens of thousands of dollars
worth of digital assets had vanished from the exchange. I really
hope @cryptocom gets their shit together. Because a lot of theft is
going on and if you check https://t.co/tO1rPRGTgC from the
cryptocom wallet address. You’ll see a bunch of 2ETH to 5ETH
transactions being sent to wallets with single transactions. How
did it bypass 2FA? — BEN BALLER™ (@BENBALLER) January 17, 2022 Ben
Baller, a cryptocurrency enthusiast and jeweller, claimed that his
account had been hacked and that he had lost 4.28 Ether (ETH)
(about $15,000). He also said he used two-factor authentication,
meaning that the suspected criminals had to get around some of
Crypto.com’s security measures. BTC/USD yet to break psychological
barrier. Source: TradingView Tornado Cash was used to move the
funds, making it harder to track. Technical glitches on
cryptocurrency trading platforms have been increasingly widespread
in recent months. Even some of the most prominent crypto exchanges
have experienced significant disruptions during peak period.
Related article | Sports NFT Marketplace Lympo Suffers An $18.7
Million Hack Crypto.com Lost $15 Million To The Hack Although
Crypto.com claims that the accounts are safe, Peckshield, a
blockchain security and data analytics firm, claims that the
exchange has lost a whopping $15 million in the recent theft, or at
least 4,600 ETH. The @cryptocom loss is about $15M with at least
4.6K ETHs and half of them are currently being washed via
@TornadoCash https://t.co/PUl6IrB3cp https://t.co/6SVKvk8PLf
pic.twitter.com/XN9nmT857j — PeckShield Inc. (@peckshield) January
18, 2022 CEO Kris Marszalek stated on Twitter that no customer
funds had been lost. In reaction to the event, the Crypto.com team
reinforced the exchange’s security infrastructure, he noted. The
security incident is currently being investigated internally at the
exchange. Some thoughts from me on the last 24 hours: – no customer
funds were lost – the downtime of withdrawal infra was ~14 hours –
our team has hardened the infrastructure in response to the
incident We will share a full post mortem after the internal
investigation is completed. — Kris | Crypto.com (@Kris_HK) January
18, 2022 After hours of waiting, Crypto.com tweeted that security
on all accounts is being increased out of an abundance of caution,
asking users to sign in to their App & Exchange accounts and
Reset their 2FA. They also stated that this update will be
gradually given out to users over the next few hours. Withdrawals
will be re-enabled once this process is completed. They stated that
they recognize that this may be inconvenient for users, but that
security comes first. With over 10 million customers, Crypto.com is
one of the most popular trading platforms in the United States.
We’d like Crypto.com to provide us with more information about
this. Related article | Largest DeFi Hack Yet? BadgerDAO Hack
Results In Loss Of $120M+
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