Sunday November 27, 2022

Crypto.com admits over $30 million stolen by hackers

Crypto.com, a cryptocurrency exchange, acknowledged in a blog post that it had lost over $30 million in Bitcoin after a hack on January 17th. This was confirmed by Kris Marszalek, the CEO.
According to the blog post, the total value of the unauthorized withdrawals was 4,836.26 Ethereum and 443.93 BTC. This is roughly $15.2 million and $18.6 millions respectively at current exchange rates. The post stated that 483 Crypto.com users had had their accounts compromised.
Crypto.com stated that all customers affected have been fully compensated for their losses.
Although the details of the method of compromise remain unclear, the latest communication from the company gives the most detailed insight into the security breach.
The post states that Crypto.com’s risk monitoring system detected unauthorized activity Monday, 17 January 2022 around 12:46 UTC. Transactions were being approved without the 2FA authentication control being entered by the user,” it reads. “This triggered an immediate response by multiple teams to assess its impact. All withdrawals from the platform were stopped for the duration of the investigation. All accounts found to have been impacted were restored fully.”
The hack resulted in the exchange migrating its two-factor authentication system into a new architecture and revoked all 2FA tokens. All customers will now need to switch to the new system.
The latest attack on cryptocurrency exchanges is the Crypto.com hack. These are the most valuable targets in the rapidly growing cryptocurrency ecosystem. According to NBC News analysis, there were more than 20 hacks of cryptocurrency exchanges in 2021 where the hacker made more than $10 million in profits. Six cases had a value exceeding $100 million.

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