Sunday December 04, 2022

Over $30 Million Stolen in Crypto.com Hack

ViChizh/Shutterstock.comA considerable hack occurred on the popular cryptocurrency exchange Crypto.com. The hack resulted in more than $30 million in crypto being stolen, in the form of 443.93 bitcoin and 4,836.26 Ethereum. The company issued a statement in a blog post on January 20, 2022. It addressed the hack and gave details about how crypto was stolen. This is a large amount of money stolen directly from users who use the website to purchase and sell crypto. Crypto.com claims that all those who were affected have been fully compensated for their losses. 483 users were affected. Crypto.com claims that all those who were affected by the hack have been fully reimbursed for their losses. Multiple teams were immediately able to respond to assess the impact. All withdrawals from the platform were stopped for the duration of this investigation. All accounts found to have been harmed were immediately restored. Crypto.com removed all 2FA tokens from customers and added security measures that required customers to log in again and set up a 2FA token to ensure authorized activity. The withdrawal infrastructure was down for approximately 14 hours. Withdrawals were resumed at 546 UTC on January 18, 2022. What is Crypto.com doing to fix it? The company is also improving its security to prevent similar events from happening again. A hack can cause severe damage to customer trust, especially if it involves large amounts of money.
First, the company added a layer of security that brings a mandatory 24-hour delay between registration of a new whitelisted withdrawal address and the first withdrawal.Crypto.com also added what it calls a Worldwide Account Protection Program (WAPP), which it says is an “additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange.”Basically, it protects funds if a third party gains unauthorized access to an account and withdraws money without the user’s permission. It can restore up to $250,000 for qualified users. However, you must have certain things on your account in order to qualify. Although it seems like the company is doing all the right things to fix the problem, it is not always enough. READ NEXTDave LeClair
Dave LeClair is the News Editor for How-To Geek. He started writing about technology more than 10 years ago. He’s written articles for publications like MakeUseOf, Android Authority, Digital Trends, and plenty of others. He’s also appeared in and edited videos for various YouTube channels around the web.
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