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AscendEX Suffers ERC-20, BSC, and Polygon Token Breach in Its Hot Wallet -Breaking

by Mike Robinson

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AscendEX is affected by the ERC-20, BSC and Polygon Token Breachs in Its Hot Card
  • Hackers transfer ERC-20, BSC, and Polygon tokens from AscendEX’s hot wallet.
  • The exchange’s cold wallet was not affected.
  • AscendEX pledges to pay any user fund that is affected.

AscendEX has announced that hackers stole a lot of the tokens on their Binance Smart Chain, ERC-20 and Polygon blockchains from their hot wallet.

Right after the company realized the breach, AscendEX gave strong hope to its users that the firm’s cold wallet was not affected by the incident. In order to remove any uncertainty, fear or doubt that the situation might bring, the attacker only damaged the hot wallet. Meaning that all assets in the company’s cold wallet are safe on high security.

AscendEX has begun an extensive underway investigation to determine the exact fault. This will help mitigate further losses and risks on the platform. Additionally, the firm has pledged to cover any of the users’ funds that will be affected by the incident. Users can rest assured that the company will work harder to save their money.

In another sense, since the AscendEX used the word “covered”, users are wondering if it aims to refund their tokens to them or not. Other users also voiced their dismay at AscendEX’s decision to suspend withdrawal at such a crucial time.

Many people feared that AscendEX had been compromised and reacted by claiming they were being scammed. Looking at how crypto exchange hack news was gradually becoming thing of the past, it seems that it’s even becoming rampant these days.

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