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LCX Exchange Loses $6.8M in Hot Wallet to Hackers Amid BTC Crash -Breaking


© Reuters. LCX Exchange Loses $6.8M due to Hot Wallet Hackers in the BTC Crash
  • $6.8M has been stolen from the LCX exchange by hackers in one of its hot wallets.
  • PeckShield is a security firm that uses blockchain to identify the hackers.
  • ETH and USDC were affected.

The hackers have taken $6.8million from the LCX Exchange’s hot wallet. After suspending withdrawals and deposits, the company confirmed this news.

PeckShield, a Blockchain Security Company, was the first to report the suspicious ERC-20 transfer from the LCX Exchange to an unidentified ETH wallet.

Moreover, right after PeckShield’s report, the LCX exchange announced that more than eight types of tokens including ETH, USDC, LINK, MKR, ENJ, SAND, and QNT were compromised.

LCX still hasn’t revealed any way to recover the funds. The exchange only spoke of its security measures for protecting other assets and wallets.

This difficult time was made easier by the assistance of customers, exchanges and security specialists, as well as the larger crypto community.

Coincidentally, the LCX exchange exploit came at the time when Bitcoin’s (BTC) price showed a drastic downward trend. However, apart from BTC’s dip nowadays, the entire crypto market is also showcasing red symptoms, indicating a bear market.

Seemingly, the crypto market rally this time seems to be going astray to traders’ imaginations. As of the writing of this post, there is mixed signals in the crypto market. However, the bullish flags are outnumbered by the red ones.

This week is actually quite bad, especially for crypto markets and flagship currencies.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.

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