Crypto.com Suspends Withdrawal Due to Unauthorized Activity. Users Claim Losses Up to $15 Million -Breaking
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Crypto.com suspends withdrawal due to unauthorized activity User Claims Losses up to $15,000,000Singapore-based cryptocurrency exchange – Crypto.com – on Monday, January 17, announced the temporal suspension of withdrawals after its hot wallets were compromised.
Crypto.com halted withdrawals after users reported “unauthorized activity” on their wallets. Billy Markus (co-founder) also pointed out suspicious transactions on Etherscan.
A small percentage of our users have reported suspicious activity to their accounts. As our team investigates, we will suspend withdrawals in the near future. All funds are secure.
— Crypto.com (@cryptocom) January 17, 2022
Breached, But No Funds Lost
Crypto.com informed its users 14 hours later that withdrawals were resumed, and that all funds are safe.
Crypto.com insisted that funds had not been compromised and advised customers to log back in, reset two-factor authentication, and exchange accounts.
Deferring Reports – Up to $15 Million in ETH was Stolen
Multiple reports have claimed that even though funds are safe, up to 15 million dollars or 4,600ETH were stolen from the exchange. Many people who complained reported losing between 2-5 ETH.
Ben Baller is a cryptocurrency enthusiast and entrepreneur. Baller estimates that his losses were 4.25 ETH (or the equivalent of $13,924).
It’s wild. After some digging. Since after my 4.28ETH was taken from my @cryptocom wallet, I began to check their ETH wallet and in the last 6 hours they’ve been cleaned out for about 5,000ETH! So this ain’t just a small amount of users. That’s $16M
— BEN BALLER (@BENBALLER) January 17, 2022
Flipside
- Crypto.com claims to have 100% user funds stored offline in cold wallets using Ledger’s institutional-grade solution.
Why you should care
Although fraudsters and hacks are rampant within decentralized finance it’s not known how an exchange of this high quality was compromised.
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