Crypto.com Halts Withdrawals to Block Suspicious Activity -Breaking
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Crypto.com Withdraws to Stop Suspicious Activity- Crypto.com was temporarily stopped from withdrawing funds due to suspicious activity
- Although some suspicious activity was reported by users, the company stated that all funds were safe.
- The founder Billy Markus was suspicious of Etherscan transactions, and the company decided to halt transactions.
Major cryptocurrency platform Crypto.com has temporarily stopped withdrawals due to a few users’ reports of suspicious activity on their accounts. All funds are currently safe, the company stated.
There are a few users who report suspicious activity on their accounts.
Our team is currently investigating. We’ll be suspending withdrawals as soon as possible. All funds remain safe.
— Crypto.com (@cryptocom) January 17, 2022
In response to user account theft, Crypto.com stopped withdrawing funds from its platform hours ago. Dogecoin founder Billy Markus discovered a suspicious transaction pattern on Etherscan, which caused Crypto.com to temporarily halt the transaction. Once the problem has been resolved, transactions will return to normal.
I see odd activity on one of the hot wallets on https://t.co/AbuAAkBxG1 – https://t.co/7l7MgCLnoG
It’s a pattern, the wallets receiving look like this https://t.co/2Gf48D3fqm, multiple of the same transactions to a new wallet between 2-5 ETH, funds not moved after that. https://t.co/tbGJ5RqpXS
— Shibetoshi Nakamoto (@BillyM2k) January 17, 2022
Ben Baller is a cryptocurrency enthusiast and jeweler. He claimed that his account had been compromised, when he lost 4.28ETH. That’s almost $15,000. Additionally, Ben Baller stated that he had used two-step authentication. This would indicate that the attackers may have bypassed some security measures at Crypto.com.
Numerous hacks, protocol vulnerabilities, and other rug-pullings have been reported since the birth of the cryptocurrency industry. A decentralized finance security platform ImmuneFi and bug bounty service ImmuneFi revealed that 2021 saw losses of over $10.2 trillion dollars due to hacks and scams. 120 fraud cases involving crypto exploits and rug pulls were also reported. Poly Network’s hack was the most expensive at $613 Million.
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