Crypto.com Exchange Loses $30 Million In Cryptocurrency In Hack

If you’re looking to invest into cryptocurrency, choosing a well-established exchange is a good idea. There are reasons for this, such as reliability where you can trust that they won’t suddenly take all your money and disappear into the ether. Then there is also security, where you don’t want your exchange of choice hacked and having your crypto stolen.

Unfortunately for Crypto.com, a cryptocurrency exchange, it appears that they were hacked. In a post on its website, the exchange confirmed that a hack took place several days ago which resulted in over $30 million worth of bitcoin and Ethereum being stolen. However, there is good news because the exchange has since suspended withdrawals and reimbursed customers who were affected.

According to Crypto.com, “On 17 January 2022, Crypto.com learned that a small number of users had unauthorized crypto withdrawals on their accounts. Crypto.com promptly suspended withdrawals for all tokens to initiate an investigation and worked around the clock to address the issue. No customers experienced a loss of funds. In the majority of cases we prevented the unauthorized withdrawal, and in all other cases customers were fully reimbursed.”

The exchange has also since revoked all 2FA tokens for all its users and moved to a completely new 2FA infrastructure. That being said, if you do plan to trade and hold cryptocurrency, you might want to consider moving your assets to a cold wallet, which is basically an offline wallet like a USB drive meaning that short of you losing that drive, no one else will be able to access your funds.

Tyler Lee
Categories: General
Tags: bitcoin, cryptocurrency, Hack, Security