White Hat Institute

Hackers stole nearly $30 million from Crypto.com

Retrieved from stealthoptional.com

Cryptocurrency exchange Crypto.com admitted in a statement posted early Thursday morning that it had lost well over $30 million in Bitcoin and Ethereum as a result of a hack that occurred on January 17th. The corporation has been chastised for providing ambiguous information about the attack, which CEO Kris Marszalek just recently confirmed.

According to the recent article, the overall value of the illicit transactions was $4,836.26 ETH and 443.93 BTC (approximately $15.2 million and $18.6 million at today’s exchange rate, correspondingly), along with $66,200 in other currencies. 483 Crypto.com users’ accounts were allegedly hacked, according to the post.

All impacted clients have been completely funded for their losses, according to Crypto.com. The business’s most recent message sheds the most light on the security breach to date, while the particular method of compromise is still unknown.

“On Monday, January 17th, 2022 at about 12:46 AM UTC, Crypto.com’s risk monitoring systems discovered illegal behavior on a small number of user accounts where transactions were approved without the user entering the 2FA authentication control,” the post states. “This prompted a rapid response from a number of teams to assess the situation. For the duration of the investigation, all withdrawals on the site were halted. Any accounts that were determined to be harmed were completely restored.”

The company has converted its two-factor authentication system to a new framework as a result of the compromise and has invalidated all current 2FA tokens, requiring all customers to transfer to the new system.

The Crypto.com breach is the latest in a series of attacks on the crypto exchange, which are among the most valuable targets in the rapidly expanding cryptocurrency world. According to an investigation by NBC News, there were more than 20 exchange attacks in 2021 in which the hacker made more than $10 million in profit and six cases in which the worth of cash taken exceeded $100 million.