• M

    Max E.

    Crypto.com Hack: Platform Denies Loss of Funds

    Crypto.com hack

    On January 17, cryptocurrency exchange app Crypto.com suspended withdrawals due to "suspicious activity" on user accounts. Although representatives of the platform assured that customer funds are safe, however, according to analysts, as a result of a hacker attack, over $15 million worth of crypto-currency funds were stolen. 

    This amount was named by PeckShield specialists, who suggested that now 4.6 thousand ETH are being laundered using the Tornado Cash transaction confusion service. Allegedly, the movement of cryptocurrency occurs in parts of 100 ETH.

    The withdrawal of funds was resumed after 14 hours, an investigation is underway into the circumstances of the incident. The head of the platform said that the infrastructure has been strengthened and its security has been increased.

    Meanwhile, the platform's clients have reported a loss of funds. Allegedly, more than 17 ETH was stolen from one of the users, but later the funds were returned to his wallet.

    Representatives of the platform promised to share additional information after the completion of the internal investigation and urged customers to re-pass two-factor authentication. However, some users have reported experiencing an error in this process.

    In September last year, Crypto.com announced an increase in insurance coverage for user assets to $750 million. The coverage is to protect assets held in cold storage by the platform’s custodial partner from “physical damage or destruction and theft by third parties.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.