Crypto.com Confirms Security Breach of Customer Accounts
- 483 customer accounts of the exchange were hacked.
- The exchange has already reimbursed all the victims.
Crypto.com confirmed on Thursday that its 483 customer accounts were hacked earlier this week as hackers breached several layers of its security.
The ‘unauthorized withdrawals’ from some of the Crypto.com user accounts were made on Monday. Additionally, the exchange revealed that a total of 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term were siphoned off from its platform.
The exchange initially halted withdrawals for around 14-hours after noticing suspicious activity with some of its accounts. But then, it stressed that all of the funds were safe.
Initially, the reports of the hack surfaced when the blockchain analytics company, PeckShield cited on-chain data to establish that around $15 million worth of Ethereum was stolen from the crypto exchange, and half of them were already washed using Tornado Cash.
Some of the exchange’s customers, including some high-profile clients, also shared on social media that Ether stored on their Crypto.com accounts had vanished.
In addition, Crypto.com confirmed that it had reimbursed all of the victims who lost funds to hackers.
“In the majority of cases we prevented the unauthorized withdrawal, and in all other cases customers were fully reimbursed,” the exchange stated.
Additional Security
Now, the exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term is adding additional layers of security to protect the stored funds of customers. It has added a mandatory 24-hour delay between registration of a new whitelisted withdrawal address and the first withdrawal.
Furthermore, it is introducing a Worldwide Account Protection Program (WAPP), offering fund protection of up to $250,000.
“While our goal is to prevent any security breaches, our industry-leading insurance policy and Worldwide Account Protection Programs offer our customers additional protection in rare instances when there is an incident,” said Jason Lau, the Chief Information Security Officer of Crypto.com.
Crypto.com confirmed on Thursday that its 483 customer accounts were hacked earlier this week as hackers breached several layers of its security.
The ‘unauthorized withdrawals’ from some of the Crypto.com user accounts were made on Monday. Additionally, the exchange revealed that a total of 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term were siphoned off from its platform.
The exchange initially halted withdrawals for around 14-hours after noticing suspicious activity with some of its accounts. But then, it stressed that all of the funds were safe.
Initially, the reports of the hack surfaced when the blockchain analytics company, PeckShield cited on-chain data to establish that around $15 million worth of Ethereum was stolen from the crypto exchange, and half of them were already washed using Tornado Cash.
Some of the exchange’s customers, including some high-profile clients, also shared on social media that Ether stored on their Crypto.com accounts had vanished.
In addition, Crypto.com confirmed that it had reimbursed all of the victims who lost funds to hackers.
“In the majority of cases we prevented the unauthorized withdrawal, and in all other cases customers were fully reimbursed,” the exchange stated.
Additional Security
Now, the exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term is adding additional layers of security to protect the stored funds of customers. It has added a mandatory 24-hour delay between registration of a new whitelisted withdrawal address and the first withdrawal.
Furthermore, it is introducing a Worldwide Account Protection Program (WAPP), offering fund protection of up to $250,000.
“While our goal is to prevent any security breaches, our industry-leading insurance policy and Worldwide Account Protection Programs offer our customers additional protection in rare instances when there is an incident,” said Jason Lau, the Chief Information Security Officer of Crypto.com.