Crypto.com Reportedly Lost $15 Million in a Cyberattack

Crypto.com has become the latest target of a cyberattack as around $15 million worth of cryptocurrencies have been stolen, according to the security and data analytics firm, PeckShield. At least 4,600 Ether has been siphoned from some accounts of the exchange.

Additionally, the analytics company cited blockchain data detailing that half of the stolen 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 have been washed using TornadoCash.

The @cryptocom loss is about $15M with at least 4.6K ETHs and half of them are currently being washed via @TornadoCash https://t.co/PUl6IrB3cp https://t.co/6SVKvk8PLf pic.twitter.com/XN9nmT857j.

— PeckShield Inc. (@peckshield) January 18, 2022

Funds Are Safe?

This came only a day after the cryptocurrency exchange halted its withdrawals amid some suspicious activities. “We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating.”

However, at that time Crypto.com stressed that all funds were safe. 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 did not officially confirm the reports of the hack of its accounts, as of press time.

Moreover, several high-profile users pointed out that Ether has been stolen from their Crypto.com accounts, but the exchange denied these claims. “Earlier today a small number of users experienced unauthorized activity in their accounts,” the exchange noted.

In addition, Crypto.com resumed withdrawal services after a few hours but was adamant on its stance that none of the funds were stolen.

“Withdrawal services have been restored. All funds are safe,” Crypto.com noted on Twitter. “It will take time to clear the backlogs. We appreciate your patience.”

Crypto.com became one of the largest global cryptocurrency exchanges over the last few years. It inked several high-profile sponsorship deals, mostly in sports, to promote its brand. Most recently, the venture arm of the exchange onboarded prominent tech journalist Jon Russell as a partner, Finance Magnates reported.