Crypto.com suspended due to ‘unauthorized activity’

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Cryptocurrency exchange Crypto.com suspended withdrawals on its platform on Monday, January 17 after users reported “unauthorized activity” on the platform.

According to a CoinDesk report, the platform pushed out an update that required users to log back into their accounts and reset their two-factor authentication.

On Monday afternoon, CEO Kris Marszalek tweeted that the company was undergoing final checks of its app and platform before resuming withdrawals for users. Withdrawals were reactivated in the early afternoon Eastern time.

Update: Withdrawal services have been restored. All funds are safe.

It will take time to clear the backlogs. We appreciate your patience. https://t.co/ZKMfyTMebi

— Crypto.com (@cryptocom) January 17, 2022

According to the CoinDesk report, other cryptocurrency exchanges have suspended withdrawals and other services on their platforms during spikes in demand during times of high volatility. This includes November, when Binance disabled all crypto withdrawals due to a large backlog.

Related: UK Regulator’s Ban on ‘Misleading’ Ads Rekindles Crypto Regulation Debate

Earlier this month, the UK’s Advertising Standards Authority (ASA) announced that it had banned two mobile advertisements from Crypto.com due to the “misleading” nature of the advertisements. One ad read: “Buy Bitcoin with credit card instantly,” while another ad read: “Earn up to 3.5% [per annum]– a number that later changed to “8.5%”.

The ASA ordered Crypto.com to ensure that future advertisements “sufficiently convey” the volatility of cryptocurrency investments and clarified that cryptocurrency is unregulated in the UK.

See also: Crypto.com Reaches $700M Deal for Staples Center LA Naming Rights

Meanwhile, the building that had been known as Staples Center since it opened in Los Angeles in 1999 became Crypto.com Arena on Christmas Day, after the company signed a 20-year, $700 million contract. with the arena owned by AEG for naming rights.

The arena is the official home of the Los Angeles Lakers and LA Clippers of the NBA, the LA Kings of the NHL, and the Los Angeles Sparks of the WNBA. The deal also makes Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and LA Kings.

Crypto.com Arena hosts over 240 major national and international events “ranging from professional sports, concerts, family and award shows, boxing and special events including the Grammy Awards, NBA All-Star Games and the NHL All-Star Games, among others.”

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