Crypto.com Confirms Hundreds of Accounts Have Been Hacked

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Following a hack of its hot wallet earlier this week, Crypto.com announced that 483 accounts had been compromised.

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The Singapore-based crypto exchange released an official statement sharing its findings and declaring the establishment of the “Global Account Protection Program”.

Following the January 17 security incident, we share our findings below, along with the improvements we have made to our security infrastructure and the introduction of the Global Account Protection Program. https://t.co/6q86r0o59V pic.twitter.com/ER7DkBoX1Z

— Crypto.com (@cryptocom) January 20, 2022

In the report, Crypto.com confirmed that “4,836.26 ETH, 443.93 BTC and approximately $66,200 in other currencies” were taken from users’ accounts, with an estimated total of 33.8 million. stolen dollars.

Crypto.com said that “in the majority of cases, we prevented unauthorized withdrawal, and in all other cases, customers received full refunds.” However, some exchange users have complained on Twitter that they don’t have access to their funds yet.

@Kris_HK I have repeatedly reported to your staff that I STILL do not have access to my funds. I’ve followed all the steps and I’m not getting a response. Do we get using your exchange? Maybe I should transfer my funds to @coinbase or @binance? Please get in touch.

— RomZ (@itz_romzy) January 20, 2022

It was PeckShield, a blockchain security company, who shared the initial losses resulting from the hack and said the stolen 4.6 ETH ($14.6 million), at the time of writing, was laundered via TornadoCash , an ETH-based coin mixer.

New security measures

The attackers were found to have bypassed 2FA (two-factor authentication) security measures on the exchange, which has now migrated to a new 2FA infrastructure.

It also introduced an “additional layer of security on January 18, 2022 to add a mandatory 24-hour delay between registering a new whitelisted withdrawal address and the first withdrawal.”

Kris Marszalek, CEO of Crypto.com, said the exchange hasn’t heard from regulators about the hack, in an interview with Bloomberg.

“Obviously, that’s a big lesson, and we’re continually strengthening our infrastructure,” he said.

Disclaimer: The views and opinions expressed by the author should not be considered financial advice. We do not give advice on financial products.

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