Crypto.com Suspends Withdrawal Due to Unauthorized Activity. Users Claim Losses Up to  Million — DailyCoin



Singapore-based cryptocurrency exchange – Crypto.com – on Monday, January 17, announced the temporal suspension of withdrawals after its hot wallets were compromised. 

Crypto.com halted withdrawals after users reported “unauthorized activity” on their wallets. Billy Markus, the co-founder of Dogecoin, also pointed to a suspicious transaction pattern on Etherscan.

Breached, But No Funds Lost

After about 14 hours after the initial announcement, Crypto.com announced to its users that withdrawals had resumed and all funds were safe. 

Insisting that no funds were compromised, Crypto.com advised users to sign back into their app, exchange accounts, and reset their two-factor authentication.

Deferring Reports – Up to $15 Million in ETH was Stolen

Despite reporting that funds were safe, multiple sources have reported that up to $15 million or 4,600 ETH was stolen from the exchange. Many users who have complained have reported losses between 2-5 ETH.

One of such victims is, Ben Baller, a crypto enthusiast and entrepreneur. According to Baller, his losses amounted to 4.25 ETH or the equivalent of $13,924.

On the Flipside

  • Crypto.com reportedly holds 100% of its user funds in offline cold wallets, using an institutional-grade solution by Ledger.

Why You Should Care

While hacks and scams are rampant in decentralized finance, it remains unclear how a centralized exchange of such a high caliber was hacked of $15 million.

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