Fun

Crypto.com Reveals 483 Accounts Compromised in Recent Hack — $34 Million in Bitcoin, Ether Stolen

News Feed - 2022-01-21 12:01:52

Crypto.com Reveals 483 Accounts Compromised in Recent Hack — $34 Million in Bitcoin, Ether Stolen


Crypto.com has revealed that 483 user accounts were compromised in the recent hack that resulted in unauthorized withdrawals of about $34 million in cryptocurrencies, including bitcoin and ether. Nonetheless, the company stressed that customer funds were never at risk. Crypto.com’s Hack Postmortem and CEO’s Comments


Crypto.com revealed Thursday the number of users affected by the unauthorized crypto withdrawals that occurred on Jan. 17 and the cryptocurrencies stolen. The company wrote: The incident affected 483 Crypto.com users. Unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other currencies.


At the time of writing, the price of bitcoin is $42,083.95 and ether is $3,178.94 based on data from Bitcoin.com Markets. Therefore, the value of BTC and ETH stolen during the hack is over $34 million.


The CEO of Crypto.com, Kris Marszalek, commented on the security breach on his platform in an interview with Bloomberg Wednesday.


Noting that his company invests heavily in cybersecurity, he detailed, “We have 200 professionals around the world who collectively spend the last few years building a very robust infrastructure,” which he said has multiple layers.


“In this particular incident, some of these layers were breached,” he admitted. However, he pointed out: “We were back up and running in about 13, 14 hours, and during the same day, all the accounts that were affected were fully reimbursed, so there was no loss of customer funds.”


Marszalek said that the incident was a great lesson and his company will continue to strengthen its infrastructure.


Regardless of the funds stolen, the CEO noted: One has to remember that given the scale of the business, these numbers are not particularly material and customer funds were never at risk.


Marszalek was then asked what Crypto.com is doing to make sure that a security breach like this does not happen again in the future. The executive replied, “There are additional layers of security that we are implementing as well as some new programs.”


One of the new security measures is the Worldwide Account Protection Program (WAPP) which Crypto.com announced Thursday with the postmortem. The company claims that the WAPP “offers additional protection and security for user funds held in the Crypto.com app and the Crypto.com exchange.” The program restores funds up to $250,000 for qualified users.


Since the Crypto.com exchange is based in Singapore, Marszalek was asked whether he has been contacted by the Monetary Authority of Singapore (MAS), the country’s central bank, which regulates the crypto sector in the country. He replied: At this stage, we did not see any outreach from the regulator.


“We are a regulated business in multiple jurisdictions so we expect this and we are putting together a report that we will share whenever an inquiry comes in,” the Crypto.com executive concluded. Tags in this story crypto accounts compromised, Crypto exchange hack, Crypto.com, crypto.com accounts compromised, crypto.com hack, Crypto.com Singapore, Singaporean Exchange hack


What do you think about the Crypto.com hack and 483 accounts compromised? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Bitmex Acquiring German Bank to Create "Regulated Crypto Powerhouse" in Europe EXCHANGES | 1 day ago Binance to Launch New Cryptocurrency Exchange in Thailand After Thai SEC Filed Criminal Complaint EXCHANGES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSpellfire Oversubscribed Twice, a Staggering $3.8M Raised Next articleEQX, a Native Token of a Bank Powered DeFi Platform EQIFI, Is Now Listed on FMFW․io Exchange (Formerly Bitcoin․com Exchange) Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNear Foundation Raises $150 Million to Bolster Web3 Adoption


On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% ... read more.Swiss National Bank Trials CBDC in Transactions With Five Banks Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament Survey: Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin FTX Launches $2 Billion Venture Capital Fund Focused on Bolstering Blockchain, Web3 Adoption

News Feed

Hillary Clinton Warns Cryptocurrency Could Destabilize Nations, Undermine Dollar as World’s Reserve Currency
Hillary Clinton Warns Cryptocurrency Could Destabilize Nations, Undermine Dollar as World"s Reserve Currency Former presidential candidate Hillary Clinton has urged nation-states t
Huobi Becomes Latest Crypto Exchange to Disclose Proof-of-Reserves
Huobi Becomes Latest Crypto Exchange to Disclose Proof-of-Reserves Huobi, the Seychelles-based crypto exchange, recently became the latest digital asset exchange platform to reveal
EtherLite (ETL) Token Is Now Listed on Bitcoin.com Exchange
EtherLite (ETL) Token Is Now Listed on Bitcoin.com Exchange press release PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of ETL, being av
Blockchain Firm Asks Nevada State for Permission to Build a Crypto ‘Smart City’ in Storey County
Blockchain Firm Asks Nevada State for Permission to Build a Crypto "Smart City" in Storey County A crypto “smart city” could become a reality in Neva
Fed Chairman Claims ‘Now Is Not the Time’ to Worry About the Federal Budget
Fed Chairman Claims "Now Is Not the Time" to Worry About the Federal BudgetAccording to the Federal Reserve Chairman, Jerome Powell, the road to economic recovery is far from over a
Bitcoin Could Drop Below $90,000 If It Doesn’t Break This Level, Rally On Pause?
Este artículo también está disponible en español. Bitcoin (BTC) has been consolidating above the $90,000 support zone for the last ten days, reaching its latest all-time
NFTs fall as ETH rises, Readyverse debuts metaverse game trailer: Nifty Newsletter
Ezra Reguerra5 hours agoNFTs fall as ETH rises, Readyverse debuts metaverse game trailer: Nifty NewsletterReadyverse Studios, a project co-founded by the author and producer of the hit film Ready Player One, released a t
Hermi De Ramos10 hours agoSaudi Arabia looks to blockchain gaming and Web3 to diversify economyThe kingdom is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3.300
South Korean foundation to recover funds from defunct crypto exchanges
Derek Andersen1 hour agoSouth Korean foundation to recover funds from defunct crypto exchangesThe Digital Asset User Protection Foundation will be set up by the DAXA self-regulatory organization and receive support from
Turner Wright7 hours agoCelsius and Core Scientific propose $45M settlement for litigationThough subject to court approval, the two firms have agreed on a settlement in which Celsius will purchase a $45-million mining da
US Lawmaker Calls on SEC Chair Gensler to Testify About His Crypto Regulatory Failures
US Lawmaker Calls on SEC Chair Gensler to Testify About His Crypto Regulatory Failures U.S. Congressman Tom Emmer has called on the chairman of the Securities and Exchange Commissi
US Presidential Candidate RFK Jr. Says Bitcoin Provides An ‘Escape Route’ From Financial Turmoil
US Presidential Candidate RFK Jr. Says Bitcoin Provides An ‘Escape Route’ From Financial Turmoil On Monday, Robert F. Kennedy Jr. once again cautioned the public to be wary of