Crypto.com Finally Confirms Users Lost $34 Million in Hack

1864
22 Jan 2022
6 min read

News Synopsis

Crypto.com, a leading cryptocurrency platform has finally admitted to losing almost $34 million of 483 users on its platform. The loss includes various digital coins owing to a compromise in two-factor (2FA) authentication. The unauthorised withdrawals include more than $15 million worth of ethereum, $19 million worth of Bitcoin and $66,200 in other currencies.

Crypto.com has also said that the risk monitoring system of the platform detected unauthorised activities on a number of user accounts and that the transactions were being approved without the 2FA authentication control.

After which the platform suspended all withdrawals for the duration of the investigation and restored any accounts that were found to be impacted. Crypto.com also revoked 2FA to all its customers and added additional security hardening measures. The platform has also said that no customers have experienced the loss of funds and the unauthorised withdrawal was prevented in the majority of cases.

The platform is also introducing the worldwide Account Protection Program that will offer additional protection and security to user funds in the Cryto.com application and Crypto.com Exchange. Earlier, the CEO of Crypto.com, Kris Marszalek has also confirmed that hundreds of user accounts were hacked and their funds were stolen.

Podcast

TWN In-Focus