Technology

Crypto.com: $31 million stolen and 483 users affected

After releasing hints of the final numbers during the week, Crypto.com released an official statement regarding the incident that led it to block withdrawals for its users.

The company said on Monday that 483 users were affected by unauthorized cryptocurrency withdrawals from their accounts.

“In most cases, we prevented unauthorized withdrawals, and in all other cases, customers received a full refund,” the company notes. “Unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC, and approximately $66,200 in various cryptocurrencies. »

Two-factor authentication required

At the time of writing, the amounts stolen in ether were slightly less than $14 million and $17 million in bitcoin. In total, the amount is around $31 million, depending on the volatility of cryptocurrency prices from day to day.

Crypto.com says it saw transactions that occurred early Monday morning UTC, on accounts where users’ two-factor authentication (2FA) was not enabled.

“Crypto.com revoked all customer 2FA tokens and added additional security hardening measures, requiring all customers to re-login and set up their 2FA to ensure only authorized activities take place. The withdrawal infrastructure downtime was approximately 14 hours,” the company says. “Out of an abundance of caution, we have migrated to a completely new 2FA infrastructure. »

Reinforced access conditions

The company adds that it has implemented a new policy that the first withdrawal to a whitelisted address must wait 24 hours, as well as a program to refund users up to $250,000 if unauthorized withdrawals are made and certain conditions are met.

These conditions include enabling multi-factor authentication for all transactions, creating an anti-phishing code at least 21 days before the unauthorized withdrawal, not using a jailbroken phone, filing a police report, and sending a copy to the company. , as well as the response to a “research support questionnaire”.

“Terms and conditions may vary by market, depending on local regulations. Crypto.com will make the final decision regarding the eligibility and approval of applications,” the company adds.

Source: .com

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