Crypto

Crypto.com Loses $35 Million in Hack Involving 483 Users on Its Platform – Attractive Area

Leading cryptocurrency platform Crypto.com has finally admitted that 483 users of its platform lost nearly $34 million worth of various digital currencies due to a compromise in two-factor authentication (2FA).

Overall, unauthorized withdrawals exceeded $15 million in ether, $19 million in bitcoin, and $66,200 in “other currencies.”

The platform said Thursday night that on January 17, its risk monitoring systems “detected unauthorized activity on a small number of user accounts where transactions were approved without verification of 2FA authentication entered by the user.

All withdrawals on the platform were then suspended during the investigation and all accounts that were deemed affected were fully restored.

Crypto.com said it revoked all customer 2FA tokens and added additional security hardening measures, requiring all customers to log in again and set up their 2FA token to ensure only authorized activities take place.

“No client suffered a loss of funds. In most cases, we prevented the unauthorized withdrawal, and in all other cases, customers received a full refund,” the company said.

The company said it introduced an additional layer of security on January 18 to add a mandatory 24-hour delay between registering a new whitelisted withdrawal address and the first withdrawal.

Crypto.com said that it is introducing the Global Account Protection Program (APP) which provides additional protection and security for user funds held on the Crypto.com app and the Crypto.com exchange.

Earlier, Kris Marszalek, CEO of crypto.com, backed by famous Hollywood actor Matt Damon, confirmed that hundreds of user accounts had been hacked and their funds stolen.

–IANOS

na / ksk /

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