Crypto.com Attacked by Hackers: At Least $15 Million in ETH Lost

A hacker exploit has cost Crypto.com $15 million in Ethereum (ETH) at least, with security experts estimating that the total losses might be far greater.

Having endured a hacker attack, Crypto.com has reportedly lost $15 million in Ethereum (ETH), with true losses yet to be revealed. Crypto.com has not disclosed any information in relation to the reports. 

Per the data from CoinGecko, Crypto.com holds fourth place as the largest crypto exchange by trading volume, with a $3 billion trading volume in a 24-hour period. 

Crypto.com, based in Singapore, had recently paid a tidy sum of $700 for acquiring the Staples Center naming rights.

Yesterday, an announcement via Twitter was made by Crypto.com in relation to the unauthorized activity going on in the accounts of some users and confirming that the funds are secure. 

Crypto.com implored users to sign in and do a reset on the two-factor authentication (2FA) for the purpose of security enhancement.

Crypto.com revealed that the withdrawals resumed on Monday at 17:42 UTC, even though there were multiple complaints from users about missing funds from their account, as well as a report from Billy Markus, co-founder of Dogecoin (DOGE) stating that there is some weird activity going on in one of the Ethereum (ETH) wallets of the exchange. 

The situation worsened after Peckshield, the security research company tweeted on early Tuesday morning that Crypto.com had lost at the very least $15 million equivalent to 4,600 Ethereum (ETH), half of them being sent to Tornado Cash. The damages could be even worse than this.

After a couple of hours, Kris Marszalek, Crypto.com CEO took to Twitter to reveal that users had not lost their funds and the infrastructure of the exchange has been secured further after the hack. The CEO said that more will be revealed once the investigation by the exchange is finished. 

Users also reported that their accounts have regained the missing funds. 

Also read: 

Elon Musk Headlines Online Mockery – DogeBonk Beats Dogecoin in Moon Mission Challenge

Total BTC Supply on Exchanges Drops to 12%

Hoskinson says Massive ADA Influx is Just the Beginning

Mercedes-Benz Joins the Metaverse By Launching G-Class NFTs

70% of Jamaicans To Embrace the Use of CBDC in The Next Five Years 

Retail Giant Walmart Plans to Launch Its Own Cryptocurrency and a Collection of NFTs