Crypto Exchange Crypto.com Lost $33 Million in Cyber Attack

Crypto.com is a cryptocurrency exchange that recently faced a minor hacking incident. Some on-chain analysts claim that the hack resulted in a loss of $33 million worth of cryptocurrencies from the exchange platform. The reports about the hack first started to appear on social media networks when the network users posted the first incident reports on Twitter.

Keeping in view the hack, Crypto.com took swift action and blocked all withdrawal options from the platform. The official Twitter handle of Crypto.com also posted an update about the hack informing the users that some of the patrons are facing issues with their wallet reserves, and an investigation is currently on its way. The exchange management also ensures the users that all funds are secured.

One Twitter user registered with Crypto.com named Ben Baller recently posted on Twitter that around 4.28 ETH disappeared from their digital wallet address. Another user named BitMiss claimed that she lost around 24 ETH tokens during the same period. Cyber security firm PeckShield shared the total amount of ETH stolen from the network, estimated at 4,600 units.

PeckShield experts also pointed out that the hackers were able to smuggle their loot through a funnelling channel called Tornado.Cash. The channel is for Ethereum users for transaction privacy. Meanwhile, Etherscan recently highlighted an address that transferred 4,800 ETH during the same period as the hacking section.

Crypto.com is not the only exchange platform that experienced a hack attack recently. According to data from OXT Research, some other cryptocurrency markets have also suffered from losses. Liquid is a cryptocurrency exchange that lost around $97 million worth of digital assets during hot wallet hacks. Meanwhile, AscendEX is another digital currency market that lost around $77.7 million of digital assets recently.

Crypto.com has not published a detailed report about the hacking incident, but CEO Kris Marszalek has reassured the users that their funds are secure. Furthermore, the exchange platform is currently working on fixing the backlogs. The company also intends to share the technical report on the matter for public benefit.