Crypto.com Was Hacked

Crypto.com Was Hacked

Crypto.com was hacked. The mobile app that enables consumers to buy over 80 forms of cryptocurrency has been through a wild ride. It left users with big losses and in addition users of the exchange noticed missing cryptos from their personal wallets. 

Owners of the exchange put out a tweet that the problem was being investigated. They claimed that all funds were safe in their possession however this was not the case. Several users tweeted that they were indeed missing bitcoin and Ethereum from their personal digital wallets. 

Ben Baller the Korean American jeweler had reported that he too experienced a loss of 4.25 ETH when the hack took place. He then put out a tweet that they had restored his funds.

PeckShield, a blockchain security firm, investigated further and released a report claiming that 4,600 ETH worth $14.6 million had been stolen off the network and laundered using TornadoCash, an ETH-based coin mixer.

The news regarding this attack was released a day after Crytpo.com secured a deal of roughly $18m with an Australian Football League. 

How did this happen?

The attackers managed to bypass the two-factor authentication on the exchange and in this way hacked several digital wallets of the consumers.

Crypto.com notified its users through a tweet to reset their 2FA information. Withdrawals will be re-enabled after the update is handed out to all users, according to the business. In the year 2022, Crypto.com became the first centralized exchange to be hacked.


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Crypto.com Was Hacked

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