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Crypto.com Loses $15 Million Worth of Ethereum to Hackers

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Tue, 01/18/2022 - 05:37
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Alex Dovbnya
Crypto.com has suffered a $15 million hack, according to PeckShield
Crypto.com Loses $15 Million Worth of Ethereum to Hackers
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Major cryptocurrency exchange Crypto.com has lost roughly $15 million worth of Ethereum (ETH) to hackers, according to blockchain security company PeckShield.

Half of the stolen crypto is being laundered with the help of the Ethereum-powered coin mixing service Tornado Cash.   

On Monday, Crypto.com announced that it had halted withdrawals due to “suspicious activity.” Some users started complaining about losing funds.

It took 14 hours for the Singapore-headquartered company to resume withdrawals.

In a recently posted Twitter thread, CEO Kris Marszalek said that no customer funds were lost. He also added that the Crypto.com team had bolstered the exchange’s infrastructure in response to the incident. The exchange is still conducting an internal investigation of the security incident.

Some Twitter uses slammed Crypto.com for never mentioning how much crypto has been stolen as the result of the hack.   

While rug pulls and hacks are rampant in the decentralized finance space, it remains unclear how a centralized exchange of such a high caliber fell victim to the attack. Marszalek has promised to publish a post-mortem as soon as the investigation is completed.    

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Earlier this month, American actor Matt Damon faced backlash for a “cringe-worthy” Crypto.com ad that was originally revealed last year.

In November, the Singapore-based company bought naming rights to the Staples Center in downtown Los Angeles for $700 million.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.