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Crypto.com Says Hackers Stole Nearly $34M From Users
The hack prompted the site to now offer protection for funds of up to $250,000 in the event of a third party gaining unauthorized access to accounts.
Updated May 11, 2023, 5:56 p.m. Published Jan 20, 2022, 10:59 a.m.
Cryptocurrency exchange Crypto.com said hackers stole nearly $34 million during the Jan. 17 hack.
- The Singapore-based exchange, in an update on Thursday, acknowledged that unauthorized withdrawals totaled 4836.26 ether ($15.2 million), 443.93 bitcoin ($18.7 million) and $66,200 in U.S. dollars.
- On-chain data from PeckShield had previously suggested that 4,600 ether had been stolen and were being laundered via Tornado Cash, an ETH mixer protocol aimed at improving transaction privacy.
- As a result of the hack, Crypto.com has introduced a Worldwide Account Protection Program (WAPP), whereby qualified users' funds are protected up to $250,000 in the event of a third party gaining unauthorized access to their account.
- The hack affected 483 users, all of whom have been fully reimbursed, Crypto.com said.
- Following reports of "unauthorized activity" on Monday Crypto.com suspended withdrawals on its platform, subsequently advising users to sign back in and reset their two-factor authentication.
- Crypto.com CEO Kris Marszalek told Bloomberg TV on Wednesday that the numbers for the hack were "not particularly material and customer funds were not at risk."
- A recent hack of crypto exchange BitMart saw losses of $196 million after a private key was stolen.
Read more: Multichain Hack Worsens as Loss of Funds Reaches $3M: Report
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UPDATE (Jan. 20, 2022, 14:16 UTC): Adds information on Crypto.com's new WAPP program.
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