Crypto.com (CRO) hacked, halts withdrawal citing “suspicious activity”

Crypto.com (CRO) hacked, halts withdrawal citing "suspicious activity"
Crypto.com suspended withdrawals after reports of suspicious activity. Image from freepik

Key Takeaways:

  • Crypto.com announced suspension of withdrawal services following user complaints of suspicious activity in their wallets.
  • Although the exchange’s CEO claims no loss of funds, tweets from several users suggest otherwise.

NEW DELHI (CoinChapter.com) — Singapore-based cryptocurrency exchange Crypto.com hacked, as the exchange temporarily halted withdrawals on its platform following several complaints from users regarding some ‘suspicious activity.’

The firm shared the announcement via its Twitter account, stating that complaints from a ‘small number of users‘ reported suspicious activity in their accounts. As a result, the exchange stated that withdrawals would recommence after an investigation and claimed that all funds were safe.

Several users reported thefts from their wallets, leading to suspicions of a Crypto.com hack by a malicious person or persons. In some cases, a hacker, or hackers, had made off with all the funds in user accounts.

Also Read: Crypto.com’s MCO token jumps more than 82% after nearly 4 weeks of downtrend.

Later, the exchange released another statement, assuring users that the Crypto.com hack has prompted the platform to enhance its security measures. The new measures required users to sign back into their app and exchange accounts. Crypto.com also asked users to reset their Two-Factor Authentication (2FA).

The exchange rolled out the update with updated security measures gradually, promising users to restore withdrawals once the update began.

At 17:42 UTC, the exchange’s official account notified users that the platform had restored withdrawals and all funds were safe. However, the Crypto.com hack would likely require some time to clear all the backlogs, and the exchange requested users for their patience.

Meanwhile, Crypto.com’s CEO Kris Marszalek thanked the users for their support, adding that the Crypto.com hack allowed the exchange to strengthen its setup. Additionally, he noted that no customers lost their funds in the hack, with the exchange’s downtime limited to just around 14 hours.

However, users disagree with the exchange and its CEO’s claims that no users lost any funds, with several complaining of no recovery of their lost assets.

Users Complain Of Lost Funds after Crypto.com Hacked

Despite Crypto.com’s claims, users flooded the exchange’s Twitter account with complaints of lost funds. Musician and actor Ben Yang, aka Ben Baller, also shared a tweet stating that his account was down 4.28 ETH. He also asked how the hackers got past the 2FA.

Also Read: Crypto.com (CRO) poised for gains in 2022, as it aims to make top 20 consumer brands.

Another user, Rick Swave, replied to Crypto.com CEO’s tweet, calling out Mr. Marszalek’s claim of no lost funds. Mr. Swave stated he lost 17 Solana, worth nearly $2,400 at the time of writing.

Another user asked the hacked Crypto.com about the timeline for restoring the whitelisting of external wallets, adding that the service had been down for over 18 hours.

Meanwhile, a detailed post-mortem of the hack is in the works.

In addition, it seems the Crypto.com hack has had little effect on the platform’s native token, CRO, as it was trading for $0.445, up 0.3% on the day. The platform’s second token, MCO, also shrugged off the Crypto.com hack, trading at $9.16, up 3.15% on the day.

close
Crypto.com hacked, Crypto.com (CRO) hacked, halts withdrawal citing “suspicious activity”

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com