Unauthorized Withdrawals Costs 483 Users to Lose $34M on Crypto.com

Crypto.com Renders Support for Three Low-Cap Altcoins
  • Users of Crypto.com exchange lost $34 million in a hack.
  • Total 483 users were in the case, losing their own currencies.
  • Crypto.com plans for worldwide Account Protection Program (APP).

Crypto.com is the world’s fastest and leading cryptocurrency exchange which offers the users to trade their favorite crypto at true cost. Its popularity in the market helps the platform to earn more than 10 million users connected all over the world. 

Unfortunately, Crypto.com reveals, almost 483 users from its platform lost around $34 million in a crypto hack. More so, the loss of that huge amount was in various digital currencies like Bitcoin and Ethereum. Over an estimation, the report claims the lost of $34M was $15M worth of ETH and $19M worth of BTC and also  $66,200 of other currencies

Thus, Crypto.com is planning to implement additional layers of security measures to help its customers to set up their assets so that only authorized activities can occur on the platform. 

Crypto Hack in Crypto.com

On Thursday, Crypto.com admitted it found some illegal withdrawals were approved without the two-factor (2FA) authentication control from the users. All the transactions around $34 million counts the withdrawal of users’ digital assets from the platform. 

However, the risk monitoring team advised to suspend all the withdrawals during the investigation process. In addition, the team restored the funds back to all the affected accounts. Furthermore, Crypto.com shared that it officially declined all user’s existing 2FA tokens. 

Thereby, adding some extra safety measures which will request the customers to re-login their account. And set up their 2FA token as a result it allows only authorized activities to process. Additionally, the Crypto.com team announces, 

“All our customer’s funds were reimbursed without any loss. And our team also prevented the ways which lead to unauthorized withdrawals. Moreover, Crypto.com plans to introduce the Account Protection Program (APP) for its users.”

Thus, by implementing additional securities, users can trade their assets in super secure ways both in Crypto.com App and the Crypto.com Exchange. Therefore, Crypto.com will have authentications in all processes right from registering to withdrawals taking place in its platform.

A Professional HR with a huge interest in blockchain technology and cryptocurrency. Through her content writing skills, she became a passionate contributor to the crypto space. Being an active crypto enthusiast she is investing her time and experience into the digital sphere.