Crypto.com Caught in Unreported Data Breach: Details

A Bloomberg investigation has revealed that Crypto.com recently suffered a data breach. This attack, which was linked to the notorious Scattered Spider hacking group, went unreported for the longest time. 

ZachXBT Accuses Crypto.com of Covering up Hack

The hack on Crypto.com was conducted by teenage hackers and led to the exposure of users’ personal information. One of the bad actors is Noah Urban, an 18-year-old from Florida. He is largely recognized as a key figure in one of the world’s most dangerous cybercriminal organizations.

This group has been linked to several high-profile attacks on MGM Resorts and other major corporations. ZachXBT believes that Crypto.com may have intentionally tried to hide the breach. Apparently, customers whose data was compromised were not informed of the breach, similar to a move that Bitcoin Depot took in 2024.

When the federal authorities opened an active investigation, the crypto ATM operator was given a directive to withhold disclosure. In Crypto.com’s case, the exchange later acknowledged that only “a very small number of individuals” were affected but maintained that no customer funds were affected.

Crypto.com Plans for IPO and a Strong Q4 Performance Report 

Before the news of the hack went public, Kris Marszalek, Crypto.com CEO, voiced his optimism on the possibility that the exchange would record a strong fourth-quarter performance. 

He also noted that it was exploring potential Initial Public Offering (IPO) options. It is doing this while expanding partnerships with Trump Media & Technology Group (TMTG).

For context into this partnership, the company behind Trump’s Truth Social linked up with Crypto.com and Yorkville America Digital to create new crypto investment products. This includes Exchange-traded Funds (ETFs) that are focused on digital assets like Bitcoin (BTC) and American-made companies. 

Crypto.com in Partnership With Underdog 

In the spirit of partnerships and expansion, Crypto.com also bagged a deal with fast-growing fantasy sports and gaming company dubbed Underdog at the beginning of September. To this alliance, Crypto.com brings the tools and regulations needed for federal compliance, while the other company brings its robust user base.

Their strategic partnership is driven to create a product that combines sports, finance, and blockchain technology in one place. This is likely the first legal way for fans in states like California and Texas to be a part of live sports outcomes.