Crypto.com Confirms Hack on its Platform, Says All Affected Accounts Reimbursed

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Popular digital currency trading platform, Crypto.com has confirmed the breach on its platform that spurred it to halt withdrawals as reported by TheCoinRise earlier on Monday. In a blog post shared on Thursday, Crypto.com said 483 accounts were affected by the unauthorized withdrawals that were conducted by the hackers.

According to the trading platform, the unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC, and approximately US$66,200 in other currencies, all of which are worth approximately $34.5 million. The company said it has restored the halted withdrawals, and that it has reimbursed all of the affected customers.

The hackers were able to gain access to users’ funds as they exploited a loophole in the platform’s 2-Factor Authentication (2FA) infrastructure. According to the exchange, the halt in withdrawals was so that it can revamp its entire security system, beginning with the impacted accounts.

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“All withdrawals on the platform were suspended for the duration of the investigation. Any accounts found to be impacted were fully restored. Crypto.com revoked all customer 2FA tokens and added additional security hardening measures, which required all customers to re-login and set up their 2FA token to ensure only authorized activity would occur,” the exchange’s report reads.

Measures to Prevent Further Breaches

Following the hack, Crypto.com said it has upgraded its entire security infrastructure with an upgrade from the currency 2FA to Multi-Factor Authentication (MFA). Additionally, the exchange said it has instituted the Worldwide Account Protection Program (WAPP), a means by which it will compensate users in case of losses due to third-party intruders.

While the WAPP program will compensate users up to $250,000, there are established conditions users must adhere to qualify for such compensation. One of these is the activation of the integrated MFA on all of the transaction types where such provisions are required.

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“The safety of our customers’ funds is our highest priority, and we are continually enhancing our Defence-in-Depth security and protection measures,” said Kris Marszalek, Co-founder, and CEO of Crypto.com. “While we are reminded of the existence of bad actors intent on committing fraud, this new Worldwide Account Protection Program, along with our new MFA infrastructure, gives our users unprecedented protection of their funds, and hopefully, peace of mind.”

While Crypto.com currently ranks as the first mainstream trading platform to be hit this year, TheCoinRise reported that dYdX, an emerging decentralized exchange suffered a protocol breach, an impact of which was felt in its native token that saw massive price plunges. Also, BitMart exchange was also not spared from the incessant attacks with the trading platform losing over $196 million, exploited through security keys.

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