Crypto.com CEO Confirms Hundreds of Account were Hacked

CEO Confirms Hundreds of Account were Hacked – Crypto.com, one of the most popular crypto-currency exchanges, has confirmed that hundreds of customer accounts were compromised in a hack. In a blog post, the company announced that it is working to secure user accounts and funds and will provide more updates as they become available. This comes on the heels of two other major crypto-currency exchanges – Coinrail and Bithumb – being hacked earlier this year. While crypto-currency exchanges are generally considered to be safe from cyber-attacks, it’s still important for users to take steps to protect their accounts, including two-factor authentication and keeping passwords confidential.

Kris Marszalek, the CEO of Singapore-based Crypto.com, a crypto currency exchange website, has finally acknowledged that hackers recently attacked the platform and stole money from hundreds of customer accounts. As a result of the data breach, which resulted in 4,836.26 ETH in illicit withdrawals, Crypto.com has discovered that a total of 483 user accounts were affected. The business has switched to a new 2FA infrastructure to lessen the problem. Additionally, an obligatory 24-hour gap between the registration of a new whitelisted withdrawal address and the initial withdrawal has been included as an extra security measure. The business also announced the launch of the Worldwide Account Protection Program (WAPP), which will safeguard user funds in the event that a third party accesses their account without authorization and withdraws money.

CEO Confirms Hundreds of Account were Hacked

Crypto.com, a cryptocurrency company, has confirmed that hundreds of accounts were hacked. The company is working to restore user data and is urging users to change their passwords and be vigilant. They also advise users to watch their credit scores and bank account activity as a precaution. This is the latest in a series of high-profile hacks affecting major companies and organizations. Be sure to keep your accounts and information safe by following the advice of the company you trust!

Cryptocurrency exchange, Crypto.com, confirmed that hundreds of accounts were hacked in a recent data breach. The company is still working to determine the scope of the attack and whether any user funds were stolen. CEO Charles Hayter released a statement confirming the breach and offering his condolences to those affected by it. Customers can rest assured that their account information was not compromised in the attack, as all passwords and other sensitive data was encrypted using state-of-the-art security measures. In the meantime, the exchange recommends that users change their passwords and monitor their accounts for suspicious activity.

CEO Confirms Hundreds of Account were Hacked

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CEO Confirms Hundreds of Account were Hacked

In an interview with Bloomberg TV on Wednesday, Crypto.com CEO Kris Marszalek disclosed that 400 or so user accounts have been compromised as a result of a hack. His admission of the breach comes after several Crypto.com consumers claimed their money had been taken; up until this point, the company has only given evasive answers to their accusations. Marszalek told Bloomberg TV that the exchange was back online “approximately 13-14 hours” after the event, and that all the affected accounts had been compensated, despite the fact that he did not specify how the hack took place.

The declaration by Marszalek is the first official admission by Crypto.com that a hack did, in fact, take place. On Sunday, Crypto.com first put a halt to withdrawals from its system after tweeting that a “small number of users have reported suspicious behavior on their accounts.” Out of “an excess of caution,” it also urged consumers to reset their two-factor authentication. The corporation then repeatedly assured users in its correspondence that customer monies were secure, sparking rumors that Crypto.com would pay for any losses experienced by customers.

According to a tweet from block chain security company Peck Shield on Monday, the losses could total 15 million ETH. About half of the monies, according to Peck Shield’s tweet, were routed to Tornado Cash to be “washed.” According to Tornado Cash, it may conceal the location of crypto currency transfers through “non-custodial anonymous transactions” on the Ethereal block chain. Another researcher from the block chain data company OXT Research hypothesized that the exchange may have actually lost 33 million as a result of the breach.

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Kris Marszalek said all of the affected accounts were reimbursed.

The CEO of Singapore-based crypto exchange Crypto.com, Kris Marszalek, confirmed on Bloomberg TV on Wednesday that 400 accounts were hacked earlier this week after several layers of the firm’s security were breached.

  • On Monday, Crypto.com suspended withdrawals on its platform following user reports of “unauthorized activity.” Later, users were required to sign back into their accounts and reset their two-factor authentication.
  • After detecting the breaches, Marszalek said the firm quickly paused withdrawals, fixed the issue and was “back online in about 13 to 14 hours.” He added that the same day, “all of the accounts that were affected were reimbursed so there was no loss of cus tomer funds.”
  • According to on-chain data, approximately $15 million in ether (4,600 ETH) was stolen in the attack and being laundered via Tornado Cash, although Marszalek would not say on Wednesday how much money had been taken. He said Crypto.com would release a post-mortem in a few days that would include the final amount.
  • Marszalek further emphasized that “given the scale of the business, these numbers are not particularly material and customer funds were not at risk.”

Crypto.com breach Hundreds of accounts compromised, ETH worth $15 million

The fourth-largest crypto currency exchange company in the world, Crypto.com, was recently the victim of a significant security breach. Kris Marszalek, the company’s CEO, told Bloomberg TV that about 400 client accounts had been hijacked. After numerous individuals complained about having their money stolen, this confirmation was made. Marszalek said that no client cash were stolen despite the fact that he hasn’t yet disclosed how the attack occurred. The executive claimed that as soon as word of the illicit behavior spread, the company promptly banned fund withdrawals on its platform.

The restriction of withdrawals was first announced by Crypto.com on Twitter, where it was also mentioned that a limited number of customers were reporting suspicious behavior on their accounts. According to Marszalek, the business subsequently began addressing the problem, and its servers were back online in around 14 hours.

The affected accounts were all repaid the same day, he continued, so there was no money lost from the customers. In response to the occurrence, our team has strengthened the infrastructure. Customers were later required to reset their two-factor authentication and authenticate in to their accounts. Although the corporation insisted that the consumers’ money was secure, there were rumors that Crypto.com would bear the expense itself rather than passing it along to its customers.

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Crypto.com CEO confirms hundreds of accounts were hacked

The CEO of Crypto.com, the fourth-largest crypto currency exchange in the world, Kris Marszalek, told Bloomberg that his security experts had determined that the business had been compromised, leading to unlawful transactions from user accounts. About 400 accounts had unlawful transactions as a result of some of these [security] levels being penetrated in this specific event, according to Marszalek.

Crypto.com began complaining about missing payments last week, but it took the company several days to explain what had happened. The business claimed on Monday that a tiny number of users have encountered “unauthorized behavior” while also reassuring consumers that “all payments are safe.” The corporation initially stopped withdrawals on Tuesday due to “suspicious behavior,” even though there was no proof of a breach presented. However, Marszalek told Bloomberg that the firm “very swiftly” corrected the problems. “After 13–14 hours, we were back online. All affected accounts received a full reimbursement that same day. Therefore, there was no loss of client money “Marszalek elucidated.

Conclusion

Crypto.com CEO Confirms Hundreds of Account were Hacked After months of speculation, the CEO of crypto-currency company, Crypto.com has finally confirmed that hundreds of accounts were hacked in a major hack that took place in May of this year. The hack saw the theft of user data, including account login details and crypto-currency holdings. CEO Vinnik has now warned users that they should take the necessary steps to protect their accounts from potential hackers. He also urged users to change their passwords and crypto-currency addresses as a precautionary measure.

Frequently Asked Questions

How much does it cost to use crypto com?

Crypto.com charges a maker fee of 0.04-0.20% and a taker fee of 0.10-0.20%. How much does it cost to use?

What Is crypto com better than Coinbase?

With incentives to earn crypto and interest on deposits, Crypto.com offers excellent rewards. Coinbase, on the other hand, is notable for its simple user interface and crypto-earning possibilities. We looked into supported currencies, pricing, unique benefits, and security when analyzing both exchanges.

What bank does Crypto COM use?

One of the top suppliers of cutting-edge financial infrastructure solutions and services for the burgeoning cryptocurrency sector is Silvergate, a Federal Reserve member bank.

How much money can you take out of Crypto com?

On a 24-hour rolling basis, all cryptocurrency have a cumulative withdrawal restriction of 10 BTC (or equivalent). For the most recent information, please check the Fees & Limits section in the app's Settings.

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