Crypto.com, a cryptocurrency exchange platform, was hacked on 16th January 2022. The hack resulted in a loss of over $15 million worth of cryptocurrencies. The hackers may have managed to steal some of the users’ login credentials and subsequently emptied their accounts. The company has since frozen all transactions and is working with the authorities to investigate the incident.
Thankfully, the company’s customer funds are safe and unaffected by the breach. The incident is currently being investigated by law enforcement, and the company has already taken steps to prevent a similar attack from happening in the future.
How it happened?
The company’s CEO, Kris Marszalek, released a statement on the breach, saying that an unauthorized party had gained access to its systems and stolen significant quantities of cryptocurrency. However, Marszalek did confirm that customer funds were not affected and are safe. The company is currently working with authorities to track down the perpetrators of the attack.
The hack apparently happened on 16th January 2022, with the attackers making off with a large sum of bitcoin, ether, and other tokens. Crypto.com has confirmed the hack and is currently working with authorities to investigate and determine the extent of the damage. This incident is a reminder that no exchange is immune to hacking, so always be careful with where you store your cryptocurrencies.
Crypto.com is currently working with a leading cybersecurity firm to investigate the incident and to ensure that the security of our platform is not compromised. As a precaution, we are recommending that all users update their passwords as soon as possible.
How did Crypto.com respond?
it was revealed by the authorities that Crypto.com, a well-known cryptocurrency exchange platform, had suffered a hacker attack. The announcement came in the form of a tweet, which read “We are suspending withdrawals temporarily to investigate an issue that some of our users are experiencing.”
Crypto.com responded to the attack by immediately taking measures to secure user funds and prevent any new attacks. Crypto.com also increased its security measures and is currently working with its security team to investigate the incident. The users will need to complete some further protection activities on the platform in the future. These will enable a higher level of security for their accounts.
In a blog post, Crypto.com stated that it was working with law enforcement and security experts to investigate the attack and take appropriate measures.
What should you do if you have a Crypto.com account?
If you have a Crypto.com account, you will need to change your password immediately. You should also enable two-factor authentication if you haven’t already. If you use the same password on other accounts, you should change those passwords as well. Finally, keep a close eye on your account and be alert for any suspicious activity.
What will happen next
Hackers were maybe able to steal user data, including email addresses and hashed passwords. In a statement, Crypto.com said that they are “working urgently to investigate the matter and to fortify our defenses.” What does this mean for users of the platform?
This is a major blow to the crypto community, as it could have a significant impact on the price of cryptocurrencies. That’s for sure. What’s even more worrying is that the hacker managed to steal this money despite the fact that Crypto.com has some of the most stringent security measures in place. The company is still investigating the incident, and it’s unclear at this point what will happen next. In the meantime, it’s important to be cautious when dealing with cryptocurrencies and to only use trusted platforms.
Crypto.com is still safe despite the hack, and no one will lose their money or cryptocurrencies. However, this security incident is a reminder that cryptocurrency is still a relatively new and unregulated investment. It’s important to do your research before investing in any form of cryptocurrency and to only invest money you can afford to lose. As always, remember to keep your login credentials safe and never share them with anyone.
Final Words
Crypto.com has been working closely with the relevant authorities and parties to investigate the incident. As a result, the firm’s management had to temporarily shut down access to Crypto.com services for all users (both existing and new) in order to protect our customers’ assets while the officials completed an extensive systematic review of our security measures.
Once service is restored, it will be business as usual with your favourite crypto products, cards, and wallets available for immediate use on Crypto.com – but only if you choose! “If you don’t want us accessing information from your account or card at this time please go ahead and delete them now,” Crypto.com officials explained.