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Home Tech Security

Hackers stole $15 million in Ethereum from Crypto.com

In the decentralized finance world, rug pulls and hacks are still prevalent

by Eray Eliaçık
18/01/2022
in Security, Crypto
Reading Time: 1 min read
Hackers stole  million in Ethereum from Crypto.com
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According to blockchain security firm PeckShield, Crypto.com, a major cryptocurrency exchange, has lost nearly $15 million in Ethereum (ETH) to hackers.

The @cryptocom loss is about $15M with at least 4.6K ETHs and half of them are currently being washed via @TornadoCash https://t.co/PUl6IrB3cp https://t.co/6SVKvk8PLf pic.twitter.com/XN9nmT857j

— PeckShield Inc. (@peckshield) January 18, 2022

Crypto.com hack: The platform still investigating the security breach

The robbers were able to launder half of the stolen cryptocurrency using the Ethereum-powered coin mixing service Tornado Cash.

On Monday, Crypto.com announced that it had halted withdrawals “due to suspicious activity.” Several individuals began to express their dissatisfaction.

I messaged yah guys hours ago about my account having 4.28ETH stolen out of nowhere and I’m also wondering how they got passed the 2FA?

— BEN BALLER™ (@BENBALLER) January 17, 2022

SEE ALSO
Are you looking for a new job? Crypto jobs on the rise

It took 14 hours for the firm to resume withdrawals after the network outage.

The CEO of Crypto.com, Kris Marszalek, stated in a recent Twitter update that no customer money was lost. He also stated that the Crypto.com team had increased the exchange’s infrastructure as a result of the event. The exchange is still investigating the security breach internally.

Some thoughts from me on the last 24 hours:

– no customer funds were lost
– the downtime of withdrawal infra was ~14 hours
– our team has hardened the infrastructure in response to the incident

We will share a full post mortem after the internal investigation is completed.

— Kris | Crypto.com (@Kris_HK) January 18, 2022

Many Twitter users have condemned Crypto.com for never mentioning the amount of crypto stolen as a consequence of the attack.

In the decentralized finance world, rug pulls and hacks are prevalent, yet it’s uncertain how a major centralized exchange like this was hacked. Marszalek has stated that a post-mortem will be published as soon as the investigation is finished.

Tags: 15 millionattackbitcoinbreachbtccryptocrypto.comcryptocurrencyethethereumexchangefeaturedhackhackerHowinvestigationKris Marszaleklaundryrobberyrug pullsecuritysecurity breachstoleTornado Cashwhat

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