Over $30 million stolen in Crypto.com hack
A massive hack has occurred on popular cryptocurrency exchange Crypto.com. The hack led to the theft of over $30 million in crypto in the form of 4 Ethereum and 836,26 bitcoin.
What happened to Crypto.com?
The hack took place on January 17, 2022, and the company eventually released a statement in a blog post on January 20, 2022. In it, the company discussed the hack, broke down the amount of crypto stolen, and explained how it handled the situation. for its users.
As of this writing, the current value of ETH is $15,2 million and BTC is $18,6 million, bringing the total to $33,8 million. That's a lot of money taken directly from people using the website to buy and sell crypto.
Luckily for website users, Crypto.com claims that everyone who had their funds stolen was fully reimbursed for the substantial losses. A total of 483 users were affected.
Sure, it's a blow to the company itself, but it's good to see it's done well for its users, especially since piracy was entirely out of the hands of the company. 'user.
According to the blog post, here is what Crypto.com said:
On Monday, January 17, 2022 at approximately 00:46 UTC, Crypto.com's risk monitoring systems detected unauthorized activity on a small number of user accounts where transactions were approved without the 2FA authentication check. not be entered by the user. This triggered an immediate response from multiple teams to assess the impact. All withdrawals on the platform have been suspended for the duration of the investigation. All affected accounts have been fully restored. Crypto.com revoked all 2FA tokens from customers and added additional security hardening measures, which required all customers to re-login and configure their 2FA token to ensure only authorized activities would take place. The withdrawal infrastructure downtime was approximately 14 hours and withdrawals resumed at 17:46 UTC, January 18, 2022.
What is Crypto.com doing to fix it?
In addition to restoring funds to users, the company is also improving its security measures to prevent something like this from happening again. A hack can be incredibly damaging to customer trust, especially when it comes to a place where users invest substantial sums.
First, the company added a security layer that imposes a mandatory 24-hour delay between registering a new whitelisted withdrawal address and the first withdrawal.
Crypto.com has also added what it calls a Global Account Protection Program (WAPP), which it says is "additional protection and security for user funds held in the Crypto.com app and 'Crypto.com exchange'.
Basically, it protects funds if a third party gains unauthorized access to an account and withdraws money without user permission. It restores up to $250 for qualified users (you need to have certain things in place on your account to be eligible, which are detailed in the company's blog).
It will be interesting to see if Crypto.com can maintain the trust of its users or if the hack will lead them to seek another cryptocurrency exchange. It seems that the company is doing what it takes to fix the problem and prevent it from happening again, but it's not always enough.
