CryptoCom confirms exchange lost $33.8M

Crypto.com confirmed that the exchange lost around $33.8 million worth of crypto assets because of a recent hacking attack on the exchange. 

CryptoCom is a popular crypto exchange and this exchange is popular for its better marketing strategy and also this exchange’s crypto wallet services are popularly known as safest & secure. 

On 17 January, we covered a report on a hacking attack that happened with CryptoCom. On the same day, many people claimed that the exchange lost funds but exchange denied it. And also CryptoCom exchange confirmed that all the funds are safe and they will suspend the withdrawal for some to ensure the security of the crypto funds. 

Now on 20 January, CryptoCom exchange published a new blog regarding the recent hacking attack because of a security breach in the exchange. 

Through the published blog, CryptoCom revealed that the exchange lost around 4,836.26 ETH, 443.93 BTC, and approximately US$66,200 in other currencies. The exchange also confirmed that the whole incident took place at around 12:46 AM UTC on 17 January. 

According to the blog, the main security breach was associated with the two-factor authentication system. Now the exchange added another security layer to halt any kind of unfair transactions. As per the new rule, every user needed to add a crypto address before 24 hours to get whitelisted to facilitate transactions smoothly. 

“Users will receive notifications that withdrawal addresses have been added, to give them adequate time to react and respond.”

CryptoCom CEO Kris Marszalek appeared in an interview with Bloomberg. In the interview, Kris said that they didn’t receive any information about this event from the regualtors. And now exchange learned a lesson, because of this incident, to improve the infrastructure and services. 

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