483 Crypto.com Accounts Affected By $34 Million Hack, Funds Are Safe

483 Crypto.com Accounts Affected By $34 Million Hack, Funds Are Safe

Crypto.com, a website that enables users to buy and sell digital currencies, has confirmed that a massive cyberattack compromised around 400 of its customer accounts.

Crypto.com is regarded as the third-largest cryptocurrency platform in the world.

During an interview with Bloomberg Live, Kris Marszalek, the CEO of Crypto.com, said that the exact number of customer accounts impacted is 483.

Previously, researchers estimated that the attack could have affected up to $33 million worth of customer funds. However, Marszalek said, “these numbers aren’t particularly material and customer funds were never at risk.” However, according to a statement from the company, the total amount of unauthorized transactions involving various cryptocurrencies reached over US$34 million.

Marszalek didn’t provide full details regarding the attack during the interview, since the investigation was ongoing and financial regulators hadn’t yet reached out to the company.

The company first detected the issue on January 17, 2022, after some users experienced unauthorized withdrawals.

“Crypto.com promptly suspended withdrawals for all tokens to initiate an investigation and worked around the clock to address the issue,” stated the company.

Due to the suspicious transactions, the company’s withdrawal infrastructure was temporarily shut down for several hours.

As part of its investigation, the company also revoked two-factor authentication tokens that were used by its users. But many of users reported issues after trying to reset their accounts.

The company reiterated that since the incident happened, Crypto.com’s customers have not lost their funds:

“No customers experienced a loss of funds. In the majority of cases, we prevented the unauthorized withdrawal, and in all other cases customers were fully reimbursed… The incident affected 483 Crypto.com users.”

Transactions resumed on January 18th after the company implemented additional security measures.

Previously, in May 2021, a tech issue caused duplicate purchases on the platform. The issue led to customers spending more than they intended to.

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