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Crypto.com Says Hackers Stole Nearly $34M From Users

Crypto.com Says Hackers Stole Nearly $34M From Users

Crypto.com Says Hackers Stole Nearly $34M From Users

The hack prompted the site to now offer protection for funds of up to $250,000 in the event of a third party gaining unauthorized access to accounts.

The hack prompted the site to now offer protection for funds of up to $250,000 in the event of a third party gaining unauthorized access to accounts.

The hack prompted the site to now offer protection for funds of up to $250,000 in the event of a third party gaining unauthorized access to accounts.

By Jamie Crawley
AccessTimeIconJan 20, 2022, 10:59 AM
Updated May 11, 2023, 5:56 PM
(Shutterstock)
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Cryptocurrency exchange Crypto.com said hackers stole nearly $34 million during the Jan. 17 hack.

  • The Singapore-based exchange, in an update on Thursday, acknowledged that unauthorized withdrawals totaled 4836.26 ether ($15.2 million), 443.93 bitcoin ($18.7 million) and $66,200 in U.S. dollars.
  • On-chain data from PeckShield had previously suggested that 4,600 ether had been stolen and were being laundered via Tornado Cash, an ETH mixer protocol aimed at improving transaction privacy.
  • As a result of the hack, Crypto.com has introduced a Worldwide Account Protection Program (WAPP), whereby qualified users' funds are protected up to $250,000 in the event of a third party gaining unauthorized access to their account.
  • The hack affected 483 users, all of whom have been fully reimbursed, Crypto.com said.
  • Following reports of "unauthorized activity" on Monday Crypto.com suspended withdrawals on its platform, subsequently advising users to sign back in and reset their two-factor authentication.
  • Crypto.com CEO Kris Marszalek told Bloomberg TV on Wednesday that the numbers for the hack were "not particularly material and customer funds were not at risk."
  • A recent hack of crypto exchange BitMart saw losses of $196 million after a private key was stolen.

STORY CONTINUES BELOW

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UPDATE (Jan. 20, 2022, 14:16 UTC): Adds information on Crypto.com's new WAPP program.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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