Approximately USD 33.8 million in crypto assets have been stolen from Crypto.com following a safety breach on Monday. The Crypto.com safety breach saga receives some clarity with a legitimate assertion from the Singapore- based crypto exchange. The statement came after a halt on withdrawals detected “suspicious activities” in consumer bills.
In an assertion on Thursday, Crypto.com reported that ‘4,836.26 ETH, 443.93 BTC and about USD 66,200 in different currencies have been taken from clients accounts without their permission. The approx. loss is worth around USD 33.8 million, in line with the modern-day marketplace value.
Crypto.com CEO Kris Marszalek told Bloomberg that the exchange had not been notified by regulators of the event. He said,
“Obviously, it’s a great lesson, and we are continuously strengthening our infrastructure.”
According to official documents on January 17, 2022, Crypto.com’s risk monitoring system allowed transactions without users entering 2FA authentication controls. Later this “illegal activity” was detected in a small number of user accounts.
To prevent the recurrence of such an accident, Crypto.com claimed to have implemented an additional layer of protection. It will require the new whitelisted withdrawal address to be registered at least 24 hours before the first withdrawal.
However, following the safety breach, numerous Crypto.com customers have made court cases that their cash have been stolen. However, the company’s preceding responses did not quell any such concerns till now.
Do you think these kinds of security breaches increase the risk level related to cryptocurrency? What’s your opinion on the new security measure of crypto.com? To share your thoughts, comment below.
