[ad_1]
Crypto.com revealed that in the latest hack, 483 user accounts were compromised, resulting in unauthorized withdrawals of approximately $34 million in cryptocurrencies, including bitcoin and ether. Nonetheless, the company stressed that client funds were never at risk.
Comment from Crypto.com’s Hack Postmortem and CEO
Crypto.com disclosed on Thursday the number of users affected by unauthorized crypto withdrawals and theft of cryptocurrencies that occurred on Jan. 17. The company wrote:
The incident affected 483 Crypto.com users. Unauthorized withdrawals totaled 4,836.26 Ethereum, 443.93 bitcoin and about $66,200 in other currencies.
At the time of writing, bitcoin is priced at $42,083.95 and ether at $3,178.94, according to Bitcoin.com Markets.Therefore, the value bitcoin and Ethereum More than $34 million was stolen during the hack.
Crypto.com CEO Kris Marszalek commented on the security breach on his platform in an interview with Bloomberg on Wednesday.
He noted that his company is heavily invested in cybersecurity, “We have 200 professionals around the world who have collectively built a very strong infrastructure over the past few years,” which he said has multiple layers .
“In this particular event, some of those layers were destroyed,” he admitted. However, he noted: “We were back up and running in about 13, 14 hours and on the same day all affected accounts were fully reimbursed, so there was no loss of client funds.”
Marszalek said the incident was a good lesson and his company will continue to strengthen its infrastructure.
Regardless of the funds being stolen, the CEO noted:
One has to remember that given the size of the business, these numbers are not particularly significant and client funds are never at risk.
Marszalek was then asked what Crypto.com is doing to ensure that such security breaches do not happen again in the future. “We’re implementing additional layers of security as well as some new procedures,” the executive responded.
One of the new security measures is the Worldwide Account Protection Program (WAPP) announced by Crypto.com in a post-mortem report on Thursday. The company claims that WAPP “provides additional protection and security for user funds held in the Crypto.com application and the Crypto.com exchange.” The program can recover up to $250,000 in funds for eligible users.
Since the Crypto.com exchange is based in Singapore, Marszalek was asked if he had contacted the country’s central bank, the Monetary Authority of Singapore (MAS), which oversees the country’s crypto industry. He replied:
We are not seeing any outreach from regulators at this stage.
“We’re a regulated business in multiple jurisdictions, so we’re looking forward to that, and we’re putting together a report that we’ll share whenever there’s an investigation,” the Crypto.com executive concluded.
What do you think of the Crypto.com hack and 483 account theft? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.
[ad_2]
Source link
