In an interview with Bloomberg, Crypto.com CEO Kris Marszalek said his platform discovered a security flaw on January 17, 2022. Specifically, more than 400 accounts were affected, leading to property theft.
Mr. Marszalek revealed that the attacker had made unauthorized withdrawals, but the exchange was quickly detected and prevented. Crypto.com also claims to have fully compensated all users for the damage. The CEO said: “We have stopped that attack, we have allowed to stop the currency operation, fix the vulnerability and return to normal operation in 13-14 hours. All accounts enjoy 100% conversion, so users don’t lose money at all.”
However, neither CEO Kris Marszalek nor Crypto.com have so far provided a specific amount of damage from the attack, only commenting that the number is “insignificant” compared to the size of the exchange’s operation. However, Crypto.com will soon publish a detailed report on the recent security incident in a few days.
Cryptocurrency experts initially estimated the amount taken by the hacker to be around 4,600 ETH (worth $15 million). However, based on newly discovered evidence from transaction data on the blockchain, some experts come to the conclusion that hackers have successfully stolen 444 BTC (worth 18.5 million USD), bringing the total. The loss of the Crypto.com hack amounted to about 33 million USD.
Crypto.com is a cryptocurrency exchange that has received a lot of attention in recent times with its “huge” advertising and investment deals. As Cointelegraph reported in November, Crypto.com spent up to $700 million to buy back the naming rights of the Staple Center in Los Angeles and change it to Crypto.com Arena. Not stopping there, the exchange in October also spent up to 100 million USD for a multinational advertising campaign with the participation of actor Matt Damon. The exchange also spent 216 million USD to buy 2 derivatives trading platforms in the US.
Crypto.com also has sports sponsorship deals with many well-known brands, including Aston Martin’s F1 team, Fnatic esports team (UK), Montreal Canadiens hockey team (Canada), Football League Serie A, Copa Italia Super Cup (Italy), World Hockey Championship, Formula 1 Racing, UFC Fighting Tournament, Paris Saint-Germain Club (France), Philadelphia 76ers Basketball Team (USA) ) and the Australian Football Federation (AFL).
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