Crypto.com (CRO) Restricts Withdrawals For All Users After Succumbing To Hack
January 17 2022 - 11:00AM
NEWSBTC
Crypto.com has fallen victim to a hack. The crypto exchange
announced this in the early hours of Monday after users complained
of suspicious activity on their accounts. It is the first
centralized exchange to succumb to a hack for the year 2022 coming
out of the year 2021 which was riddled with numerous hacks that saw
exchanges and users alike lose billions. Crypto.com (CRO) Gets
Hacked Users of the Crypto.com exchange began experiencing issues
with their accounts. Subsequently, these users realized that their
accounts had been hacked and they were missing cryptocurrencies
from their balances. In some cases, the hacker had made off with
all of the funds in the accounts. Related Reading
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Leverage Crypto.com took to Twitter to address these issues. In
response to reports of the hack, the crypto exchange had promptly
announced that it was restricting withdrawals for all users on the
platform while assuring the community that all of their funds were
safe. We have a small number of users reporting suspicious activity
on their accounts. We will be pausing withdrawals shortly, as our
team is investigating. All funds are safe. — Crypto.com
(@cryptocom) January 17, 2022 The tweet noted that only a small
number of users had been affected by the hack. However, users of
the platform rolled out en masse to say that this was not so. The
number of complaints regarding funds being lost by users in the
hack had grown continuously on social media. Most had had a
significant amount of crypto stolen and called for the exchange to
do something about the attack. Applying Caution Going Forward
Following news of the hack, Crypto.com had promptly restricted all
withdrawals on its platform. Users were unable to carry out any
withdrawals and those with pending withdrawals could not complete
their transactions. This was done in an effort to prevent the
hacker(s) from being able to perform any more withdrawals from the
accounts of the affected users. Related Reading | Crypto
Market Is Still In The Early Stages, Says Ric Edelman The attack is
speculated to have occurred after the attackers found a way to
bypass the 2FA security measures on the exchange. This has prompted
Crypto.com to alert users to reset their 2FA information, as well
as having to log back into the platform to regain access to their
accounts. 1/2Earlier today a small number of users experienced
unauthorized activity in their accounts. All funds are safe. In an
abundance of caution, security on all accounts is being enhanced,
requiring users to: -Sign back into their App & Exchange
accounts-Reset their 2FA — Crypto.com (@cryptocom) January 17, 2022
The crypto exchange announced that this update will be rolled out
gradually to users. Upon completion, withdrawals will then be
enabled and users will be able to send their funds out of the
exchange. “We understand this may be an inconvenience, but security
comes first,” the exchange said. CRO price falls following hack |
Source: CROUSD on TradingView.com Chart from TradingView.com
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