October 2, 2022

Major cryptocurrency exchange Crypto.com has lost roughly $15 million worth of Ethereum (ETH) to hackers, according to blockchain security company PeckShield.

Source: U.Today

Half of the stolen crypto is being laundered with the help of the Ethereum-powered coin mixing service Tornado Cash.

On Monday, Crypto.com announced that it had halted withdrawals due to “suspicious activity.” Some users started complaining about losing funds.

It took 14 hours for the Singapore-headquartered company to resume withdrawals.

In a recently posted Twitter thread, CEO Kris Marszalek said that no customer funds were lost. He also added that the Crypto.com team had bolstered the exchange’s infrastructure in response to the incident. The exchange is still conducting an internal investigation of the security incident.

Source: Crypto News Flash

Some Twitter uses slammed Crypto.com for never mentioning how much crypto has been stolen as the result of the hack.

While rug pulls and hacks are rampant in the decentralized finance space, it remains unclear how a centralized exchange of such a high caliber fell victim to the attack. Marszalek has promised to publish a post-mortem as soon as the investigation is completed.

Source: Coingape

Earlier this month, American actor Matt Damon faced backlash for a “cringe-worthy” Crypto.com ad that was originally revealed last year.

In November, the Singapore-based company bought naming rights to the Staples Center in downtown Los Angeles for $700 million.