Saturday, April 13, 2024

AscendEX Suffers Losses Worth Around $77.7 Million

According to online news sources, the famous cryptocurrency trading platform called AscendEX has reportedly suffered losses worth around $77.7 million. It has been found that crypto-hackers had compromised the hot wallets by accessing and transferring tokens. These tokens were mostly hosted on the Binance Smart Chain, Polygon, and Ethereum blockchains. However, the hackers were not successful in gaining access to the cold wallet reserves of AscendEX. After finding out about the hack, AscendEX informed the users about the funds that were stolen.

As per the information provided by the security and data analytics company, PeckShield, the Ethereum blockchain saw a transfer of tokens worth more than $60million. Meanwhile, on the Binance Smart Chain, tokens worth over $9.2 million were stolen. As for the Polygon blockchain, almost $8.5 million worth of tokens were stolen. It has been found that most of the stolen tokens consisted of Tether (USDT), USD Coin (USDC), and also Shiba Inu (SHIB). This information has been provided by independent analytics companies and AscendEX has not yet confirmed these figures. AscendEX has reportedly announced that it will also come to the aid of all the users that were affected in this hack.

A similar crypto attack took place on December 5 with the cryptocurrency exchange platform BitMart. It was found that the hot wallet compromise on the platform resulted in over $200 million worth of losses. The hack was reportedly hosted over the Binance Smart Chain and Ethereum blockchains. Some online news sources reported that the hack was conducted by a transfer-out, swap, and wash procedure. Soon after the hack, the CEO of BitMart had announced that the deposits and withdrawals would be temporarily stopped until the investigation was underway.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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