Saturday, July 20, 2024

CRO Gains 3 per cent After Crypto.com Details Recent Hacking Incident

The native token of Crypto.com – CRO has gained 3.35% in the last 24-hours after the company revealed details of a recent hacking incident in which it lost about USD 34 million.

Kris Marszalek, the platform’s CEO, said around 400 customer accounts have been compromised. His announcement came after multiple Crypto.com users said their funds had been stolen. Marszalek told Bloomberg TV that the platform was back online up to 14-hours after the incident. The report said that unauthorized withdrawals totaled ETH 4,836.26 and BTC 443.93. Other currencies were also affected – totaling USD 66,200. The hacking incident cost Crypto.com USD 34 million as per the current prices of the cryptocurrencies. But OXT Research says an additional BTC 444 worth be around USD 18.63 had been lost.

The company, as per the report, said they came to know of the unauthorized activity on January 17. User accounts where transactions were being approved without the user inputting the two-factor authentication (2FA) control. Following this, Crypto.com migrated to a completely new 2FA infrastructure. The company has also engaged with third-party security firms and performed an internal audit.

It had temporarily halted withdrawals because of the unusual on-chain activity. Large amounts of digital assets were transferred from the exchange into mixer protocols.

Crypto.com will also add new features for the multi-factor authentication (MFA). The report highlighted that the company has introduced the Worldwide Account Protection Program (WAPP). This will ensure additional protection and security for user funds in the app and on the exchange. The report highlighted that the WAPP restores funds up to USD 250,000 for qualified users.

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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