Crypto.com is the latest target of cyber attackers, and some users have already reported losing coins from their wallets. Crypto.com quickly took notice of the issue and halted all withdrawals for the time being. The security team of Crypto.com assured the investors that things are in control and advised them against panicking. However, panic did ensue on Twitter when many people started reporting the theft of coins. However, many analysts & experts predicted that many of these Twitter reports are fake and the extent of damage is not as much. At the same time, there is no doubt about the authenticity of the reports since Crypto.com has come out in public and acknowledged the hack.
The hack of Crypto.com has not yet led to any widespread public outrage. However, it is still not clear how the investors who lost their money would be compensated. It is not even certain that there would be any kind of compensation. At the same time, Crypto.com did mention in their post that All funds are safe. Investors, on the other hand, did not take this claim at face value and continued to raise concern across various social media platforms.
The recent hack once again reminds the crypto community how vulnerable it can be when things go wrong. While very rare and unlikely, massive hacks can cause widespread outrage and the possible collapse of crypto exchanges. Fortunately, the Crypto.com hack does not seem to be very concerning. Investors who lost their money are still awaiting a response from Cryto.com on the status of their compensations.