Crypto fraud: Over 400 accounts of Singapore exchange compromised, funds stolen by online hackers

New Delhi: Amid the rising demand for cryptocurrency in the world, safety has become the biggest concern for buyers. In the recent cyber attack, hackers targeted the users of Singapore-based cryptocurrency exchange Crypto.com. Kris Marszalek, the CEO of the company, confirmed in a TV interview on Wednesday that the accounts of hundreds of users were attacked by hackers. He added that the hackers also stole funds in the attack.

Over Four hundred accounts compromised

The online attack continued for around 14 hours and more than 400 accounts of Crypto.com users were compromised, told Marszalek to Bloomberg TV. During the interview, he revealed that the customers who lost their money were fully reimbursed. Earlier on January 18, he thanked the community for their support during the attack in his tweet.

In another tweet, He termed the attack an opportunity to strengthen their step up. ‘’We Learn, we improve, we move forward undeterred,’’ added Marsalek in the tweet.

I’m particularly happy with two things:

– the support we received from the community both publicly and in DMs
– the opportunity this incident gave us to further strengthen our setup

We learn, we improve, we move forward undeterred. #FFTB

— Kris | Crypto.com (@Kris_HK) January 18, 2022

However, it is not clear how the hackers get into the system. Marszalek promised to ‘’share a full post-mortem after the internal investigation is completed’’.

New update rolled out

During the hack which occurred on January 17, the company had paused all withdrawals. Following this, the company urged its customers to reset their two-factor authentication (2FA)and sign back into their app and exchange accounts. The company also rolled out the update regarding the same.

Latest update in the breach

In the latest update, Crypto.com said on Twitter that the unauthorized withdrawals totalled approx US$66,200. Learning from the incident, the company said that it added a mandatory 24-hour delay between registration of a new whitelisted withdrawal address, and first withdrawal, giving adequate time to users to react and respond. Notably, the company confirmed 483 Crypto.com users were affected by the attack.