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Crypto.com $34 million stolen in user account hack | Data Breach Lessons

AIThority | | Jan 24, 2022

Crypto.com data breach hack - Crypto.com $34 million stolen in user account hack | Data Breach LessonsCrypto.com is the latest victim of a data hack incident that may have well jeopardized cryptocurrencies worth over $30 million from 400+ user accounts. What’s worse, the reputation of this company could be permanently tarnished due to this incident! It’s true that crypto companies are among the worst-affected digital companies as reported in our data breach updates.

See:  Security advice for emerging tech companies and investors

Last week, Crypto.com’s CEO Kris Marszalek admitted in an interview that some of the security layers were breached resulting in loss of data of 400+ users. While the CEO acknowledged that the leak was controlled within 13-14 hours, users could well have lost over $30 million in Bitcoin and Ethereum after a hack that took place on Jan. 17, 2022.

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City A.M. | Lily Russell-Jones | Jan 20, 2022

Crypto.com admits $34m stolen from user accounts in hack

Trading platform Crypto.com has admitted that $34m (£24.9m) was stolen from user accounts by a hacker.

The hack affected 483 customer accounts which were later compensated by the exchange platform, according to an update published today. Crypto.com said that unauthorised withdrawals totalled 4836.26 ether ($15.2m), 443.93 bitcoin ($18.7m) and $66,200 in US dollars.

See:  Crypto fraud and breaches on pace to exceed $3 billion in 2021

In response to the theft the crypto exchange has rolled out a Worldwide Account Protection Program (WAPP) in order to insure customer investments up to a limit of $250,000.

“While we are reminded of the existence of bad actors intent on committing fraud, this new Worldwide Account Protection Program, along with our new MFA infrastructure, gives our users unprecedented protection of their funds, and hopefully, peace of mind,” he added.

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NCFA Jan 2018 resize - Crypto.com $34 million stolen in user account hack | Data Breach Lessons The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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