[ Engadget ] Crypto.com loses $34 million in hack that affected 483 accounts

Crypto.com loses $34 million in hack that affected 483 accounts

In an interview with Bloomberg TV, Crypto.com’s Chief Executive Kris Marszalek has admitted that 400 customer accounts were compromised by hackers. He said his team detected unauthorized transactions made from the accounts, but that they’d fixed the issue immediately and fully reimbursed the affected users.

In an interview with Bloomberg TV, Crypto.com’s Chief Executive Kris Marszalek has admitted that 400 customer accounts were compromised by hackers. He said his team detected unauthorized transactions made from the accounts, but that they’d fixed the issue immediately and fully reimbursed the affected users.

Apparently, 483 accounts were affected and the unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC and approximately $66,200 in other currencies. Based on current exchange rates, that’s $15.3 million of ETH and $18.7 million of ETC for a total of $34 million in losses. 

Crypto.com revoked all customer 2FA tokens and implemented additional security measures that required all account users to re-log-in. The company said the move is necessary, because it migrated to a completely new 2FA infrastructure. However, it intends to eventually move away from 2FA and to true Multi-Factor Authentication (MFA).

DPA Note: Crypto.com actually did well to swiftly detect and remedy the issue – limiting its damage to just 34 million.