Crypto.com HACK: Withdrawals Suspended! Here's what Happened

Breaking News: A couple of hours ago, the well-known exchange Crypto.com suffered from an unidentified hack. This fiasco made the company halt all withdrawal transactions and reset the saved credentials of all users. What specifically happened with the Crypto.com hack and what happened specifically?

Crypto.com Hack Info

On Monday at noon UTC time, multiple users reported that they cannot make any withdrawal from their crypto.com account. Users also noticed that despite their credentials being saved on their PC or Mobile devices, they had to sign in again. This was a precautionary action taken by the company to limit the escalation of further breaches. Additionally, users were advised to reset their 2-factor authentication and set it up again.

Dogecoin founder Billy Markus also added to the fiasco. He noticed a suspicious transaction pattern on Etherscan that instigated the company to suspend all transactions until it extrapolates out what’s going on with its platform.

We have a small number of users reporting suspicious activity on their accounts.

We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.
— Crypto.com (@cryptocom) January 17, 2022

Crypto.com seems to have Resolved the Problem

After a few hours of debugging, it seems that the company managed to resolve the issue. They managed to handle the malicious transactions and even restored the withdrawal process. Users can again liquidate their cryptos and submit withdrawal requests through their favorite medium of transfer. “Relax, your Bitcoins are safe!”.

Update: Withdrawal services have been restored.
All funds are safe.

It will take time to clear the backlogs. We appreciate your patience. https://t.co/ZKMfyTMebi
— Crypto.com (@cryptocom) January 17, 2022

On the other hand, some users are still can’t access the main website.

What Happened to the Crypto.com Token?

The Crypto.com token price barely lost any value by the events. Its price slightly went down by -3%. On the other hand, the entire cryptocurrency market slipped by an average of also -3%. Investors who hold the Crypto.com token barely lost by the events.

Usually, when a big company is behind a project, there is a kind of accountability in place. This definitely speeds up ownership and resolution of the problem

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