Crypto.com Confirms Hack

After customers, analysts, and security firms reported that Crypto.com accounts were hacked on Monday, CEO Kris Marszalek has confirmed that around 400 consumer accounts were compromised by unidentified hackers. Marszalek spoke to Bloomberg’s Year Ahead Virtual Conference and confirmed the incident, noting that it was a “great lesson” and that Crypto.com would be working on its infrastructure. A post mortem report published by the exchange notes that $15 million in Ethereum, $19 million in Bitcoin, and over $60,000 in other currencies were involved in unauthorized withdrawals. Marszalek went on to say, “given the scale of the business, these numbers are not particularly material and customer funds were not at risk.” In a previous statement, the exchange confirmed that all of the 483 affected accounts were reimbursed fully, ensuring that the incident did not result in the loss of consumer funds. Finally, the firm announced that it has established a protective fund, offering up to $250,000 in protection for qualifying users. At press time, Crypto.com’s native token was trading at 45.87 cents, up nearly 5% on decreasing volume and a 5% gain in its market cap.