In a hack, the Crypto.com exchange lost $30 million in cryptocurrency

It’s a good idea to pick a well-known exchange if you want to buy or sell cryptocurrency. Some people do this because they can trust that they won’t suddenly take all of their money and disappear into the ether. If you’re concerned about your crypto being stolen from your exchange of choice, there is also the issue of security.

Crypto.com, a cryptocurrency exchange, has been hacked, according to reports. The exchange stated in a statement on its website that a breach occurred few days ago, resulting in the theft of more than $30 million in bitcoin and Ethereum. The good news is that the exchange has now banned withdrawals and refunded impacted consumers.

“On January 17, 2022, Crypto.com discovered that a limited number of users had illicit crypto withdrawals on their accounts,” according to Crypto.com. To begin an investigation, Crypto.com immediately halted all token withdrawals and worked around the clock to resolve the problem. There was no money lost by any consumers. We stopped the bulk of unlawful withdrawals, and we properly repaid all other consumers.”

Since then, the exchange has cancelled all 2FA tokens and switched to an entirely new 2FA infrastructure for all of its users. However, if you want to trade and store cryptocurrencies, you should consider transferring your assets to a cold wallet, which is an offline wallet similar to a USB drive that ensures no one else can access your cash until you lose the drive.