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Major cryptocurrency platform Crypto.com has temporarily stopped withdrawals due to a few users’ reports of suspicious activity on their accounts. The company said that all funds are safe at the moment.
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
Hours ago, Crypto.com ceased withdrawals from the platform in response to the theft of user accounts. Dogecoin founder, Billy Markus found a distrustful transaction pattern on Etherscan that caused the company to put the transaction to a temporary halt. The transaction process will be back to normalcy after resolving the issue.
I see odd activity on one of the Ethereum hot wallets on https://t.co/AbuAAkBxG1 – https://t.co/7l7MgCLnoG
It’s a pattern, the wallets receiving look like this https://t.co/2Gf48D3fqm, multiple of the same transactions to a new wallet between 2-5 ETH, funds not moved after that. https://t.co/tbGJ5RqpXS
— Shibetoshi Nakamoto (@BillyM2k) January 17, 2022
A cryptocurrency enthusiast and jeweler, Ben Baller asserted that his account was contravened, losing 4.28 ETH, which is nearly $15,000. He also claimed that he used two-step authentication, so the perpetrators must have gone past some of the security features of Crypto.com.
Since the advent of the crypto industry, many hacks, protocol exploits, and rug-pulls have been reported. According to a finding by decentralized finance security platform and bug bounty service ImmuneFi unveiled that losses due to scams, hacks, and other malicious activities exceeded over $10.2 billion dollars in 2021. Furthermore, 120 cases of fraudulent rug-pulls or crypto exploits were reported and the Poly Network was hit with the highest valued hack at $613 million.