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Crypto.com Reportedly Loses $15M After Pausing Withdrawals


www.cryptonewsz.com 18 January 2022 10:40, UTC
Reading time: ~2 m

The crypto market is full of uncertainties, and not just in a standard manner. Crypto.com realized it recently as the platform experienced several customers reporting alleged thefts and suspicious activities. The platform had to pause its withdrawal functionalities to address the concern.

While the withdrawals were suspended, Crypto.com reportedly lost 15 million dollars. The amount accounted for at least 4700 Ethereum coins, making it the biggest loss in 2022. Given the stature Crypto.com holds, traders were quick to question their funds’ security on the platform. That is why many looked for Crypto.com reviews like the one linked to assess its safety operations.

The Crypto.com CEO was quick to respond to the development, telling the customers that the team was working towards restarting withdrawals. All user funds are secure, and users need not worry. Moreover, the team will keep the Crypto.com community notified as they fetch more information.

The platform released an official tweet notifying users regarding the concern. The DOGE Founder, Billy Markus, noted similar transaction patterns occurring on Etherscan. After the news, the company was also advised to halt their transactions until more information came out.

Ben Baller, a jeweler and crypto enthusiast, reported losing 4.28 Ether (around 15k dollars) in a security breach. The user stated that the breach occurred despite setting up the two-factor authentication system. The statement implied that the breacher entered the account via Crypto.com’s end.

Ben continued, stating that the breacher purchased an NFT using the tokens within the app. The customer support team was of no help as they did not detect any suspicious activity on their end. A few hours later, the platform requested users to reset their 2FA verification and sign back in to the account.

Users are still waiting to sign back on the platform ever since.

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