Crypto.com hacked, Ethereum, other cryptocurrencies wiped from accounts, regulators missing
Crypto.com has not received any “outreach” from regulators following a cybersecurity breach earlier this week of about 400 customer accounts, according to Chief Executive Officer Kris Marszalek. During an online interview at Bloomberg’s Year Ahead virtual conference, Marszalek said from Singapore that he is prepared to share information on the hack if any relevant inquiries come from regulators.
The company became the latest crypto exchange to be hit by online thieves on Tuesday after users reported that Ethereum and other cryptocurrencies were wiped from their accounts. All customers have been reimbursed, Marszalek said.
“Obviously, it’s great lesson and we are continuously strengthening our infrastructure,” Marszalek said during the interview. “Given the scale of the business, these numbers are not particularly material and customer funds were not at risk.”
An exact value of cryptocurrencies affected is still unknown, although estimates are in the millions. Marszalek said Crypto.com plans to release more information in a blog post in the coming days. System hacks have been a persistent problem since the earliest days of cryptocurrencies, with rouge programmers probing the software code of protocols for vulnerabilities.
The firm, which moved its headquarters from Hong Kong to Singapore last year, is currently awaiting license approval from the Monetary Authority of Singapore, or MAS.
The MAS prohibited public advertising of crypto products earlier this year. Crypto.com was among the firms affected after placing a large billboard on a prominent shopping strip. Advertising practices of the crypto industry have come under scrutiny as opponents worry retail investors could buy into the asset class with limited understanding
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