Crypto.com reportedly suffers hack, losing more than $15 million in Ethereum

pcgamer.com:

Crypto.com, one of the worlds’ largest cryptocurrency exchanges has reportedly suffered a hack, with at least $15 million worth of Ethereum stolen. The hack is the latest in a series of security branches that have affected crypto currency exchanges and it further damages confidence in the nascent cryptocurrency sphere. 

The issues came to light when users began reporting that their funds were missing, even those with two factor authorization enabled. Crypto.com tweeted that it was pausing withdrawals after it received complaints from users. 

These issues led PeckShield, a blockchain security firm to look at the blockchain data. It discovered that at least 4600 Eth is being laundered through Tornado Cash, which is an Ethereum privacy protocol that breaks the link between source and destination addresses. 

The @cryptocom loss is about $15M with at least 4.6K ETHs and half of them are currently being washed via @TornadoCash https://t.co/PUl6IrB3cp https://t.co/6SVKvk8PLf pic.twitter.com/XN9nmT857jJanuary 18, 2022

The hack is noteworthy as Crypto.com isn’t an obscure exchange, but one of the largest of all, with a 24hr volume of over $3 billion which is around that of Coinbase. Interestingly, Crypto.com hasn’t officially confirmed a hack. To its credit, the company has promised that users’ funds are safe. The company is investigating internally and is expected to release a report or detailed statement in the coming days. It’s also taking steps to harden its security infrastructure.

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But has the horse already bolted? Once the trust of users is lost, it can be hard to regain. There’s an old saying among crypto currency