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- AscendEX has recently been hacked and lost about $77 million worth of crypto assets
- AscendEX noted several ERC-20, BSC, and Polygon tokens being transferred from their hot wallets
- The exchange platform froze all its deposits and withdrawals following the act
- The Cold Wallets were not affected
AscendEX, a simple to use crypto assets exchange, has faced a heavy slash, where malicious players managed to grab about $77 million worth of assets. Already the crypto assets industry has been facing relentless pressure from financial regulators globally. And following such activities coming into the light, these agencies are given more firepower. However, as the team behind the digital assets platform identified the illicit activities, it transferred all its not-affected assets to cold wallets while the investigation was carried out.
How did the AscendEX team identify the hack?
Another crypto exchange platform has recently faced a massive hack. According to a Monday announcement, the AscendEX team noted a huge count of unauthorized transactions from one of its hot wallets on Saturday.
According to the announcement, the team behind AscendEX noted several ERC-20, BSC, and Polygon tokens being transferred from their hot wallets. However, the Cold Wallets were not affected.
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Later, Pechshield, the blockchain analytics firm, revealed that the platform lost nearly $77 million worth of crypto assets following a breach of one of the platform’s hot wallets.
What measures did the crypto platform take?
The team further claimed that it transferred all its not-affected assets to a cold wallet following such nefarious activities. Indeed, the assets will be kept there until the investigation is carried out.
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Besides, Jay Kubert, the director of sales and business development at AscendEX, highlighted that the platform froze all its deposits and withdrawals following the act. However, now the firm is working to reopen them.
Stolen funds were spread across three chains
According to an estimation, the total assets were worth $77 million. According to Peckshield, the illicit players spread the stolen funds across three chains. Notably, the $60 million on the Ethereum blockchain, $9.2 million on the Binance Smart Chain (BSC), and approximately $8.5 million on the Polygon network.
Among the tokens taken, a large chunk of stablecoins was there. Along with major fiat-pegged stablecoins, like USDT and USDC, which accounted for more than $10.7 million, a large share of the lost fund also included Taraxa (TARA). Besides, there was also a small share of meme-coin Shiba Inu and DeFi coins like AAVE and COMP that had been laundered.
It is also noteworthy that the exchange claimed to cover any investors’ funds that would have been affected by the hack.
