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- A few users of the platform reached out to the team after suspecting something fishy on their accounts.
- The platform has currently halted the withdrawals and is working on it.
- It’s unknown exactly till when the transactions are paused and what the problem is.
The significant Crypto platform and wallet Crypto.com have put a transitory halt on the transactions.
The platform informed through its Twitter account that they have few users who have reported suspicious activity on their accounts. And that the team is investigating. Hence they’ll be pausing the withdrawals, and the funds are safe.
In response to some customers reporting some thefts, the platform halted the withdrawals a few hours ago. In fact, Billy Markus, co-founder of Dogecoin, also notified about some suspicious transaction patterns on Etherscan, which caused the company to halt the transactions until and unless the problem is solved and they know what’s going on the platform.
According to Ben Baller, a crypto enthusiast, his account has been breached, and he lost 4.28 Ether(ETH). And that he how the alleged thefts have gone through the two-factor authentication that he used. Later through another Tweet he claimed that 5,000ETH was cleaned out in the last 6 hours, and it’s not just a small number of users.
Crypto.com later tweeted directing its users to sign back into their dApps and Exchange accounts and reset their 2FA for the security of all accounts is being enhanced. And that this is done for security reasons, and they will be updated further over the following hours.
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Although it’s not unknown that the crypto industry can also be exploited to malicious activities and hacks and protocol exploits are not very surprising. In early January, Immunefi, a decentralized finance security platform, found out that in 2021, losses from hacks, scams, and other similar activities exceeded 10.2 billion Dollars.
The platform told the users through their Twitter about further updates rolling out over the next few hours. The exact problem is still not known and is looked forward to.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
