Crypto.com Halts Withdrawals due to ‘Suspicious Activity’

Singapore-based cryptocurrency exchange Crypto.com halted withdrawals on its platform after many users cited dubious activity on their accounts.

While the money is deemed to be secure at present, a few users of the platform did mention something fishy going on with the user interface. The company has assured the customers a resume on the withdrawals once the uneventful action has been completely examined.

Crypto.com stopped all withdrawals on its platform in retaliation to the increasing number of stealings by the user accounts. Billy Markus, the founder of Dogecoin (DOGE), observed a doubtful transaction design on Etherscan that provoked the firm to stop all the exchanges until the cause of the activity was found out.

A cryptocurrency enthusiast and jeweler Ben Baller allegedly lost 4.28 Ether (ETH) which amounts to $15,000 in an account breach. He also claimed to have used two-factor authentication, stating that the hackers could have overlooked Crypto.com’s security components in the process.

The company Crypto.com has not been replying to any conjectures on the recent halt. The cryptocurrency space is known for having to deal with several heists, rag-pulls, and protocol exploits. Bug Bounty service ImmuneFi recently released a formal report on the aggregate volume of losses suffered by the crypto markets in 2021. In the report, the company deciphered that the massive losses suffered by crypto firms usually originate from hacks, scams, and malpractices that surpassed USD 10.2 billion in the past year.

ImmuneFi has been accountable for maintaining USD 100 Billion worth of assets for a variety of popular Decentralised Finance protocols like Synthetix, Chainlink, SushiSwap, and PancakeSwap among others. The company has enabled 7-figure payouts to whitehat cyber hackers and alternative institutions for controlling protocol settlements.

Across 2021, there were hundred and twenty examples of crypto exploitations or deceitful rug-pulls, the largest value of hack being Poly Network at $613 million, pursued by Venus and BitMart with $200 million and $150 million, respectively.