July 2, 2022
  • July 2, 2022

Crypto Exchange AscendEX Suspends Services After $ 77 Million Hack

By on December 12, 2021 0

The AscendEX cryptocurrency exchange has temporarily disabled deposits and withdrawals after discovering a hack on Saturday night that transferred around $ 77 million in tokens out of the exchange’s hot wallets.

AscendEX did not disclose the value of the tokens stolen by a hacker, but data from Etherscan estimated the loss of the transfer of the ERC-20, Binance Smart Chain and Polygon tokens to be around $ 77 million, according to one. report from BeInCrypto.

The estimated transfer losses included around $ 60 million in ERC-20 tokens, $ 9.2 million in Binance tokens and $ 8.5 million in Polygon. AscendEX said it will fully cover any user’s losses resulting from the hack.

The cryptocurrency exchange said its cold wallets were unaffected by the hack, according to a company statement on Saturday.

Hot wallets are internet-connected cryptocurrency wallets that are linked to a private key and allow cryptocurrency owners to receive and send tokens. A cold wallet, or offline wallet, is a cryptocurrency wallet that is not connected to the Internet and is more difficult to compromise.

The AscendEX hack is the second crypto exchange hack in the past week. On December 5, hackers transferred around $ 196 million in tokens from the crypto exchange Bitmart after stealing a private key that opened two hot wallets, the CEO Sheldon Xia tweeted.

Crypto-hackers transferred $ 100 million worth of cryptocurrency to the Ethereum blockchain and $ 96 million to Binance, according to a report from Coindesk. BitMart said it will compensate users who lost tokens due to the hack.

BitMart resumed deposits and withdrawals in its exchange last Tuesday. As part of a security upgrade, the crypto exchange replaced all deposit addresses for crypto tokens.

The company has asked users to verify deposit addresses before making deposits to ensure tokens are not deposited to the wrong addresses. He said that tokens mistakenly deposited at the wrong address are not recoverable.