Crypto.com Users Reportedly Lose $15 Million Or At Least 4,600 ETH

On Monday, January 11, the popular crypto trading platform Crypto.com has suspended all deposits and withdrawals citing some “unauthorized activity” taking place at some accounts. However, it has restored some of the accounts back and withdrawal services stating that the accounts are safe.

Update: Withdrawal services have been restored.
All funds are safe.

It will take time to clear the backlogs. We appreciate your patience. https://t.co/ZKMfyTMebi

— Crypto.com (@cryptocom) January 17, 2022

Several users complained on social media that their digital asset holdings worth tens of thousands of dollars had disappeared from the exchange. Although Crypto.com is claiming that the accounts are safe, blockchain security and data analytics firm Peckshield noted that the exchange has lost a staggering $15 million or at least 4,600 ETH in the recent hack.

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/XN9nmT857j

— PeckShield Inc. (@peckshield) January 18, 2022

The funds have been reportedly moved using Tornado Cash which makes it difficult to trace. Technical issues on crypto trading platforms have been a very common thing off lately. During the peak demand, even some of the most popular crypto exchanges have been facing wide outages.

Crypto.com is one of the most popular trading platforms in the United States and serves more than 10 million customers. We would like to get further clarity from Crypto.com on this matter.

Crypto.com Signs Deal With Australian Football League

In other news, Crypto.com has also managed to seal a deal with the Australian Football League wherein it would become the “official cryptocurrency exchange and official cryptocurrency trading platform of AFL and AFLW” along with getting the naming rights to score reviews. Speaking of this development, AFL executive general manager customer and commercial Kylie Rogers said:

“Crypto.com has partnered with a number of elite sporting codes across the world and the AFL is proud to be the first Australian sports league and elite women’s competition globally to work alongside an organisation that shares our passion to progress the future of elite sport and technology”.

The exchange has been aggressively spending on sponsoring sporting teams. One of its biggest sponsorships recently was securing the naming rights for Staples Centre in Los Angeles and renaming it to Crypto.com Arena.

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.