Bitcoin Forum

This is to bring to our notice the news of the popular wallet closing of all withdrawals for the time being due to suspicious activities on some users' accounts that were reported and to prevent possible hack the team paused all withdrawals for the time being said all funds are safe.
https://cointelegraph.com/news/crypto-com-pauses-withdrawals-due-to-suspicious-activity?utm_content=bufferf693e&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Crypto.com has been one of the really successful exchanges in recent years, a Singapore-based exchange with 10 million users and almost three thousand employees. In recent years, they have really invested well in marketing and advertising, their marketing is really serious companies. That's why I believe in the honesty of this news, they stopped withdrawals to fix the problem, in fact, exchanges do this from time to time. They will re-enable withdrawals soon, no need to worry.

Crypto.com was hacked and the amount could reach to 16$ million dollars, as 5000 eth were moved on the last hours, accordingly to this tweet:

https://i.imgur.com/CO7VInz.png

The platform has already informed all withdrawal services have been restored, even though lots of users are still complaining on twitter and facing difficulties to access their personal accounts. So far it's not possible to know how many people have been damaged by the hacker attack, but there is a serious possibility it wasn't isolated cases as firstly claimed. Some are also saying Crypto.com should invest more in security instead of advertisement.

This is a great move to prevent a big hacking incidents though I think they are able to withdraw some crypto but at least crypto.com made their move as early as possible. Well, withdrawals are back now just be more patient since maybe the site are more strict now while investigation is on-going. Crypto sites are really vulnerable to hackers, don’t hold too much on a public wallet, that’s risky.

with a reputation that is already very large and also millions of active users it would be a pity if crypto.com was not responsible for what happened to their site. cases like this are almost similar to what happened to binance a few years ago, with the hack incident, binance's reputation immediately rose and the level of customer trust increased, hopefully crypto.com follows in binance's footsteps.

Not a great move ~LOL

It's already a basic movement while some exchanges got hacked, first they are gonna stop the withdrawal activity and then make some investigation.

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Anway, from my perspective "Crypto.com" interface almost can be same as wallet. So, people more often to store on there since like a wallet it self.

It would be nice if you wrote a more detailed explanation on the subject. But such news is a really sad situation for every exchange platform and a loss of reputation for that platform. The precaution taken against any hacking attack is a good move, but if a hacking attack has taken place, it is a troublesome situation. If the hacking attack has taken place and if there is any stolen crypto money, I hope they stand behind this loss and cover the losses of their users. But otherwise, it will be a great loss for crypto.com.

That's not a lot for them. $5m used to be big sum for exchanges back in day but now those are insanely wealthy. And probably well insured as well. Stolen money doesn't bother me, the fact that attackers could do this and bypass all security worries me quite a bit. Hopefully other exchanges aren't vulnerable to this kind of attack (how ever it was done).

I saw this issue last night. What's really funny here is I was just talking to someone asking opinion about crypto.com the other day and I said something about the "not your keys, not your coins". I also explained the risk of hacks on centralized platforms or custodial services. That was a great timing since he was really thinking of depositing here.

It's better rather than doing something when the hack already happened and hacker steal all of amounts of money from the exchange sites and that will be affecting all of the users on crypto.com
As long as the reason being transparent and then that's a very good way to prevent the hacked case to happen. I personally think that any other exchange site must follow these step. They must be actively monitoring the user's activity as well. This will be showing how good the team to handle the platform before the security breach happen. Im so glad to see that crypto.com was taking an action so fast.
The security needs to be upgraded anytime with various layers to make sure hacker will be difficult or never find the vulnerability on the platform that can be used to hijack it.

The topic comes back once again that even the biggest and the best exchange is not safe. If someone likes trading, keep on exchange only those funds that are necessary for him to trade. Fortunately it looks like around $16M was stolen this time so I think Crypto.com can handle it. At this point, however, we have to consider what would happen if it were $160M or several times more. It is likely that recovering such a large amount would not be so easy.

Op already includes news links so it is very possible for you to get more information there.
 
When reading the news in full there was no confirmation from crypto.com that they were hacked what they did was close the withdrawal temporary due to reports from users about suspicious activity on their accounts.
Crypto.com a pretty big business looks how they promote, there are many sporting events where they as sponsors of course the way they handle this case will greatly affect their business.

As long there would be no clarification on whats happening then people couldnt really avoid on making out some speculative sayings about on whats happening but it isnt really just right that we do really make out

some conclusions if there are no valid reason behind those delays or postponement but most likely this do involve some sort of maintenance or emergency fixes or something like that.
They wouldnt really be messing up their reputation just like on this one but lets hope we do hear up a word from them.

That's a lot but waiting for the confirmation by the team regarding this is far better. If the team being transparent about that and that will better rather than keep silent without giving any information about what happened with the exchange site.

Yeah but not fully restored even if there was an announcement about that and it may still in progress of recovery. The amounts that got hacked needs to be replaced by the team.

Yeah i know how big marketing that already done by this exchange site but this is the big mistake that already made by exchange sites, putting big of money to the advertisement instead of putting security as the priority caused by people's money was on the hot wallet of exchange site. Crypto.com must put this as the main concern for their team.

At least they already made action towards their service onto which they can immediately take action. It's hard for users like us if it's not going to be done correctly, like how it happened today. Imagine if they didn't pause the withdrawal, it could've been much more.

I agree with some of the comments here that they should invest in security, not just the advertisement. But it's working so, why not, right?

I hope the tweet had some links on how he did the investigation.

For encountering this sadden incident most provably they will go into that option since taking some necessary action is needed so that they can safe guard the funds of there user since if this will not be fix and their security will remain like this for sure many will think about that the hacking incident happen is an inside job so they need to act as fast as they can so that no incident like this will happen again in future.

Better to be safe than be sorry, if this action they have taken guarantee users funds safety they i think did the right thing, there are too many hack case and worst part is they are usually unsuspected before the hack happens, to me this shows the crpto.com team are observant of all the activities happening in their platform, i hope things get resolve quickly so that activities can go on as normal.

When an exchange starts to pause 'all' of the withdrawals. Then one thing is for sure they've been attacked and hacked, they're not telling it literally.
But if you've been in the crypto market for so long, you're going to understand their actions and they're just trying to reduce the potential amount that they're about to lose.
And that's why pausing all the withdrawals means that they're too late for it and the hackers have probably got a huge amount already.

Didn't know which part interview you heard, but in the same interview with Bloomberg, he stated that all the affected accounts are fully reimbursed, so the customer should not expect that any funds of them are lost. You can see the full interview at minute 6.46:

It is already a huge loss but it will be far better than losing an entire hot wallet, it's quite risky to save large funds on an exchange due to constant hacks.
But in all, we must appreciate the team's effort to minimize the total loss and also come out to announce to everybody the situation around the site hope the team will compensate, users, for the loss.

It was a big hack issue thank goodness that the team paused withdrawal before it escalate beyond this present amount. The hacker made away with a huge sum of funds from customers' wallets before the withdrawal was halted.

That's a bad and good news at the same time because they have acted before the hacker stole all the money from that exchange. Badluck to those who got hack but they can hope for the greater good. Maybe crypto.com will compensate people that lost their funds because this exchange is somewhat popular and big. I mean they can be able to afford it and the amounts might not be big enough because not users have hacked.

Hackings inside the exchange is one of the biggest fear by most users, this is why I do not really like to store my funds inside an exchange but ill be more confident if I hodl them myself with my own private keys with me.

Of course, the main funds should always be kept at addresses where only we have private keys. However, a lot of people are engaged in speculation and trading. If we only count this money, it will still be huge sums. Each of us may be unlucky that just when we buy or sell something on the exchange, it will be hacked. It's best to just use the exchanges with well-established opinion and very good security, in addition, always turn on 2FA and any other additional security.

No Crypto.com is not famous and mainly use for its exchange but for its credit cards and custodial wallets. Many people hold their funds on their smartphone app wallet without knowing it is not a non-custodial wallet, so the amounts this company is holding is huge.