Crypto.com Halts Withdrawals After ‘Unauthorized Activity’

Image courtesy of Crypto.com Exit Payment for 14 Hours After 'Illegal Activity'

Picture: YouTube / Crypto.com

Crypto.com suspended the entire removal from the platform on Monday and is urging users to re-install two-factor authentication methods, according to tweets from the company. And while Crypto.com claims that everyone’s money is “secure,” there were reports from users on social media that millions had been lost to hackers.

“In the past today few users have encountered illegal activities in their account. All funds are secure,” Crypto.com said in a tweet Monday.

“With extreme caution, security for all accounts is enhanced, which requires users: To log in to their App & Exchange account, [and] Restore their 2FA, “the tweet continued.

“These changes will be made available to users gradually over the next few hours. Once completed, the removal will be turned off. We understand that this can be confusing, but security comes first. Thank you for your help,” the company continued.

Company CEO Kris Marszalek sent a tweet all night meaning that customers can now withdraw their accounts and the suspension took approximately 14 hours. But there are unanswered questions about whether any money was stolen and whether the company simply reimbursed those who lost money. Marszalek wrote that no money was lost, but Crypto.com declined to respond to questions posted by Gizmodo overnight.

Some crypto.com users also reported that they had “stolen” money in their accounts, before the system was restored.

“I texted a few hours ago about my account being hacked 4.28ETH and I wonder how he got past 2FA?” crypto influencer Ben Baller wrote on Monday.

The 4.28 ethereum that Baller said he lost is equivalent to approximately $ 13,600 in US currency. Baller went on to say 5,000 ether missing, equivalent to $ 16 million, but sent details that his money had been returned.

“A GREAT CHANGE FROM @cryptocom. He has reimbursed me for what I missed. THANK YOU FOR BEING A STRONG CRYPTO APP!” Baller tweeted.

Again, it is not known if the hacker stole the stolen money and the users were paid by the company or if no money was stolen.

Crypto.com, which has about 10 million users, gained a lot of interest in the last few months when it bought the patent for the Staples Center in Los Angeles and started advertising Matt Damon ads.

The crypto market also has business deals with Formula One, Philadelphia 76ers of the NBA, Montreal Canadiens of the NHL, among many more. Crypto.com continues to sell tickets around the world, including a five-year deal in Australia with the Australian Soccer League announced on Monday.

Marszalek wrote on Twitter that the company would issue a post mortem on the transactions with user accounts, although it is not known when this will be released. Big questions in everyone’s mind: Did the thieves really get any money? And, if so, did Crypto.com simply add user accounts to their wallet to alleviate any fears? The company refused to answer the actual question for us today. But we hope to find the answers soon.



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