Crypto exchange AscendEX to reimburse affected users in Dec 11 hack
Hackers stole $77.7 million in crypto, $60 million of which are in Ether (ETH).
Wed, 15 Dec 2021, 07:03 am UTC
Singapore-based crypto exchange AscendEX suffered a security breach where$77.7 million worth of Ethereum (ETH), Polygon, and other tokens were stolen by hackers. However, the company assured that users affected by the hack will be reimbursed.
AscendEX confirmed that the hack happened on December 11, 2021, and involved one of the exchange’s hot wallets. However, the company assured that crypto-assets in its cold wallets are safe.
“Update to Security Incident: On December 11 at approximately 22:00 UTC, AscendEX identified a number of unauthorized transfers from one of our hot wallets,” the crypto exchange posted on Twitter. “A security response was initiated immediately. Cold wallets are unaffected and any impacted users will be reimbursed 100%”
Blockchain security firm PeckShield estimated that hackers were able to steal around $77.7 million in various cryptocurrencies. Around $60 million of the stolen tokens are Ether (ETH), the native crypto of the Ethereum blockchain.
“Estimated loss at AscendEX_Global: $77.7M in total ($60M ethereum, $9.2M BinanceChain, $8.5M 0xPolygon,” PeckShield said. The company also provided a list of the transferred-out assets and their amounts.
Hackers also stole around $10.8 million in TARA, according to Coindesk. The crypto exchange likewise lost some tokens of the stablecoins USDT and USDC with a combined value of $10.7 million. In addition, Shiba Inu worth $145,000, and Polygon MATIC valued at $691,000 were also stolen by the hackers.
“Unimpacted assets have been transferred to our cold wallets as we continue to investigate,” the crypto exchange announced. “The impacted assets are a relatively small percentage of total exchange assets.”
AscendEX suspended withdrawals as it conducted a security review. The company is currently working “to restore deposit and withdrawal service gradually after ensuring a safe state.” The platform will be reopened and customers can transfer assets once more after the thorough security review is completed.
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