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Crypto exchange Deribit suspends withdrawals after BTC, ETH, and USD wallets hack

The crypto exchange’s hot wallets were hacked before midnight UTC on November 1, affecting around $28 million worth of cryptocurrencies.

Image by: Wikimedia Commons

Wed, 02 Nov 2022, 10:05 am UTC

Crypto derivatives exchange Deribit announced that it is temporarily suspending withdrawals from its platform. The move is in response to a recent hack that compromised its Bitcoin (BTC), Ether (ETH), and USDC wallets.

The crypto exchange’s hot wallets were hacked before midnight UTC on November 1. Around $28 million worth of cryptocurrencies were compromised by the attack but the company assured that client funds are safe because the losses are covered by the crypto exchange’s reserves, according to Cointelegraph.

“Client assets, Fireblocks or any of the cold storage addresses are not affected. It's company procedure to keep 99% of our user funds in cold storage to limit the impact of these type of events. The hack is isolated & quarantined to our BTC, ETH and USDC hot wallets,” Deribit announced in a Twitter post.

The company has temporarily suspended withdrawals as port of its security checks. “We are performing ongoing security checks and have to halt withdrawals including third-party custodians Copper Clearloop and Cobo until we are confident all is safe to re-open,” the company added.

The crypto exchange assured that deposits already sent by clients will still be processed and eventually credited to their accounts after undergoing the required number of confirmations. However, crediting might be a bit delayed as the company has raised the minimum number of confirmations. Until the exchange restores the full functionalities of its wallets, clients are advised not to make new deposits.

The company said that operations are unaffected aside from the temporary suspension of withdrawals. “Deribit remains in a financially sound position and ongoing operations will not be impacted,” the company said.

The crypto exchange aims to resume withdrawals as soon as possible, according to a Deribit spokesperson. At the moment, the company is doing a full incident review and will soon be providing more details about the incident, such as the vulnerability exploited by the hack.

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