Hacked? Users Unable to Withdraw Funds Hacked? Users Unable to Withdraw Funds

Posted Tuesday, January 18, 2022 by
Aiswarya Gopan • 1 min read

Leading crypto exchange is the latest victim of a hack, making it the first to grab headlines this year for such news. Although the platform’s official Twitter handle claims that only a small number of users have reported ‘suspicious activity’, several users took to social media alleging that their funds were lost.

The team had paused withdrawals from its exchange while the investigation into the incident is in progress, although it did offer a clarification later stating that it had restored withdrawal functionality. It has also reassured users that their funds are safe.

The move to put withdrawals on hold also prevented any pending withdrawals from being completed. The technique can potentially prevent hackers from making any further withdrawals of stolen funds from the exchange’s users.

With urging its users to reset their two-factor authentication (2FA) security measures, experts speculate that this could have been the source of vulnerability exploited by the hackers while launching the attack. It is possible that the attack was triggered by cybercriminals who successfully bypassed 2FA measures on the platform.

Following the news of this hack, Coin (CRO) has slid lower, a mark of investor confidence in the token taking a hit. Even news reports of becoming the official crypto exchange and trading platform of the Australian Football League for the next five years failed to excite traders towards its native token.

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