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Wednesday, April 30, 2025

Cryptocurrency Exchange Hacked

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cryptocurrency exchange hacked

On Sunday, cryptocurrency exchange AscendEX announced via Twitter that it had identified a number of unauthorized transactions from one of its hot wallets on Saturday.

Blockchain analytics firm PeckShield estimated that the stolen funds amounted to $77 million spread across three chains: Ethereum ($60 million), Binance Smart Chain ($9.2 million) and Polygon ($8.5 million).

Assets not affected have been transferred to cold wallets while the investigation is carried out, the exchange added.

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AscendEX said it will fully reimburse all impacted users and is working with law enforcement and forensic firms to find the stolen assets.

The largest share of the $77 million was accounted for by the relatively minor taraxa (TARA) with $10.8 million, while the combined shares of stablecoins USDT and USDC accounted for $10.7 million.

The Singapore-based exchange, which was formerly known as BitMax, claims to serve one million institutional and retail clients. It recently raised a $50 million Series B led by Polychain Capital and Hack VC.

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