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Friday, March 1, 2024

Cryptocurrency Exchange Hacked

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).

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

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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