Crypto.com Denies Losing $15 Million Worth of Hacked Assets

Several reports yesterday seemed to be declaring a bunch of assets being stolen out of investors’ accounts including the likes of Shiba Inu, Dogecoin, Ethereum, Bitcoin, etc. And this suspicious activity led to the exchange briefly halting the withdrawals.

Crypto.com in Denial?

Today, a blockchain security and data analytics company Peckshield came out claiming that almost $15 million worth of crypto assets including 4.6k ETH has been lost to a hack on Crypto.com yesterday.

The attached addresses are said to have used TornadoCash, a non-custodial anonymous Ethereum transaction dApp to wash out the funds. 

The suspicious activity being reported yesterday is now said to be caused by this hack.

However, Crypto.com’s CEO seems to be denying any losses as such, further mentioning that the team hardened the infrastructure post the incident. A detailed report declaring the actual problem from their end is awaited. 

Regardless, investors are not happy with this as despite resuming withdrawals after 14 hours of downtime, some people are facing login issues 19 hours later still.

Many others are also holding Crypto.com responsible for this and demanding justice by asking the exchange to return their lost funds.

In any case, if these claims are verified and turn out to be true, this could emerge as the biggest crypto attack of 2022, beating the $1.3 million Frosties’ NFT rug pull of January 12.

Any Significant Effect on CRO?

While it can be considered that the incident did have some effect on the exchange’s token, it hasn’t been as dreadful as one would expect. The altcoin came down by almost 4.3% but it doesn’t necessarily reflect the alleged hack’s fear. 

The coin is evidently following the broader market’s cues and that is what might have caused the red candle. Fortunately, the price fall wasn’t too high thanks to the asset sharing a negative 0.38 correlation with Bitcoin.

Moving forward the solely most important level will be $0.40 as it serves as critical support for the coin. As long as CRO maintains its movement above it, investors will be safe from immediate losses.