Deribit, the largest bitcoin options exchange by market share, was hacked and lost $28 million. Withdrawals were likewise blocked by the corporation.

The company stated that it is doing regular security tests and has blocked withdrawals, including those from third-party custodians Copper, Clearloop, and Cobo until the platform is certainly safe to re-open.

According to the company, the hacked hot wallets held assets in Bitcoin, Ether, and USDC. Its cold storage addresses, which housed 99% of customer funds, were unaffected.

The exchange is the latest in a long line of cryptocurrency firms to be hacked in recent weeks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Crypto Exchange Deribit Loses $28 Million In Hot Wallet Hack

Deribit, the largest bitcoin options exchange by market share, was hacked and lost $28 million. Withdrawals were likewise blocked by the corporation.

The company stated that it is doing regular security tests and has blocked withdrawals, including those from third-party custodians Copper, Clearloop, and Cobo until the platform is certainly safe to re-open.

Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves

Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.

— Deribit (@DeribitExchange) November 2, 2022

According to the company, the hacked hot wallets held assets in Bitcoin, Ether, and USDC. Its cold storage addresses, which housed 99% of customer funds, were unaffected.

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 (@DeribitExchange) November 2, 2022

The exchange is the latest in a long line of cryptocurrency firms to be hacked in recent weeks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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