Hacker Steals $77 Million From AscendEX Cryptocurrency Exchange

AscendEX, a cryptocurrency exchange, revealed on Twitter on Sunday, December 12, that one of its Hot Wallets has been hacked. According to the exchange, the platform’s developers discovered an unlawful string of fund outflows on Saturday. Peckshield, a security and auditing company, assessed the losses at around $77 million.

Yesterday, the AscendEX exchange acknowledged that its platform had suffered a security compromise. The scenario arose due to a cyber attack on Hot Wallets’ stock exchange. The company quickly began securing the remaining assets and implementing various security processes to give cold wallets additional safety.

The attack targeted popular Ethereum, BSC (Binance Smart Chain), and Polygonnetworks wallets. The majority of stolen digital assets were in the form of ERC20 tokens, and they were estimated to be valued at about $60 million. The remaining $9.2 million was obtained by the theft of BSC tokens and $8.5 million from the robbery of Polygon. According to a study by Peckshield, the losses totalled around $77 million.

The exchange made a statement about the whole incident on its Twitter account. The developers have notified the public of their plans to proceed in this case.

The exchange has since contacted various law enforcement authorities and cybercrime firms. To recover the lost tokens, they must first understand how the attack occurred. Sure, they’ll band together to stop the cash from moving between exchanges, as well.

Read Also: Switzerland Online Bank Swissquote Wants To Start A Crypto Exchange

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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