Cryptocurrency exchange Crypto.com has been hacked, resulting in the theft of at least $15 million in Ethereum.
Despite claims of monies vanishing, the platform has yet to confirm that it has been compromised.
Crypto.com is the fourth-largest centralized crypto exchange in the business, according to CoinGecko, with about $3 billion in trade activity in the last 24 hours.
The Singapore-based exchange, which is well-known in Asian markets, recently paid $700 million for the naming rights to the Staples Center in Los Angeles, which is home to the NBA’s Lakers and Clippers.
On Monday, Crypto.com announced it was pausing withdrawals after “a small number of users experienced unauthorized activity in their accounts,” stressing that “all funds are safe.”
Citing the need to enhance security, the exchange also urged users to sign back into their accounts and reset their two-factor authentication (2FA).
Crypto.com said, “Earlier today a small number of users experienced unauthorized activity in their accounts. All funds are safe.
In an abundance of caution, security on all accounts is being enhanced, requiring users to:
-Sign back into their App & Exchange accounts
-Reset their 2FA”
Despite users complaining about funds missing from their accounts, and Dogecoin co-founder Billy Markus pointing to “odd activity” on one of the Ethereum wallets associated with Crypto.com, the exchange announced that withdrawals had resumed at 17:42 UTC on Monday.
The events took a turn for the worse when security research company Peckshield took to Twitter in the early hours on Tuesday to reveal that Crypto.com has lost at least 4,600 ETH (around $15 million in current prices).
Peckshield added that half of the stolen funds were sent to Tornado Cash, the Ethereum-centric mixing service.