Crypto.com acknowledges 'unauthorized activity' on servers, maintains no funds have been lost

Crypto.com, a Singapore-based cryptocurrency exchange, has denied reports that the firm lost nearly $15m in Ethereum in a possible network intrusion over the weekend. According to blockchain biz PeckShield, Crypto.com lost about $14.3m or 4,600 ETH, based on its analysis of public blockchain addresses. And the China-based …

[Youngone]

Where does the money go?

Cryto.com also signed a weird sponsorship deal with the AFL in Australia just yesterday.

If you read between the lines it reads a little bit like some sort of money laundering scheme which would not surprise me in the least.

[Anonymous Coward]

Am I the only one?

Maybe it's just me, but I have felt that every one of these "Oh noes, we been hacked" stories from an exchange is just a cover for an inside job/embezzlement?

All the way back to Mt Gox, the first suspect is management. To be fair, that one researcher did try to give the funds they siphoned off back, but they called it out like the next day.

Crypto currency exchanges are the weakest link in whole system. Not that i'd trust Paypal or Robinhood any more. If the Fed got into crypto, I'd rather deal the government and pay my taxes then hand control of my wallets to any of these clowns.

Thank god for offline wallets.

[Alumoi]

Re: Am I the only one?

Thank god for offline wallets.

For now. Governments and banks would love to get rid of cash and force everybody to use cards.

[Is it turned on?]

Re: Am I the only one?

Am I the only one, that on first glancing at the article, read the company name as Crypto Con

Never heard of them before anyway.

[Mark 65]

Re: Am I the only one?

I can't believe someone had at least $16m sitting in a hot wallet.

[Anonymous Coward]

Nothing to see here

Kleptocurrency at work..

[iron]

"All funds are safe."

Keep repeating your line, maybe one day it will come true!

LOL

[breakfast]

Re: "All funds are safe."

The funds are very safe, much safer in fact than they would have been we not transferred them to our personal accounts, which we keep exceedingly secure.

[Jedit]

Apply logic

"4600 ETH have disappeared" and "No funds were lost" are not mutually exclusive propositions, you know.