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Monday, July 4, 2022

AscendEX Has Lost Out On $80M

AscendEX, a trading platform for crypto, has recently suffered a loss of $77.7 million in a hot wallet compromise that gave access to hackers. They then transferred the tokens that were hosted over the blockchain of Polygon, Binance Smart Chain, and Ethereum. Soon after the hack was realized, the crypto trading platform immediately warned its users about the funds that were stolen, while confirming that the hackers couldn’t access the cold wallet reserves of the company. 

AscendEX Has Been Hacked

As mentioned by PeckShield- a company that deals in blockchain security and data analytics, close to $60 million worth of tokens were transferred from AscendEX over the blockchain of Ethereum. The tokens stolen from the Polygon and Binance Smart Chain were worth around $9.2 million and $8.5 million respectively- as was evidenced by EtherScan data. Some of the tokens which were reported stolen during this hack also included Tether, Shiba Inu, and USD Coin. However, the crypto trading platform hasn’t yet officially confirmed the exact worth of the tokens that were taken away by the hackers. 

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AscendEX also recently announced that it would be helping the users affected by covering up the losses that came about due to this attack. Just the previous week, a similar attack was carried out on the crypto exchange BitMart which resulted in a loss of around $200 million due to a compromise on a hot wallet that was hosted by the blockchains of Ethereum and Binance Smart Chain. 

Just like AscendEX, the CEO of BitMart, Sheldon Xia went on to confirm the losses over Twitter- where he announced a temporary stop on all deposits and withdrawals while further investigations were taking place underway.

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