Crypto.com restores deposits and withdrawals after 12-hour outage

abdelaziz Fathi

Digital asset cryptocurrency exchange, Crypto.com has restored its deposit and withdrawal services after having been inaccessible for hours on Monday.

Crypto.com

The exchange announced on Twitter that it temporarily disabled all funding operations due to “unauthorized activity,” and later said the function has been resumed.

The breakdown lasted for about 12 hours, and it came in response to reports from users about “thefts” in their accounts.

To help allay some of the suspicions that arose due to the outage, Crypto.com issued an update at this time saying it became aware of the issue and the relevant department is investigating the matter. The crypto wallet provider and trading platform also assured their members that all funds are safe and secure.

“We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe,” the company noted.

However, some users reported stolen funds. Ben Baller, a crypto influencer and podcast host, also tweeted that around 4.28 Ether (roughly $15,000) had been “stolen out of nowhere” from his account. He said that he used two-factor authentication, which means the potential hacker breached the exchange’s security measures.


Baller later claimed that approximately 5,000 Ether, which equates to more than $16 million, were lost form a wallet belonging to Crypto.com.


Several hours later, the cryptocurrency exchange advised users to sign back into their accounts and reset their two-factor authentication (2FA).

According to its most recent update, Crypto.com reinstated deposits and withdrawals after shutting them down since 4 am GMT. It apologized to users for any inconvenience.


Crypto.com claims to have over 10 million users worldwide, meaning any disruptions to the platform could have potentially serious consequences for the broader market.

Security issues are relatively common in the world of crypto, where exchanges operate in a lightly regulated environment and aren’t subject to the same stringent controls of traditional exchanges.

Despite the ongoing development in crypto exchanges’ technical infrastructure and engineering staff, the latest incident reminds crypto traders that access to even major platforms may become degraded or unavailable at any time.

Founded in 2016, Crypto.com stands out as a one-stop-shop for all crypto transaction needs. The digital asset exchange has had a very busy year snatching up sports sponsorships left and right. They have inked deals with European soccer giant Paris Saint-Germain, the Ultimate Fighting Championship (UFC), Formula 1 racing, Italy’s Lega Serie A, and the IIHF Hockey World Championship, amongst others.

 

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