Cryptocurrency exchange “Deribit” hot wallet hacked, $28 million stolen
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Answer Cryptocurrency exchange “Deribit” hot wallet hacked, $28 million stolen
Cryptocurrency exchange Deribit announced that it suffered an exploit targeting its hot wallet in the final hours of Tuesday.
Thus, Deribit trading platform is among the list of cryptocurrency projects that have suffered the fate of hacking and theft.
The platform, via its official account on Twitter, clarified to announce the unfortunate event, and to make it clear that despite the validity of the announced loss, users will not be affected because it will cover the loss from its deep reserve.
The following tweet was posted on the platform:
Hot Deribit wallet has been hacked, but customer funds are safe and the loss is covered by the company’s reserves.
Read:The founder of the OKEx trading platform was summoned by the police for questioning… Details here
Our hot wallet was hacked and $28 million withdrawn earlier this evening just before midnight UTC on November 1, 2022.
The platform said that besides the hot wallet, none of its other censored wallets were affected by Fireblocks or other cold storage.
It noted that it has made protecting 99% of user funds in cold storage a matter of public policy to minimize the potential impacts of these events.
Deribit is one of the biggest players in the derivatives world, currently ranked eighth according to data from CoinMarketCap.
The platform clarified that, in an attempt to improve its security systems, it had to temporarily stop the main activities on its platform, including withdrawals, until it was sure that the loopholes were filled.
It clarified that it increased the number of confirmations required for deposits.
Trading platforms have been a very fertile ground for hackers this year who have expanded their annoying activities beyond centralized trading platforms to their decentralized counterparts.
From the Crypto.com hack to the Nomad Protocol, this trend has become a threat to many crypto platforms and actors who are now required to step up their security efforts and modernize their fortresses.
Read:Here’s what billionaire Mark Cuban does before investing in any crypto venture!
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