Last updated on July 7th, 2024 at 10:48 am
Some users of the hugely popular platform began noticing unauthorized activity on their accounts - So was Crypto.com hacked itself or was there a breach in a 2FA app?
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Yesterday, a growing and popular cryptocurrency platform, Crypto.com, notified its users via Twitter and Reddit that a “small number of users experienced unauthorized activity in their accounts.” As a precaution, the platform suspended all withdrawals all users had to sign back in and reset their 2FA settings.
A Disturbing Announcement
We have a small number of users reporting suspicious activity on their accounts.
— Crypto.com (@cryptocom) January 17, 2022
We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.
Most concerning is that many users reported unauthorized withdrawals even with 2-factor authentication enabled on their accounts.
Crypto.com later released another update stating that all users would have to log back into their accounts and reset their 2FA settings.
2/2
— Crypto.com (@cryptocom) January 17, 2022
This update will be rolled out to users progressively over the next few hours.
Once complete, withdrawals will be re-enabled.
We understand this may be an inconvenience, but security comes first.
Thank you for your support.
While there are no details as of yet, users on Twitter and Reddit reported unauthorized withdrawals from their accounts and some also reported unauthorized charges appearing on the popular Crypto.com prepaid Visa cards.
A tweet by Crypto.com’s CEO indicated that all customer funds were safe, even if currently inaccessible due to the shutdown on withdrawals.
Update. We are working towards resuming withdrawals in the next few hours.
— Kris | Crypto.com (@kris) January 17, 2022
All funds are safe. https://t.co/qwJV9HF4dw
So Was Crypto.com Hacked?
It certainly seems so. While it could be an exploit on something else – such as all users who used a specific 2FA app, until Crypto.com releases a statement as to how the accounts were compromised, it’s best to assume all accounts were compromised.
If you’re a Crypto.com customer, you’ll want to watch over your account for unauthorized activity and reach out to their support as soon as you can if something shows up that wasn’t initiated by you.
Sharif Jameel is a business owner, IT professional, runner, & musician. His professional certifications include CASP, Sec+, Net+, MCSA, & ITIL and others. He’s also the guitar player for the Baltimore-based cover bands, Liquifaction and Minority Report.
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