• Some users of the platform contacted the team after suspecting problems with their accounts.
  • The platform has now stopped withdrawals and is working on it.
  • It was not exactly known until trading was suspended and what the problem was.

The important cryptocurrency platform and wallet Crypto.com has temporarily halted trading.

The platform notified them through its Twitter account that few users had reported suspicious activity on their accounts. And the team is investigating. As a result, they are suspending withdrawals and the funds are safe.

We have had a small number of users report suspicious activity on their accounts.

We will suspend withdrawals soon as our team is investigating. All funds are safe.

– Advertising –

In response to some customers reporting some theft, the platform stopped withdrawals a few hours ago. In fact, Dogecoin co-founder Billy Markus was also notified of some suspicious trading patterns on Etherscan, which caused the company to stop trading until the issue was resolved and they knew what was happening on the platform.

According to cryptocurrency enthusiast Ben Baller, his account has been compromised and he lost 4.28 Ether (ETH). and how he carried out the alleged theft through the two-factor authentication he used. Later through another tweet, he claimed to have cleared 5,000 ETH in the last 6 hours, and not just from a handful of users.

I really hope @cryptocom put their shit together. Because a lot of theft is happening if you check https://t.co/tO1rPRGTgC from the cryptocom wallet address. You’ll see a bunch of 2ETH to 5ETH transactions sent to the wallet via a single transaction. How does it bypass 2FA?

– BEN BALLERâ„¢ (@BENBALLER) January 17, 2022

Crypto.com later tweeted instructing its users to log back into their dApp and exchange accounts and reset their 2FA to enhance the security of all accounts. And for security reasons to do so, they will be updated further in the next few hours.

Also Read – NCR Acquires LIBERTYX, Adds Cryptocurrency Facility to Global ATMs

While it is well known that the cryptocurrency industry can also be used for malicious activities, hacking and protocol vulnerabilities are not surprising. In early January, decentralized financial security platform Immunefi found that hacking, fraud and other similar activities caused more than $10.2 billion in losses in 2021.

The platform is telling users via their Twitter feed that further updates will be rolled out in the next few hours. The details of the issue are not yet known, so stay tuned.