Bitcoin$ 19,482.54 0.67%
Ethereum$ 1,339.32 0.26%
Cardano$ 0.434286 1.02%
XRP$ 0.437431 0.81%
Solana$ 34.19 2.80%
Polkadot$ 6.38 0.51%
Polygon$ 0.754102 1.24%
LINK$ 30.18 0.38%
Litecoin$ 53.46 0.15%
Avalanche$ 17.19 0.64%
Uniswap$ 6.37 0.39%
Aave$ 76.07 0.98%

Has Crypto.com Halted Withdrawals Due to a Possible Hack?

One of the largest cryptocurrency exchanges has just stopped withdrawals from its platform.
Has Crypto.com Halted Withdrawals Due to a Possible Hack?

According to various users of the exchange on Twitter, Crypto.com halted their withdrawals after detecting some suspicious trading activity especially around the Ethereum network. Is it a possible hack that is being downplayed by the company?

Why Crypto.com Halted Users’ Withdrawals?

According to crypto.com itself, all of the funds were safe and it was just as a precaution after the company detected some suspicious activity within the trading ecosystem. According to the company’s official Twitter account:

 

 

While the exchange itself is trying to downplay the issue, those of us familiar with the crypto sector and have been working in it for the last few years know what this means. Crypto.com halted its withdrawals after possibly detecting suspicious activity of potential hackers within the system. Various other cryptocurrency exchange and wallet services have had similar episodes in which they underwent a cyber attack and lost some of their crypto funds. They also then proceeded to stop withdrawals to stop the flight of crypto from the affected platform.

 

The suspicious activity was first reported by Dogecoin founder Billy Markus who goes by the name of Shibetoshi Nakamoto. He tweeted:

 

 

What Should Crypto.com Do?

Despite efforts from crypto journalists to comment further on the matter, Crypto.com has proceeded with silence on the matter. That is also damaging for the exchange’s rating as the whole promise of digital currencies is that you and only you are in charge of your currency and that is not the case here. If Crypto.com halted the transfers for a long time, it will only give rise to more rumours and result in a mass exodus of crypto from the company’s wallets, dealing a big blow to the exchange’s trading activity in the process.

 

So, whatever happened, Crypto.com needs to come out with the complete truth and take action accordingly on an immediate basis. The longer this saga protracts, the bigger their problems are going to get. It is also better for trackers to track the digital currency around and recover funds if necessary.

 

Image by Pexels from Pixabay

Talha Dar

Talha Dar

Cryptocurrency and blockchain enthusiast. Working on free economy and borderless solution side of things. Live and breathe crypto!

SPONSORED STORIES

Don’t worry, we hate spam too

one weekly digest, just the important stuff.

btcnewsletter

“Those who believe in Bitcoin also believe in cleverness." – Arif Naseem