Hackers Hack Crypto Assets, Crypto.com Loses IDR 472 Billion!

Crypto.com lost 33 million US dollars or around Rp.472 billion due to the hack. (SPIN Esports)

JAKARTA – Crypto.com suffered a loss of 33 or US dollars equivalent to Rp.472.8 billion at the current exchange rate, due to hacking by hackers. The report was published by crypto analyst, OXT Research, via social media Twitter, Wednesday (19/1).

According to reports, the coins stolen were Ethereum (ETH) and Bitcoin (BTC). The coins came from 483 user accounts that were hacked by hackers. Meanwhile, unauthorized withdrawals of 4,836.26 ETH, 443.93 BTC and other cryptocurrencies worth 66,200 US dollars.

The claim of 33 million US dollars was submitted by OXT Research based on blockchain tracking (on-chain analysis) from crypto digital wallets on Crypto.com to several crypto addresses used by hackers.

“In addition to 4,600 ETH, there was also 444 BTC in the Crypto.com hack. We scanned the flow of ETH funds out of the Tornado Cash custodian wallet and the BTC Tumbler service," they wrote on Twitter.

Crypto.com Hacked Hackers

Reports emerged that Crypto.com had stopped withdrawing funds after a small number of users found suspicious transactions in their accounts, Monday (17/1). They then had time to delay the transaction and ensure all user assets are safe. However, according to PackShield's analysis, there was an illegal outflow of around 4,600 ETH (15 million US dollars) or approximately IDR 214 billion and is being laundered (disguised) using Tornado Cash.

"Crypto.com suffered a loss of around 15 million US dollars, due to the theft of 4,600 ETH and half of it is currently being laundered using the Tornado Cash service," Peckshield wrote.

Then, OXT Research released the latest data, Tuesday (18/1). In the data, not only 4600 ETH disappeared, but also 444 BTC equivalent to 18.5 million dollars at that time. OXT Research says that hundreds of withdrawals were made, then combined into four outputs that are still worth 67.75 BTC (2.81 million US dollars). The four batches totaling 271 BTC (11.25 US dollars) were all laundered via the Bitcoin Tumbler service.

Crypto.Com Party Gives Compensation

After the fatal incident, Crypto.com acknowledged the hack. They also confirmed that they would strengthen the security infrastructure, which was originally a multi-factor authentication (MFA) system and replace it with the existing two-factor authentication (2FA) protocol.

Crypto.com CEO Kris Marszalek confirmed that it had indeed experienced the breach. When interviewed by Bloomberg last Wednesday, Marszalek said there were around 400 accounts that were hacked. Marszalek also confirmed that he would compensate the hacked users.

“We stopped it very quickly, we stopped the recall, we fixed it and we were back to normal about 13/14 hours and on the same day. All user losses will be fully compensated," said Marszalek.