The Crypto.com platform announced that it had fully reimbursed the victims. The breakage is valued at a few tens of millions of euros.
There was therefore a fraudulent access to the Crypto.com platform which led to transactions undesirable in some crypto-currencies. This is what the service ended up admitting on Thursday January 20, 2022 in a page published for the attention of its customers, shortly after a period of floating for a few days where uncertainty reigned.
For those who do not know Crypto.com, it is a site offering cryptocurrency exchange services. It is similar to Coinbase, one of the best-known platforms in the sector, where you can buy and sell cryptos against euros, but also convert currencies between them, and follow the evolution of prices to try to make a beautiful operation.
Crypto.com acquired a few months a certain visibility, in particular by offering the services of the American actor Matt Damon for an advertisement . You can also find ads for this platform around football pitches, a sign of the scale that the service has taken. A magnitude which, on the other hand, has obviously also attracted malicious people.
A larceny of a few tens of millions of euros
The exact circumstances under which these fraudulent accesses to individual transactions may have occurred remain to be clarified. But a provisional assessment of the losses can already be established: 483 accounts have been affected, which is not very large given the size of its community – 10 million, reported the Los Angeles Times mid-November 2021.
The sums extracted are on the other hand much more substantial: “Unauthorized withdrawals totaled 4,836.26 units of Ethereum, 443.93 bitcoins and approximately $66,200 in other currencies,” Crypto.com assesses. Currently, a single bitcoin is trading around 37,000 euros. For Ethereum, a single unit is trading around 2,800 euros.
The loot thus stolen amounts to a few to tens of millions of euros. A high sum, but that Crypto.com claims to have reimbursed in full to the victims of these forced transfers. Crypto.com has a certain financial capacity: it is said to have paid 700 million dollars to buy the right to rename a sports arena in “Crypto.com Arena”.
443.93 BTC, 4,836.26 ETH and $66,200 in other cryptos were extracted during this fraudulent operation
The platform does not seem to have detected any other illegitimate transactions, apart from the initial 483 accounts. “In the majority of cases, we prevented unauthorized withdrawal, and in all other cases, customers were fully refunded”, summarizes the message, which aims to dispel the reproaches he may have been the subject of on social networks.
At the start of the affair, as early as January 17, Crypto.com had declared on Twitter that unauthorized activity had been detected on several accounts. It was added that the funds were not threatened. Eventually, it turned out to be wrong. But when in doubt, all withdrawal operations had been suspended for several hours while security adjustments were made.
According to Crypto.com, these invalid fund transfers may have be carried out without the user having entered the strong authentication code, which allows, in addition to the password, to add a second layer of protection. If the two-factor verification procedure has been undermined in this way, the problem that has arisen on Crypto.com is significant, because it is a key protection.
This deviation in the procedure, details the site, “ triggered an immediate response from several teams to assess the impact. All withdrawals on the platform have been suspended for the duration of the investigation ”. The suspension of withdrawals lasted nearly 14 hours. But the damage to Crypto.com’s brand image could last longer.
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