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AscendEX Suffers ERC-20, BSC, and Polygon Token Breach in Its Hot Wallet

ascendex-nvestigation-underway Market News
  • Hackers transfer ERC-20, BSC, and Polygon tokens from AscendEX’s hot wallet.
  • The exchange’s cold wallet was not affected.
  • AscendEX has pledged to cover any affected users fund.

AscendEX exchange has just announced that hackers have transmitted lots of tokens hosted on its Binance Smart Chain (BSC), ERC-20, and Polygon (POLY) blockchain from their hot wallet.

Right after the company realized the breach, AscendEX gave strong hope to its users that the firm’s cold wallet was not affected by the incident. To clear the air on any fear, doubt, and uncertainty that this situation could bring, the intruder only compromised the hot wallet and not the cold wallet. Meaning that all assets in the company’s cold wallet are safe on high security.

To mitigate any further loss and risk on the platform, AscendEX is doing a serious underway analysis to know the actual fault. Additionally, the firm has pledged to cover any of the users’ funds that will be affected by the incident. This means that users can now sleep tight as the company is working harder to rescue their funds.

In another sense, since the AscendEX used the word “covered”, users are wondering if it aims to refund their tokens to them or not. Others also gave their severe complaints on why AscendEX has suspended withdrawal at this crucial moment.

With more fears and sensations around, many also reacted that they think AscendEX has been hacked, rather the company intends to scam them. Looking at how crypto exchange hack news was gradually becoming thing of the past, it seems that it’s even becoming rampant these days.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.