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Crypto.com Halts Withdrawals to Block Suspicious Activity

Crypto com News
  • Crypto.com was hit with a suspicious activity which made it temporarily halt withdrawals.
  • The company said that some users reported suspicious activity, but all funds are safe now.
  • Dogecoin founder Billy Markus noticed distrustful transactions on Etherscan, which made the company pause transactions.

Major cryptocurrency platform Crypto.com has temporarily stopped withdrawals due to a few users’ reports of suspicious activity on their accounts. The company said that all funds are safe at the moment.

Hours ago, Crypto.com ceased withdrawals from the platform in response to the theft of user accounts. Dogecoin founder, Billy Markus found a distrustful transaction pattern on Etherscan that caused the company to put the transaction to a temporary halt. The transaction process will be back to normalcy after resolving the issue.

A cryptocurrency enthusiast and jeweler, Ben Baller asserted that his account was contravened, losing 4.28 ETH, which is nearly $15,000. He also claimed that he used two-step authentication, so the perpetrators must have gone past some of the security features of Crypto.com.

Since the advent of the crypto industry, many hacks, protocol exploits, and rug-pulls have been reported. According to a finding by decentralized finance security platform and bug bounty service ImmuneFi unveiled that losses due to scams, hacks, and other malicious activities exceeded over $10.2 billion dollars in 2021. Furthermore, 120 cases of fraudulent rug-pulls or crypto exploits were reported and the Poly Network was hit with the highest valued hack at $613 million.

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Bahira Maisoon is a researcher and writer for CoinQuora. She specializes in covering news and writing about blockchain and crypto assets to introduce people of all ages to the world of digital assets.