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Home Crypto News

Crypto Exchange Deribit Loses $28 Million In Hack

Admin by Admin
November 2, 2022
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Crypto exchange Deribit loses $28 million in hack
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Crypto derivatives exchange Deribit has lost $28 million in a hot wallet hack. The exchange halted withdrawals as a result of the hack

Deribit, the largest bitcoin options exchange by market share, lost $28 million in a hack. The company also halted withdrawals.

The company said it is performing ongoing security checks and has halted withdrawals. Including withdrawals from third-party custodians Copper, Clearloop, and Cobo until it is confident that the platform is safe to re-open.

Deribit’s compromised hot wallets contained funds in bitcoin, ether, and USDC. Its cold storage addresses, containing 99% of user funds, were not affected.

The hack is the latest blow for the exchange that recently took a hit from liquidating Three Arrows Capital’s (3AC’s) positions after the now-bankrupt crypto hedge fund failed to meet margin calls. It comes shortly after Deribit raised around $40 million from existing investors at a $400 million valuation, as The Block reported in late September.

Deribit said it remains in a financially sound position and ongoing operations will not be impacted by the hack. The company’s insurance fund will also be not impacted as the loss will be covered by its reserves.

 

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