Market Analysis

ZB.com Suffers Possible Hack, $4.8M Drained From Hot Wallet

zbcom-suffers-possible-hack,-$4.8m-drained-from-hot-wallet

The exchange paused withdrawals yesterday for “temporary maintenance.”

Key Takeaways

  • A possible hack has resulted in almost $5 million being drained from the ZB.com exchange’s hot wallet.
  • The funds were siphoned in the form of more than 20 cryptocurrencies that were subsequently liquidated.
  • The nature of the attack is unknown; ZB.com has yet to comment on the developing situation.

According to on-chain data, almost $5 million in various cryptocurrencies have been drained from crypto exchange ZB.com’s hot wallet and liquidated. Though details are sparse, it appears to have been a hack.

Mysterious Hack

ZB.com may be the latest crypto hack victim, though details at this stage are sparse.

ZB.com, which bills itself as “the world’s most secure digital asset exchange,” may have fallen victim to a hack today as almost $5 million in over 20 different cryptocurrencies have been moved from the exchange’s hot wallet. The receiving address had liquidated all but five tokens at the time of writing.

PeckShield, a blockchain security and analytics firm, observed and reported the unusual movement of funds.

The attacker sold off the tokens on several decentralized exchanges following the attack; they netted about 2,224 ETH ($3.6 million) for the sales and transferred the funds to this wallet, where they remain at press time.

The day before the incident, ZB.com halted withdrawals for “temporary maintenance.” In a statement at the time, ZB.com wrote:

“Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended. Please do not deposit any digital currency before recovery.”

ZB.com did not immediately respond to Crypto Briefing’s request for comment.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

This is a developing story. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

$90M DeFi Hack Discovered Seven Months After the Fact

News

It is the longest it has ever taken for a crypto exploit to be discovered. Seven Months Mirror Protocol was hacked for almost $90 million on Terra Classic on Oct….

290 Hacks Have Robbed the Crypto Industry of $13 Billion, Says Researc…

Crypto hackers have looted the industry of more than $13 billion in 290 different hacks, according to blockchain security firm Slowmist. As the market enters bullish territory and the size…

A North Korean Hacking Group Is Targeting Crypto Startups

News

BlueNoroff, a North Korean hacking group, is now primarily targeting crypto startups, according to a report from cybersecurity firm Kaspersky. BlueNoroff Is Solely Targeting Crypto Startups The North Korean hacking…

Click here for the the original source (post)