On Monday, January 11, the popular cryptocurrency trading platform Crypto.com suspended all deposits and withdrawals citing “unauthorized activity” taking place at some accounts. . However, it has restored some accounts back, and withdrawal services say the accounts are safe.
Update: Withdrawal service has been restored.
All funds are safe.It will take time to clear the backlog. We appreciate your patience. https://t.co/ZKMfyTMebi
– Crypto.com (@cryptocom) January 17, 2022
Several users have complained on social media that their tens of thousands of dollars worth of digital assets have disappeared from the exchange. Although Crypto.com claims that the accounts are safe, blockchain security and data analytics firm Peckshield noted that the exchange lost $15 million or at least 4,600 ETH in the recent hack.
The @cryptocom about $15 million loss with at least 4.6k ETH and half of it is currently being laundered @TornadoCash https://t.co/PUl6IrB3cp https://t.co/6SVKvk8PLf pic.twitter.com/XN9nmT857j
– PeckShield Inc. (@peckshield) January 18, 2022
The funds are said to have been transferred using Tornado Cash, which makes tracing very difficult. Technical issues on cryptocurrency trading platforms are a very common one lately. During periods of peak demand, even some of the most popular crypto exchanges face widespread outages.
Crypto.com is one of the most popular trading platforms in the United States and serves over 10 million customers. We would like Crypto.com to be more clear on this.
Crypto.com Sign Trades With Australian Football League
In other news, Crypto.com has also managed to reach an agreement with the Australian Football League under which it will become the “official cryptocurrency exchange and official cryptocurrency trading platform.” of the AFL and AFLW” along with receiving the naming rights to score the assessment. Talking about this development, AFL Customer and Commercial CEO Kylie Rogers said:
“Crypto.com has partnered with a number of elite sports codes worldwide, and the AFL is proud to be the first Australian sports federation and global elite women’s competition to partner with a single organization. share our passion for developing the future of elite sport and technology.”
The exchange has aggressively spent money sponsoring sports teams. One of its biggest grants recently was securing the naming rights to the Staples Center in Los Angeles and renaming it Crypto.com Arena.