Home News Hackers withdrew more than $77M from AscendEX hot wallets

Hackers withdrew more than $77M from AscendEX hot wallets

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Singapore-based cryptocurrency exchange AscendEX reported the hacking of hot wallets Ethereum, Polygon and Binance Smart Chain (BSC).

In addition, AscendEX promised to compensate for all the funds lost by users. But at the time of writing did not specify the amount of damage.

PeckShield noted that hackers withdrew $77.7 million from the cryptocurrency exchange. According to analysts, the attackers stole $8.5 million in Polygon network tokens, $9.2 million — BSC, $60 million — Ethereum.

Eliminating consequences of the attack

Bitcoin exchange Huobi promised support to colleagues in eliminating the consequences of the attack.

AscendEX was created in 2018 under the name BitMax. In March 2021, the company rebranded. Later in November, it raised $50 million, Polychain Capital and Hack VC led the Series B funding round. Alameda Research, Jump Capital, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research and Palm Drive Capital also participated in the round.

Thus, the platform team promised to use the funds raised to accelerate entry into the international market and stimulate further product innovations.

Hot wallets hack

Previously in December, hackers withdrew more than $150 million from the Ethereum and BSC hot wallets of the BitMart cryptocurrency exchange registered in the Cayman Islands. The BitMart administration initially denied the information about the hack.

A few hours later, the exchange’s founder and CEO Sheldon Xia confirmed that its wallets had been hacked. He clarified that the hacking occurred as a result of the theft of a private key, with which two hot wallets were compromised. Consequently, Xia promised that BitMart will compensate the damage to the affected users at its own expense.

Recall that in August, Bilaxy announced the hacking of its hot wallet. On August 28, the Bilaxy website stopped working. According to Harry Denley (Director of Security at MyCrypto), hackers also disabled the exchange’s support service and blocked its email domains. Hackers broke into the system of the Bilaxy exchange and gained access to the accounts.

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