Security is the most crucial feature of all crypto companies, and people value this exceptionally highly. Crypto.com hopes to rebuild user trust after a colossal security breach on January 17th. Crypto.com will have to prove to its users that it is secure. Additionally, it will need to prove that it isn’t going to happen again.
On January 17th, some users had their wallets drained, with unauthorized withdrawals on their accounts. In credit, to Crypto.com they acted swiftly, suspending withdrawals on all accounts. The platform immediately investigated the massive security flaw.
In addition, the platform chose to migrate to an entirely new 2FA (two-factor authorization) infrastructure. Meanwhile, Crypto.com also announced that they are introducing the Worldwide Account Protection Program (WAPP) in the breach statement. WAPP offers an extra layer of security for your funds.
Crypto.com breach details
In total, the Crypto.com breach affected 483 users. Furthermore, the unauthorized withdrawals amounted to a massive 4,836.26 ETH, 443.93 BTC, and approximately US$66,200 in other currencies. However, Crypto.com states that all affected users received their funds back.
“The safety of our customers’ funds is our highest priority, and we are continually enhancing our Defence-in-Depth security and protection measures,” said Kris Marszalek, co-founder, and CEO of Crypto.com.
He went on to declare, “Our new MFA infrastructure gives our users unprecedented protection of their funds, and hopefully, peace of mind.”
Finally, this security breach at Crypto.com proves how important crypto security is. It is essential to ensure you don’t reveal your details and always use 2FA when possible. At all times, make sure you know where and how your crypto funds are stored.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
