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AscendEX exchange hacked: around $80 million stolen from hot wallet

By Jesse Coghlan
December 13, 2021 1

AscendEX, a cryptocurrency exchange, had a security breach that compromised its hot wallet, allowing hackers to transfer the funds out. Estimates by PeckShield, a blockchain security and data analytics company, show that the stolen funds amount to almost US$78 million.

AscendEX confirmed that a number of Ethereum, Binance Smart Chain, and Polygon tokens were transferred out of its hot wallet on 12th December, and also said that it had begun an investigation into the attack, and that its cold wallets were not affected.

AscendEX said that it will cover any user funds affected by the compromise, which PeckSheild estimates is US$77.7 million, including US$60 million on Ethereum, US$9.2 million on BSC, and US$8.5 million on Polygon. Further, users’ assets that have not been impacted have been transferred to AscendEX’s cold wallets.

Bitmart hacked for $200 million on 5th December

Only last week, crypto exchange Bitmart was drained of almost US$200 million in a similar hack, with attackers exploiting a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains.

As detailed by PeckSheild, the hack was a “pretty straightforward: transfer-out, swap, and wash”.


Jesse Coghlan

Journo for CryptoVista - reporting on all things crypto, NFT, blockchain, metaverse, and DeFi.

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