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Ascendex Hacked – Exchange loses $ 77 million in ERC20, BSC, Polygon Tokens – Bitcoin News




Ascendex, a cryptocurrency exchange, suffered a security breach that allowed hackers to take control of some of the exchange’s wallets. The attack focused on hot wallets, where funds are kept as a buffer to take care of customers’ withdrawals. The company announced that it would refund these funds to any affected user. Peckshield, a security and auditing firm, estimated losses of around $ 77 million.

Ascendex Hot Wallets searched

Yesterday, Ascendex, a cryptocurrency exchange, reported a security breach caused by a hacking attack that focused on the exchange̵[ads1]7;s hot wallets. The company quickly acknowledged the attack and ran a series of security procedures to protect its cold wallets. While Oslo Børs has not released figures on the attack, Peckshield, a security and blockchain audit firm, investigated the hack and Assumed losses of around $ 77 million.

The hack was aimed at hot wallets for the Ethereum, BSC and Polygon networks, and most value was withdrawn in ERC20 tokens. $ 60 million worth of these tokens were stolen in the hack, followed by $ 9.2 million in BSC tokens and $ 8.5 million in Polygon tokens. Peckshield made sure of a detailed report on which tokens were stolen and how much was stolen in each token.

Ascendex response

Ascendex issued a statement about the incident and informed the public of the actions it will take after the hack. First of all, Ascendex will reimburse all the funds stolen for the affected users, as it stated that “the affected assets are a relatively small percentage of total exchanges.” Oslo Børs transferred the unaffected assets to its cold wallets and has since suspended withdrawals for its customers.

The second part of the answer to this hack has to do with the investigation of how this happened and who may be the party behind it. In this sense, the company informed that it is already working with forensic blockchain companies and law enforcement to find out what really happened and to block the stolen funds from being freely transferred between exchanges.

Ascendex also reported that small projects have been affected by this hack, and that some of them are studying to reissue tokens to holders. This affects low liquidity and new projects that were listed on the stock exchange. This is the second high-profile hack that centralized exchanges suffer from in December. Bitmart, another cryptocurrency exchange, lost $ 200 million in an attack on December 6.

What do you think of Ascendex’s $ 77 million hack? Tell us in the comments section below.

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