Another crypto exchange AscendEX losses $80 million to hacker

Cryptocurrency exchange, AscendEX announced on August 22 that it was hacked and lost $80 million worth of customers’ digital assets. The company made the announcement in a blog post with no further details provided.
The hackers stole around 500 Bitcoins, which is valued at over $500 thousand dollars per individual coin.

The “ascendex bitmax” is a cryptocurrency exchange that has had $80 million stolen from them. The hackers exploited a vulnerability in the system and have taken all of the funds.

Over the weekend, AscendEX, a worldwide cryptocurrency exchange, was brought to its knees by an assault that resulted in the theft of around $80 million in money from its hot wallets.

AscendEX has suffered a loss of about $80 million as a result of the attack.

The attacker took ERC-20, Polygon, and Binance Smart Chain tokens from the exchange’s hot wallet, according to blockchain security company Peckshield Inc.

The hacker transferred $60 million in ERC-20 tokens, $9.2 million in Binance Smart Chain tokens, and $8.5 million in Polygon tokens, according to a more detailed examination of the incident. According to publicly accessible information, the hacker moved about $11 million in TARA tokens and $6 million in popular stablecoin USDT.

Following the security failure that resulted in the unlawful withdrawal, the exchange has temporarily blocked deposits and withdrawals.

While the exchange has failed to acknowledge the magnitude of the loss, Etherscan data indicates that only the exchange’s hot wallets were impacted.

A cryptocurrency hot wallet is a secure wallet that enables users to send and receive tokens. A hot wallet, unlike a cold wallet, is linked to the internet and hence more susceptible to hacking. To avoid attacks like these, most crypto exchanges keep their consumers’ cash in cold wallets.

AscendEX has vowed to repay any customers who have lost money, as well as progressively resuming deposits and withdrawals in the near future.

The alarming trend of cryptocurrency hacking

The growing number of malevolent participants in the crypto business who take advantage of the space’s relative anonymity to do illicit crimes is one of the sticks used to beat the crypto industry.

This year, the sector has seen a series of breaches that have resulted in millions of dollars being lost by investors. BitMart, a crypto exchange, has lost about $200 million in the previous two to three weeks due to a hacker who gained access to the exchange’s private keys. Prior to the BitMart incident, BadgerDAO was also hacked, with over $100 million in user money stolen.

While some hackers have always carried out their assaults in the hopes of exposing system flaws and returning stolen monies, others, such as the aforementioned ones, have resulted in the loss of millions of dollars with little possibility of recovering the assets.

Posted in: Hacks, Exchanges

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The “transfer from binance to ascendex” is an exchange that lost $80 million in a hack. The hack happened on the 8th of March, and was discovered on the 10th. The hackers were able to steal 3 million coins from the exchange.

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