Money never sleeps, as the old saying on Wall Street goes, and that is very true of the cryptocurrency market. Just a few hours ago, Crypto.com paused withdrawals from their platform in response to a series of thefts from users’ accounts. Can someone get Matt Damon on the phone?
I messaged yah guys hours ago about my account having 4.28ETH stolen out of nowhere and I’m also wondering how they got passed the 2FA?
— BEN BALLER™ (@BENBALLER)
Jeweler, entrepreneur, and noted cryptocurrency enthusiast Ben Baller claims that his account had 4.28 Ethereum (nearly $15,000) stolen this evening. Ben also points out that he had two-factor authentication enabled, so these thieving hackers had to have circumvented some of Crypto.com’s security protocols.
Internal system transfers and funds are safe? Inside job gone awry like office space? Hackers taking funds from an exchange hot wallet? 🤷♂️
Never a dull day in the world of crypto.
— Shibetoshi Nakamoto (@BillyM2k)
Cofounder of Dogecoin and all-around swell dude Billy Markus pointed out a strange pattern of transactions via etherscan. As for what is causing this, it remains to be seen, but are we surprised that a financial platform backed by jaboofers like Tom Brady and Matt Damon caked its pants? Do decentralized finance plaforms have some equivalent of FDIC or SIPC insurance?
Apparently the clowns over at crypto.com spent too much money on their advertisements and not enough time on making sure their cutting edge financial platform was secure.
I really hope @cryptocom gets their shit together. Because a lot of theft is going on and if you check https://t.co/tO1rPRGTgC from the cryptocom wallet address. You’ll see a bunch of 2ETH to 5ETH transactions being sent to wallets with single transactions. How did it bypass 2FA?
— BEN BALLER™ (@BENBALLER)
This is a terrible day for clients of crypto.com, and we don’t mean to make light of their financial pain, but events like this highlight how dangerous it can be to put all your eggs in one basket. The basket might have a hole in it the size of Matt Damon’s big, dumb head. If you are one of the unlucky people to have been robbed this evening, please consider tweeting @cryptocomcs, as they appear to be replying to users.
This caps off a pretty crazy first few weeks in the crypto markets. Dogecoin jumped 10% on news that Tesla would be accepting the cryptocurrency on their merch store. It was a ray of hope for dogecoin holders as the coin has fallen nearly 80% from its all-time high last year.
In case you were wondering, this is the same cryptocurrency company that bought the naming rights to the iconic Staples Center in downtown Los Angeles.
What do you think of investing in cryptocurrency? Is it too illiquid and risky for your tastes or are you HODLing to the moon? Let us know in the Shacknews Chatty comments thread below.