Crypto Coins worth $30 Millions stolen from Crypto.com

If you reading this post then for sure you have some basic or advanced understanding of crypto. First of all thanks to you for coming here and reading this blog. We also need to be happy and proud that we have joined the crypto space early or on time. Its the fact that crypto is here to stay and its a revolution that has the potential to change the world. I can say this because I have completed 4 years in the crypto space and I have seen amazing growth here. I have witnessed bitcoin price from 3k to 70k in 4 years and I have never seen anything like this which bring this type of opportunity.

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Now when we are doing great with crypto and it has made so many millionaires, there is one thing that is still not much improved. I have been hearing the news about hacks since the day I am here and even after 4 years, I don't see the change in this area. Many exchanges have got hacked and if I start taking names then this list can be long and even one of the leading exchanges Binance was hacked. So the question is when we will have a robust solution through highly advanced technology which will not be hacked and become hack-proof?

Crypto.com, an international exchange that rose to prominence thanks to its deals with famous sports teams, was recently attacked by hackers. While the accounts of hundreds of Crypto.com users were compromised, the security breach also cost the company $30 million (roughly Rs. 220 crores) in Ether tokens that have been stolen. Crypto.com CEO Kris Marszalek confirmed the attack while claiming that “no customer funds were lost” in this hack attack.

Crypto.com is a quite popular exchange and it got hacked recently and they have lost funds worth $30 million and in INR this value is approx 200 crore. This is indeed a very big amount and this has been lost because of the hack. 483 wallets are attacked however exchange has confirmed that funds are given to users so its not a loss for them but this situation is alarming. Its really great that the exchange has come forward by itself and paid the users what they have been holding. There have been situations when people also lost money because the exchnage did not do anything but glad that crypto.com has set an example.

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Not sure how much time it will take to build a robust system that is not easily hackable because losing funds is painful and should not happen at all. This is the first hack incident for the year and I hope it does not happen again. Now when crypto is growing so we can see lots of scammers and hackers around and its very important to keep our accounts safe and use the 2FA authentication for enhanced security.

Thank you so much

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