CEO of Crypto.com Has Finally Confirmed the Hack
We have been hearing news about crypto.com freezing the transactions because of some suspicious activity but now finally they have confirmed that hundreds of accounts were hacked.
The CEO of cryptocurrency exchange Crypto.com, Kris Marszalek, has finally confirmed that hundreds of user accounts were indeed compromised by hackers and had funds stolen as a result.
Though they don't know how the breach happened.
Crypto.com is also being criticized for behaving vaguely in this situation and not sharing things clearly.
I understand that they have to save their business by dumping these sort of things which of course is not healthy for company's business but I don't think that news could be hidden for long.
The truth makes it's way out. And finally crypto.com CEO Kris Marszalek confirms that crypto.com was hacked.
Kris Marsezalek acknowledged the hack in an online interview with the Bloomberg and confirmed that around 400 accounts were being compromised.
He further said that he is not approached by the regulators since the attack was first disclosed.
For those of you who are not a aware of crypto.com, it's a big brand now spending huge funds on sponsorhips. And because of these sponsorships I also was thinking of buying some CRO tokens for myself but have not yet bought.
Now, we don't know if crypto.com could save it's face by refunding those customers whose accounts were being hacked and money being stolen.
I do have a feeling that they may refund those customers because if they are spending some huge budgets on sponsorships, they won't want their reputation go down with the scam, instead, this could prove fruitful for them paying for the customer losses.
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Things like this are hurting the reputation of the cryptocurrency industry, and this reputation is not easy to restore. Already many people think that cryptocurrency is a scam.
A refund is the minimum in this case. And a clear explanation to the customers that their accounts has been hacked. 400 accounts are a lot. If crypto will not refund them, then people will consider crypto.com as a scam, which would be very bad for the whole cryptocurrency business. They certainly do not want that. Especially after spending huge money on sponsorships. Sponsorships are not a cheap thing, and they certainly did not spent all that money just to flush their business down the toilet a little bit after that.
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I think they were keeping it secret not to deceive or try to defraud anyone, but to preserve their investigation. The capture of a cybercriminal is pretty difficult especially when you consider in order for them to have committed the hack they would have needed internal information that they should not have been able to acquire. This is some real cloak and dagger type of stuff.