AscendEX Crypto Exchange Hacked for $77 mln

AscendEX, which is based in Singapore and was previously known as Bitmax, announced that they got hacked – apparently a hacker gained access to one of their hot wallets and made off with some 77 million US dollars.

According to a statement by the company, the exchange then transferred assets that were not affected by the hack to cold wallets and began an investigation. They also assured everyone affected by this breach in security that they would be fully compensated.

They also stated that they detected a number of unauthorized transactions from one of its hot wallets last month.

These hacks are happening so very often, it’s very disconcerting.

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To be expected though. Which exchanges are you on? :open_mouth:

I agree that it’s not surprising, but I wonder if there’s an effective way to prevent being impacted by these hacks. :thinking: Right now, what I’m trying to do is investing in different exchanges, and not concentrating my funds in just one. :thinking:

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This is the solution here. It is always a good idea to have an account with different brokers, so you can have a better diversification of funds, security reasons and many more.

Diversify one’s portfolio, use a big, popular exchange - even better if it’s actually properly licensed. That’s what comes to mind to me.

There’s a hack around every corner it seems.

The DeFi platform Grim Finance also got hacked recently and the hackers made off with some 30 million USD. It’s literally happening almost every other week. :frowning:

This made US national news in the previous week.

A hack, a bad financial decision in taking out a loan to trade, horrible customer service, extremely bad luck. I imagine this is common at the moment - overleveraged traders.

The Iranian refugee has $53,000 worth of the safemoon token stored on his BitMart wallet, $40,000 of which came from a loan that he has to pay back with 4% interest.

I wonder if they will ever return his money. Because it doesn’t look like they will. :frowning: