Hacking the Deribit crypto trading platform, hackers managed to steal $28 million in Bitcoin, Ethereum and USDC

Bad luck for the crypto trading platform Deribit that was hackedthem hackers managed to steal 28 million dollars in Bitcoin, Ethereum and USDC, the company confirmed on Twitter.

“The Deribit Hot Wallet has been compromised, but client funds are safe and the loss is covered by company reserves.

Our hot wallet was hacked by $28 million earlier in the evening just before midnight UTC on November 1, 2022. Client assets, Fireblocks or any of the cold storage addresses are not affected. It is company procedure to keep 99% of our user funds in cold wallet to limit the impact of such events.

The hack is isolated and quarantined in our BTC, ETH and USDC hot wallets. We are carrying out ongoing security checks and must halt withdrawals, including third party depositories Copper Clearloop and Cobo, until we are satisfied that everything can be reopened safely.

Deposits already sent will still be processed and after the required number of confirmations will be credited to accounts. We have increased the minimum number of confirmations at this time, which is delaying the crediting of funds. Until we reopen wallets, we ask that you do not send new deposits. The insurance fund will not be impacted, the loss will be paid from the company’s reserves. Deribit remains in a sound financial position and ongoing operations will not be affected. »

Following this hack, the crypto exchange Deribit therefore suspended withdrawals while waiting to learn more about what allowed the hackers to steal these tens of millions of dollars from the company’s main crypto wallet.

Deribit specifies that users’ crypto funds are not impacted because the trading platform specializing in crypto derivatives indicates that it keeps 99% of its funds in so-called “cold” crypto wallets not connected to the internet and therefore inaccessible to hackers.

Hacking and theft of cryptocurrencies reminiscent of risks of leaving your crypto funds on a crypto exchange which can be effectively hacked by ever-smarter hackers.
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In order to reassure its customers, Deribit claims to be in a “sound financial position”, losses which will be covered by the funds of the crypto exchange which is one of the leaders in the trading of crypto derivatives.

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