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    Home»News»Crypto Exchange Deribit Loses $28m in Hot Wallet Hack
    News

    Crypto Exchange Deribit Loses $28m in Hot Wallet Hack

    Anietie DavidBy Anietie DavidNovember 2, 2022Updated:November 2, 20223 Comments2 Mins Read
    Crypto Exchange Deribit Loses $28m in Hot Wallet Hack
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    Earlier today, popular cryptocurrency options exchange Deribit was hacked for $28 million. The funds are safe and losses are covered by their reserves, a company spokesman said.

    Deribit announced on Twitter today that its hot wallet was hacked, resulting in a $28 million theft. The team successfully isolated the attack on its BTC, ETH, and USDC hot wallets. According to the Twitter post, none of the company’s cold storage addresses were affected.

    Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves

    Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.

    — Deribit (@DeribitExchange) November 2, 2022

    As part of an ongoing security review, Deribit had to halt payouts, including custodians Copper Clearloop and Cobo, until the exchange was 100% confident in its security following the hack. The company added that the sent deposits will continue to be processed and will be credited to the account after confirmation of the required amount.

    Business as Usual

    According to Deribit’s Telegram chat messages, Deribit transactions are proceeding as usual. “Thanks to our hot wallet policy, we are able to limit the loss of user funds,” noted a Deribit support rep. Deribit’s insurance fund was immune to the hack as the exchange also paid for the losses. “Deribit’s financial position remains strong and ongoing operations will not be impacted,” the statement said.

    A Deribit spokesman said the company intends to resume withdrawals as soon as possible and is now reviewing “all security measures”. The platform is also currently conducting a full review of the incident to provide more details on the vulnerability that may have caused the issue, the person added. The representative said the hack was the first such attack and loss for Deribit since the company was founded.

    Founded in 2016, Deribit is one of the largest crypto derivatives exchanges in the world, allowing users to trade crypto futures and options. At the time of writing, Deribit’s daily trading volume reached $280 million, according to CoinGecko.

    Deribit Hack Hack Exploits
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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    View 3 Comments

    3 Comments

    1. puxoyeban on November 9, 2022 3:17 pm

      centralized exchanges…

      Reply
    2. oqogecitiyaba on November 9, 2022 3:43 pm

      what did you expect

      Reply
    3. uxufimukihe on November 9, 2022 4:44 pm

      rip

      Reply

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