ZB Crypto Exchange Reportedly Loses Nearly $5 Million in a Possible Hack

ZB.com seems to be the latest victim in a series of latest hack incidents, with potential hackers reportedly draining around $4.8 million from the cryptocurrency exchange’s hot wallet.

The platform, which claims to be the most secure digital asset exchange in the world, was formerly based in China before relocating and setting up operations in other countries.

About $4.8M Worth of Crypto Leaves ZB.com

Blockchain security company PeckShield reported that 21 different crypto assets worth over $4.7 million were moved from ZB.com’s hot wallet in what could be a hacking attack. Part of the cryptocurrencies moved out of the exchange include MATIC, APE, SHIB, AAVE, USDT, USDC, CRV, and 1INCH.

Meanwhile, the report came shortly after the crypto exchange announced the temporal suspension of deposits and withdrawals. According to a statement on Zb.com’s blog post:

“Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended. Please do not deposit any digital currency before recovery. Any change is subject to the announcement. We apologize for any inconvenience caused, and thank you for your patience!”

The platform has, however, not confirmed whether the suspension was due to a security breach of its hot wallet. Interestingly, the company claims to be the “world’s most secure digital asset exchange.”

ZB.com, formerly known as CHBTC.com, was founded in 2013 and based in China. Following the clampdown on cryptocurrency trading in 2017 by the Chinese government, the firm ceased all operations in the country and relocated, later rebranding to its current name. The exchange has over 10 million users.

Three Hacks Within Three Days?

Zb.com’s possible hack makes it the third incident the industry has experienced in August alone. As previously reported by CryptoPotato, the Nomad bridge suffered an exploit, with attackers draining nearly $200 million worth of crypto from the protocol’s funds.

Some of the hackers involved in the incident returned $9 million to a fund recovery address provided by Nomad.

The Solana network also fell victim to a multi-million dollar hack on August 3, with over 7,700 wallets compromised in the attack. The losses from the affected wallets are estimated to be around $8 million.

Related Posts

Over 1.2 Billion aUSD Minted in an Exploit of Polkadot’s DeFi Hub Acala

Polkadot’s decentralized finance (DeFi) hub Acala suffered a major attack on its newly launched liquidity pool on Sunday. The exploit allowed the hacker to mint more than…

Brazilian Crypto Investment Platform Bluebenx Stops Withdrawals Under Hack Allegations

Bluebenx, a Brazil-based cryptocurrency investment platform, suspended withdrawals last week due to an alleged hack that made the company lose more than $31 million. The company announced…

Aave Responds to Blocking Addresses Over Tornado Cash Clampdown

DeFi lending protocol Aave Protocol said the TRM API on its app was responsible for blocking addresses that received ETH from unknown sources through Tornado Cash. In…

Ripple Price Analysis: After 2 Months of Sideways, Will XRP Finally Breakout?

A strong resistance level has trapped Ripple for over two months, resulting in the price flirting between $0.3 to $0.39 during that period. It seems that the…

Wayru’s Decentralized Internet Network Goes Live

Web3 Telecommunications Startup Wayru has finally launched its decentralized internet network and Genesis hardware devices. This will usher in a new era of connectivity where anyone can…

NFT Adoption in Africa: What is the Current Reality?

Africa, the world’s second largest continent, with a population of over 1.6 billion, is still developing when it comes to technology adoption. In most cases, people in…

Generated by Feedzy