CRO Jumps as Crypto.com Releases USD 34M Hack Report
CRO, the native token of major crypto exchange Crypto.com, is moving up today, as the company published a report detailing the recent attack and the loss of almost USD 34m -- adding that it has reimbursed the affected users.
"The incident affected 483 Crypto.com users. Unauthorized withdrawals totaled ETH 4,836.26, BTC 443.93 and approximately [USD] 66,200 in other currencies," the company said in the report.
Per the current prices, this is worth almost USD 34m.
In the majority of cases, said the report, the platform prevented unauthorized withdrawals, "and in all other cases customers were fully reimbursed."
As to what had happened, the company stated that they noticed on January 17 that there was unauthorized activity on some user accounts where transactions were being approved without the user inputting the two-factor authentication (2FA) control. Crypto.com "revamped and migrated to a completely new 2FA infrastructure."
The company has performed an infrastructure audit internally, and "engaged" with third-party security firms, they said.
Next, they said, they'll be adding new features as they move towards Multi-Factor Authentication (MFA).
They've also introduced the Worldwide Account Protection Program (WAPP), which the platform says offers "additional protection and security for user funds" held in the app and on the exchange. "WAPP restores funds up to USD$250,000 for qualified users; terms & conditions apply," they added.
Meanwhile, the downward price movement may be attributed to the new details revealed about the hack, as CRO jumped almost 3% since the report was released today.
At 9:10 UTC, the coin is trading at USD 0.438. It is up 0.9% over the past 24 hours. It is down 10% over the past week and almost 13% over
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