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Crypto.com Says no Funds Lost in Security Breach despite Complaints

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Printed circuit board with a chip and resistance and a bitcoin. The concept of the mining of crypto-currency.

Crypto.com maintains that no funds were lost in a security breach where a portion of its customers’ accounts was compromised.

Source: Beincrypto

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The Singapore-based exchange has urged users to sign back into their accounts and reset their two-factor verification, despite claims that some users are getting an error.

A crypto entrepreneur, Ben Baller, alleges that he lost 4.25 ETH or $13, 924 although he had enabled the two-factor verification. Baller adds that another 5,000 ETH disappeared from an ETH wallet in 6 hours.

Billy Markus, the Dogecoin co-founder, observed malicious activities in Crypto.com’s Ethereum wallet, where various similar transfers to new wallets of 2-5 ether took place.

Crypto.com has suspended withdrawals but notes the service would be back once a new security measure has been installed.

Affected customers took to Twitter to air their grievances, prompting the exchange to respond to the matter.

All the user funds in Crypto.com are held in cold wallets using Ledger vault, with more than $750 million as insurance against physical threats and third-party theft.

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