The cryptocurrency exchange AscendEX has fallen victim to a cyber attack. Hackers were able to breach one of the exchange’s hot wallets, robbing approximately $77 million.
Research still in progress
The hack announced the platform via a Tweet on the social media Twitter. In it, they indicated that a number of unauthorized transactions from one of its hot wallets had been detected.
To prevent other assets from being affected, everything has now been transferred to cold wallet systems. The investigation into the cyber attack is still ongoing.
Update to Security Incident: On December 11 at approximately 22:00 UTC, AscendEX identified a number of unauthorized transfers from one of our hot wallets. A security response was initiated immediately. Cold wallets are unaffected and any impacted users will be reimbursed 100%
— AscendEX (@AscendEX_Global) December 12, 2021
Estimated Loss $77 Million
PeckShield, a blockchain analytics firm, has estimated the losses incurred. For example, approximately $77 (€68) million was allegedly stolen, spread over three (3) blockchains: Binance Smart Chain, Ethereum and Polygon. Most of it would have moved on the Ethereum network, about $60 of the total $77 million. Next up is Binance Smart Chain with $9.2 million and Polygon comes in third with $8.5 million.
AscendEX is headquartered in Singapore. Previously, the cryptocurrency exchange was known as BitMax. According to the exchange, there are now more than a million institutional and private customers that they serve with their platform. Recently, the exchange raised another $50 million in a funding round. The exchange wants to continue various expansion plans with this. It is not known whether the exchange is insured against such situations.