Crypto.com Suspends Withdrawals After ‘Unauthorized Activity’

crypto wallet provider And the trading platform said in a Twitter post that the measure was temporary to allow for security improvements and that activity will resume once the update is complete. The company said that all funds are safe.

Several users had reported on social media that their cryptocurrency, sometimes worth thousands of dollars, had disappeared from their crypto.com accounts in recent days. A spokesperson for Crypto.com did not respond to a request for comment.

on technical issues crypto trading platform As the hype of digital assets increases, it has become common practice. Providers such as Coinbase, Binance and Kraken suffered widespread losses last year at a time of peak demand, irking investors who were prevented from making withdrawals or liquidating their positions during volatile trading periods.

Crypto.com has more than 10 million customers And is one of the most prominent platforms in the US, having recently acquired the naming rights from Staples to take over as title sponsor of the Los Angeles Sports Center. The $700 million deal coincided with a major marketing push helmed by Crypto.com investor and Hollywood actor Matt Damon.

Crypto Influencer and podcast host Ben Bowler said in a tweet on Monday that approximately 4.28 ether, the equivalent of about $14,000, had been “stolen out of nowhere” from his account, a move that required a potential hacker to two- Authentication security measures requiring crossing factor.

Balor later alleged that early in the morning in London, a wallet belonging to Crypto.com had lost approximately 5,000 Ether, the equivalent of approximately $16.3 million.

Dogecoin co-founder Billy Marcus also said he noticed “strange activity” on an Ethereum wallet on Crypto.com on Monday, with an unusual pattern of transactions going into the recipient’s wallet.

This story has been published without modification in text from a wire agency feed.