Singapore-based cryptocurrency exchange,,  announced the temporal suspension of withdrawals on Monday, January 17th, after its hot wallets were compromised. halted withdrawals after users reported “unauthorized activity” on their wallets. Billy Markus, the co-founder of Dogecoin, also pointed to a suspicious transaction pattern on Etherscan.

Breached, But No Funds Lost

Roughly 14 hours after the initial announcement, announced to its users that withdrawals had resumed and all funds were safe and accounted for. 

Insisting that no funds were compromised, advised users to sign back into their apps, exchange accounts, and reset their two-factor authentication.

Diferring Reports – Up to $15 Million in ETH Was Stolen

Despite declaring that funds were safe, multiple sources have reported that up to $15 million or 4,600 ETH was stolen from the exchange. Many users to have complained have reported losses between 2-5 ETH.

One such victim is, Ben Baller, a crypto enthusiast and entrepreneur. According to Baller, his losses amounted to 4.25 ETH, or the equivalent of $13,924 USD.

On the Flipside

  • reportedly holds 100% of its user funds in offline cold wallets, using an institutional-grade solution by Ledger.

Why You Should Care

While hacks and scams are running rampant in decentralized finance, it remains unclear how a centralized exchange of such renown was defrauded of $15 million.


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