Ascendex Hacked — Exchange Loses $77 Million in ERC20, BSC, Polygon Tokens – Bitcoin News

Ascendex, an exchange for cryptocurrency, was the victim of a security attack that enabled hackers to access some wallets. The attack focused on hot wallets, where funds are kept as a buffer to tend to customers’ withdrawals. It announced it would pay these funds back to all affected users. Peckshield is a security- and auditing firm that estimated losses around $77 Million.

Ransacked Hot Wallets by Ascendex

Ascendex, an exchange for cryptocurrency, disclosed yesterday that it had suffered a security attack. The hacker targeted the hot wallets. After quickly acknowledging the breach, Ascendex implemented a number of security measures to protect its cold wallets. Peckshield is a security company that audits blockchains and has examined the attack and released no numbers. estimatedLosses estimated to be around $77 millions

Hackers targeted the hot wallets of Ethereum, BSC, Polygon and Polygon networks. Most value was withdrawn in ERC20 tokens. The hack resulted in theft of $60 million worth these tokens, as well as $9.2million in BSC tokens. Polygon tokens cost $8.5 million. Peckshield providedYou will receive a complete report detailing which tokens were stolen as well as how much each token was taken.

Ascendex Response

Ascendex issuedIt issued a statement regarding the events and explained to the public the plans it had for dealing with the aftermath. First and foremost, Ascendex will reimburse all of the funds stolen for the affected users, as it declared that “the impacted assets are a relatively small percentage of total exchange assets.” The exchange transferred the nonimpacted assets to its cold wallets and has since suspended withdrawals for its customers.

It will now investigate how the hack occurred and the possible perpetrators. The company stated that it has already begun working with law enforcement and blockchain forensics firms to determine what happened.

Ascendex said that hackers have affected smaller projects and that they are looking into reissuing tokens for holders. The exchange’s liquidity is affected as well as new projects. This attack is second-highest in publicity that has seen centralized exchanges fall victim to this hack. Bitmart lost $200 million to an attacker on December 6th.

What do you think about Ascendex’s $77 million hack? Leave a comment below.

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