Bitcoin: hackers seize a very large wallet from a crypto platform

News hardware Bitcoin: hackers seize a very large wallet from a crypto platform

Although the crypto market is not looking good, virtual currencies such as Bitcoin and Ethereum continue to attract malicious intentions. Yesterday, one of the largest crypto exchanges suffered a major hack. Back to this event that shook the cryptosphere.

Deribit loses very big in crypto (Bitcoin, Ethereum…)

This Wednesday, November 2, the crypto purchase and resale platform, Deribit, was the victim of a major hack. Founded in 2016, the crypto exchange offers Bitcoin, Ethereum and any other virtual asset for sale.

Although the period was less “profitable”, due to the fall in the value of cryptocurrencies, this did not prevent hackers from attacking the portfolio of the Deribit platform.

Yesterday, the company announced that it had had its crypto portfolio siphoned off to the tune of 28 million euros. Like any crypto exchange platform, the company has several wallets to ensure a certain liquidity when an individual exchanges one crypto for another.

It was precisely the company’s crypto “hot wallet” that suffered the attack. These wallets are generally less secure since the key needed to access them is stored encrypted on the network, unlike a cold wallet (allowing the key to be stored offline).

Thus, the hackers were able to walk away with around 28 million euros in various cryptographic tokens:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • USDC

The crypto platform limits breakage

Very quickly, the company wanted to clarify things: the funds of the users of the platform are not in danger. Indeed, the losses concern only the company, since Deribit had taken its precautions. Concretely, the platform stores user funds in a cold room in order to guard against this kind of event – ​​in short, a procedure worthy of a real virtual bank.

“The Deribit e-wallet has been compromised, but customer funds are safe and the loss is covered by the company’s reserves. Our hot wallet was hacked for US$28 million earlier this evening, just before midnight UTC on November 1, 2022. Indicates Deribit crypto exchange as a result of the hack. »

For the moment, we know very little about the hackers’ modus operandi, however, in a preventive logic, the platform proceeded to the freezing of transactions (withdrawals and deposits).

The crypto platform valued at 400 million euros made it clear that this incident does not jeopardize the health of the company. Nevertheless, it could impact the price of Bitcoin somewhat by sending the wrong signal to investors. Indeed, a large number of professional investors use this platform to make purchases in Bitcoin BTC.

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