Singapore Based Crypto.com Confirms 400 Accounts Hacked

Affected Users Will Be Reimbursed

Singapore-based cryptocurrency website Crypto.com has had 400 accounts hacked.

The CEO of Crypto.com, Kris Marszalek has stated that customers who have been affected will be reimbursed and that they have not seen any “outreach” from regulators. He has said that the company is willing to share any information they have about the hack with any regulators that wish to investigate it.

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“Obviously, it’s a great lesson and we are continuously strengthening our infrastructure,” Marszalek said. “Given the scale of the business, these numbers are not particularly material and customer funds were not at risk.”

We do not know the exact amount that the cryptocurrency is valued at however it is believed to be in the millions. Marszalek says that he will keep the public informed with blog posts on the Crypto.com website as the situation with the hacked accounts continues to unfold.

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A spokesperson at the Monetary Authority of Singapore told The Straight Times that Foris DAX Asia, which organizes the domain of Crypto.com, is currently exempt from needing a license under Singapore’s payment services act since its license application is under review.

They have however stated that they are “aware of the cybersecurity breach at Crypto.com and is following up with the applicant”.

The autonomy and lack of regulation involved with cryptocurrency have made it very attractive to cybercriminals with cryptocurrency cyber theft on the rise in recent months. One of the biggest cybercrimes involved a group of hackers stealing $6 million USD from the platform Poly Network in August of 2021. Nearly half of the money was eventually returned, however.

Earlier this week, the Monetary Authority of Singapore actually banned Cryptocurrency from being advertised in the public in an effort to make sure that retail investors do not invest in it without truly understanding the risks.

Crypto.com is one of the largest Cryptocurrency websites with over 10 million users.

Within the world of video games, NFTs, a form of Cryptocurrency have been controversial with several large companies like Square Enix and Konami attempting to enter the market to mixed responses.