Crypto.com Faces Issues Due to Suspicious Activity, Pauses Withdrawals

The digital exchange, Crypto.com faced issues on Monday after some of the users of the company reported ‘suspicious activity’ on the platform. Additionally, Dogecoin creator Billy Markus tweeted about the issue a while ago and highlighted odd activity on one of the Ethereum wallets on Crypto.com.

The exchange assured users that it is aware of the situation, and the company’s relevant department is investigating the problems. Crypto.com added that all funds are safe and secure. “We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe,” the company noted.

While Crypto.com mentioned that all the funds are safe, some users reported stolen funds. “I messaged yah guys hours ago about my account having 4.28ETH stolen out of nowhere and I’m also wondering how they got past the 2FA,” Podcaster Ben Baller highlighted on Twitter.

Withdrawals

As a result of the latest suspicious activity, Crypto.com has paused the withdrawals. According to the details shared by the company, withdrawals will be resumed within the next few hours.

“Earlier today a small number of users experienced unauthorized activity in their accounts. All funds are safe. In an abundance of caution, security on all accounts is being enhanced, requiring users to sign back into their App & Exchange accounts and reset their 2FA. This update will be rolled out to users progressively over the next few hours. Once complete, withdrawals will be re-enabled. We understand this may be an inconvenience, but security comes first. Thank you for your support,” the exchange added.

The global crypto sector saw a surge in online attacks last year. In August 2021, Poly Network was hacked and fraudulent actors stole over $600 million worth of funds.