AscendEX confirms $77.7 mn lost on hot wallet hack, promises full compensation

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a guest writer at Qwenu and Deputy Editor-in-chief of Gamji Press.

Today, the Singapore-based crypto exchange, AscendEX has announced that it has incurred an estimated $77.7 million of cryptocurrencies lost across three blockchains on its hot wallet and promised full compensations to victims.

Recall that on Sunday, December 12, the crypto exchange company via its official Twitter page revealed the hack on its hot wallet by number of ERC-20, BSC, and Polygon tokens.

AscendEX further stated that it confirmed illicit withdrawals from one of its four hot wallets, but said all cryptocurrencies held in cold wallets were safe.

According to the company, Ethereum transferred $60Million, BinanceChain $9.2M, and 0xPolygon $8.5M.

However, the Singapore-based crypto exchange company has stated that it will fully pay all victims of the security incident. It also stated that the value of cryptocurrency taken in the hack only accounts for a small portion of total exchange assets.

AscendEX plans to involve working with blockchain forensic firms and law enforcement to investigate the illicit act, move the impacted projects, and gradually resume deposit and withdrawal processes. The wallet addresses to which the stolen cash was transferred were also revealed.

Despite technological developments in the business, crypto exchanges remain vulnerable to attacks. Bitmart had its security compromised earlier this month, resulting in the theft of $196 million in cryptocurrency.

AscendEX, formerly known as BitMax, has become the latest cryptocurrency exchange to be hacked, with an estimated $77.7 million in cryptocurrency lost.

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