May 19, 2022

DeFi exchange Crypto.com got hacked yesterday, sources say. Users reported imaginary money missing from their accounts—as researchers watched it being laundered.

But all is well! So says the Singapore-cum-China-cum-Malta-based company (and with an ownership structure like that, you know you can trust them). As CEO Kris Marszalek opaquely notes, “No customer funds were lost.”

Which presumably means $16.3M of VCs’ capital was lost. In today’s SB Blogwatch, we dance on the head of pin.

Your humble blogwatcher curated these bloggy bits for your entertainment. Not to mention: Hhhh-herbs.

DeFi: A Planet-Burning Ponzi Scheme

What’s the craic, you ask? Andrew Asmakov answers—“Crypto.com Suffers Hack for At Least $15M”:

Definitely worse
The platform has yet to confirm that it has indeed been attacked [but] Crypto.com announced it was pausing withdrawals after “a small number of users experienced unauthorized activity in their accounts.” … A household name in Asian markets, the Singapore-based exchange recently spent $700 million to buy the naming rights to the Staples Center—the Los Angeles home venue of the NBA’s Lakers and Clippers.

Events took a turn for the worse when security research company Peckshield [said] Crypto.com has lost at least 4,600 ETH (around $15 million in current prices) [and] that the true scale of the damage is “definitely worse.” … Peckshield added that half of the stolen funds were sent to Tornado Cash, the…

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