September 29, 2023

2022 looks set to get worse for the cryptocurrency space as the number of crypto attacks, exploits and scams continues to pile up, with the ZB exchange falling into the hands of hackers. According to PeckShield, the exchange has lost over $4.8 million to hackers.

As adoptions increase, so do exploits

As encryption adoption continues to grow, the risk from malicious entities is also on the rise. More and more crypto exchanges and lenders are falling victim to hackers trying to exploit even the smallest vulnerabilities. This is despite the fact that the exchanges are spending millions to strengthen security.

The latest victim: ZB Crypto Exchange

ZB cryptocurrency exchange is advertised as one of the most secure exchanges in the cryptocurrency space. However, the exchange, despite strong security measures in place, has become the latest entity in the crypto space to fall victim to the ongoing hacking wave. According to the latest details available from PeckShield, the exchange has lost approximately $4.8 million in a coordinated attack.

“JUST IN: #Crypto exchange ZB has been reported to have been exploited for over $4.8 million.”

The exchange had announced it was halting withdrawals shortly before the news, with hackers moving $4.8 million from the exchange’s hot wallet, which most observers recognize as a hack.

21 different cryptocurrencies moved from Exchange wallet

PeckShield posted data about the hack on its Twitter handle, revealing that 21 different cryptocurrencies were transferred from the exchange’s hot wallet to a specific address. Confusion reigned among users as the exchange had also halted withdrawals before news of the exploit hit the public domain.

The stolen cryptocurrency was transferred to a number of decentralized exchanges and sold for 2224 ETH. The address linked to the hack still holds that 2224 ETH. Another wallet address linked to the reported hack also has assets worth around $1 million.

Pause downloads

The ZB exchange had earlier suspended withdrawals after a brief statement. At the time of writing, the exchange has not commented on the ongoing exploit.

“Due to the sudden failure of some key applications, it still takes time to address the issue. Deposit and withdrawal services are now suspended. Do not deposit digital currency before recovery. Any change is subject to notice.”

Exploits On The Rise

This is the latest hack in a long list of hacks that have occurred in recent days. Right at the beginning of August, cross-chain bridge Nomad suffered an exploit, with the protocol losing nearly all of its funds to the exploit, losing nearly $200 million in the attack. Just a few days later, the Solana ecosystem suffered a multi-million dollar hack, with users draining their money from their hot wallets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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