ZB.com appears to be the latest victim in a string of recent hack incidents, with would-be hackers draining around $4.8 million from the cryptocurrency exchange’s hot wallet.
The platform, which claims to be the world’s most secure digital asset exchange, was previously headquartered in China before relocating and establishing operations in other countries.
About $4.8 million worth of Crypto is leaving ZB.com
Blockchain security company PeckShield mentionted that 21 different crypto assets worth over $4.7 million were moved from ZB.com’s hot wallet in what could be a hacking attack. Some of the cryptocurrencies that were moved off the exchange include MATIC, APE, SHIB, AAVE, USDT, USDC, CRV and 1INCH.
Meanwhile, the report came shortly after the crypto exchange announced a temporary suspension of deposits and withdrawals. According to a statement on Zb.com suspension:
“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. We apologize for any inconvenience and thank you for your patience!”
The platform, however, has not confirmed whether the suspension was due to a security breach of its hot wallet. Interestingly, the company claims to be the “world’s most secure digital asset exchange”.
ZB.com, formerly known as CHBTC.com, was founded in 2013 and is based in China. After the Chinese government cracked down on cryptocurrency trading in 2017, the company ceased all operations in the country and relocated, later renaming itself to its current name. The exchange has over 10 million users.
Three hacks in three days?
The potential hack of Zb.com makes it the third incident the industry has experienced in August alone. As previously reported by CryptoPotato, the Nomad bridge was exploited, with attackers draining nearly $200 million worth of cryptocurrency from the protocol’s funds.
Some of the hackers involved in the incident returned $9 million to a recovery address provided by Nomad.
The Solana network also fell victim to a multi-million dollar hack on August 3, with more than 7,700 wallets compromised in the attack. Losses from affected wallets are estimated at around $8 million.
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