Nearly $5 million has been drained from digital asset exchange ZB.com’s hot wallet in a likely hack.
Security firm PeckShield made the announcement Wednesday on Twitter, posting data showing that $4.8 million in over 20 cryptocurrencies, including SHIB, USDT, and MATIC, had been transferred out of the exchange on Tuesday.
The tokens were then sold on a number of decentralized exchanges for Ethereum, according to PeckShield.
“Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem,” the exchange said in a Tuesday blog post. “Deposit and withdrawal services are now suspended.”
Hacks have been frequent in the crypto sphere. Billions of dollars a year are drained from experimental DeFi (decentralized finance) protocols—which have a reputation for at times weak security. But centralized exchanges are not hack-resistant.
In 2020, criminals stole $285 million in crypto from popular exchange KuCoin. The platform later said it managed to recover 84%—$239 million—of the stolen money but had to use its insurance fund to cover the remaining $45 million.
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