The platform specializing in cryptocurrency trading Deribit suffered a $28 million hack this morning. As a result, withdrawals have been temporarily put on hold while certain security checks are completed. Deribit ensures that its users’ funds are safe and that losses will be covered with the company’s own funds.
Deribit suffers a massive hack
Deribit, the platform specializing in cryptocurrency trading and which notably offers forward and perpetual contracts in addition to options, was hacked this morning to the tune of $28 million. The hacker attacked the company’s hot wallet directly, the funds of the users are therefore a priori not in dangeras Derebit directly confirmed in a tweet:
Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves
Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.
—Deribit (@DeribitExchange) November 2, 2022
“Deribit’s hot wallet has been compromised, but customer funds are safe and the loss is covered by the company’s reserves. Our hot wallet was hacked for $28 million earlier this evening, just before midnight UTC on November 1, 2022.”
Withdrawals functionality has been temporarily discontinued on the platform while certain security checks are carried out by Deribit teams. According to a company spokesperson, withdrawals will be possible again as soon as possible and a post mortem events will also be published soon.
Deribit’s insurance fund will not be impacted by the hack, according to the company’s Twitter thread. The latter ensures that it is able to cover the losses with its own funds:
“The insurance fund will not be affected, the loss will be paid from the company’s reserves. Deribit remains in a financially sound position and ongoing operations will not be affected. »
According to the company’s spokesperson, it is the first time that Deribit has faced an attack of this order.
The month of November is thus just beginning with a loss of 28 million dollars, after the past October now recognized as the worst month on record in terms of hacks, with over $760 million stolen across 53 protocols.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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