AscendEX, formerly known as BitMax, has become the latest cryptocurrency exchange to fall victim to a hack, losing an estimated $77.7 million worth of cryptocurrencies.
The Singapore-based exchange officially announced the hack on Sunday through its official Twitter handle. It confirmed unauthorized withdrawals from one of its four hot wallets but assured the safety of all the
cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term stored in cold wallets.
22:00 UTC 12/11, We have detected a number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet. Cold Wallet is NOT affected. Investigation underway. If any user’s funds are affected by the incident, they will be covered completely by AscendEX.
— AscendEX (@AscendEX_Global) December 12, 2021
The perpetrators siphoned multiple cryptocurrencies from the exchange across three blockchains: Ethereum, Binance Smart Chain and Polygon. Though the exchange did not officially put up a figure of the loss, crypto security firm PeckShield estimated the total loss to be around $77.7 million.
Out of the total, $60 million worth of cryptocurrencies were taken from
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term, $9.2 million from Binance Smart Chain and the rest from Polygon. The largest unauthorized withdrawal of more than $10.8 million was made in lesser-known altcoin TARA, followed by two stablecoins, USDT and USDC. Additionally, sums were siphoned in popular tokens like SHIB, AAVE and COMP.
Estimated loss @AscendEX_Global: $77.7M in total ($60M on @ethereum $9.2M @BinanceChain $8.5M @0xPolygon). Here is the list of the transferred-out assets and their amounts on @ethereum pic.twitter.com/VC4DKOwu4f.
— PeckShield Inc. (@peckshield) December 12, 2021
Assures Compensation
Meanwhile, the exchange assured that it will compensate all victims fully for their losses in the security breach. Moreover, it highlighted that the value of cryptocurrencies stolen in the attack consists of only a small percentage of total exchange assets.
The action plan of AscendEX includes collaboration with blockchain forensic firms and law enforcement to investigate the attack, migrate the impacted projects and gradually re-start the deposit and withdrawal process.
Furthermore, the crypto exchange shared the wallet addresses to which the stolen funds were transferred.
Meanwhile, crypto exchanges remain vulnerable to attacks despite technological advancements in the industry. Earlier this month, the security of Bitmart, another crypto exchange, was breached, resulting in the theft of $196 million in cryptocurrencies.
AscendEX, formerly known as BitMax, has become the latest cryptocurrency exchange to fall victim to a hack, losing an estimated $77.7 million worth of cryptocurrencies.
The Singapore-based exchange officially announced the hack on Sunday through its official Twitter handle. It confirmed unauthorized withdrawals from one of its four hot wallets but assured the safety of all the
cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term stored in cold wallets.
22:00 UTC 12/11, We have detected a number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet. Cold Wallet is NOT affected. Investigation underway. If any user’s funds are affected by the incident, they will be covered completely by AscendEX.
— AscendEX (@AscendEX_Global) December 12, 2021
The perpetrators siphoned multiple cryptocurrencies from the exchange across three blockchains: Ethereum, Binance Smart Chain and Polygon. Though the exchange did not officially put up a figure of the loss, crypto security firm PeckShield estimated the total loss to be around $77.7 million.
Out of the total, $60 million worth of cryptocurrencies were taken from
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term, $9.2 million from Binance Smart Chain and the rest from Polygon. The largest unauthorized withdrawal of more than $10.8 million was made in lesser-known altcoin TARA, followed by two stablecoins, USDT and USDC. Additionally, sums were siphoned in popular tokens like SHIB, AAVE and COMP.
Estimated loss @AscendEX_Global: $77.7M in total ($60M on @ethereum $9.2M @BinanceChain $8.5M @0xPolygon). Here is the list of the transferred-out assets and their amounts on @ethereum pic.twitter.com/VC4DKOwu4f.
— PeckShield Inc. (@peckshield) December 12, 2021
Assures Compensation
Meanwhile, the exchange assured that it will compensate all victims fully for their losses in the security breach. Moreover, it highlighted that the value of cryptocurrencies stolen in the attack consists of only a small percentage of total exchange assets.
The action plan of AscendEX includes collaboration with blockchain forensic firms and law enforcement to investigate the attack, migrate the impacted projects and gradually re-start the deposit and withdrawal process.
Furthermore, the crypto exchange shared the wallet addresses to which the stolen funds were transferred.
Meanwhile, crypto exchanges remain vulnerable to attacks despite technological advancements in the industry. Earlier this month, the security of Bitmart, another crypto exchange, was breached, resulting in the theft of $196 million in cryptocurrencies.
Source
