Crypto.com CEO Denies Cover-Up

Crypto.com CEO Kris Marszalek recently took to the X social media network to clarify that there was no cover-up regarding a security incident that took place in 2023.

The popular US trading platform was previously accused of trying to conceal the damning incident despite the fact that the seriousness of the incident warranted public disclosure.

Teenage hacker

According to Bloomberg, the exchange was previously compromised by the notorious Scattered Spider hacking group that included world-famous hacker Noah Urban.

The attacker reportedly managed to gain access to the account of one of the exchange’s employees via phishing.

No coverup

Crypto.com asserts that it did not actually try to sweep the incident under the rug since it reported it to the regulators.

Moreover, it took mere hours to contain the incident, and very few people were actually affected by it, with their personal information being lost.

No user funds were actually lost as a result of the incident.

2022 hack

Back in 2022, Crypto.com suffered a substantially more serious hack, with hundreds of users being affected. The attacker managed to steal funds by bypassing 2FA.

Back then, the exchange actually had to halt withdrawals and improve its security.

Source