Almost $5m Withdrawn from ZB.com in Possible Hack

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04.08.2022 - 13:37

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Crypto exchange ZB.com has fallen victim to a possible hack as $4.8 million was withdrawn from its hot wallet, according to security firm PeckSheild.

The money was removed after the suspension of withdrawals from ZB.com, PeckShield reported.

The crypto exchange had halted client withdrawals on Tuesday, citing «temporary maintenance» of the platform, following which the suspected hacking incident was executed.

“Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended. Please do not deposit any digital currency before recovery,” ZB.com said in a statement.

PeckShield <a rel=«nofollow» href=«https://twitter.com/peckshield/status/1554849892153131011?ref_src=» https: blockchain.news>announced on Twitter that over 20 crypto tokens, including SHIB, USDT, and MATIC, were moved from ZB.com's hot wallet to another address on Tuesday, which later liquidated all but five tokens.

The tokens were then sold on various decentralised exchanges for 2,224 ETH ($3.6 million), and the potential hacker then moved the funds to another address.

ZB.com deals with over $1 billion in trades every day and calls itself «the world’s most secure digital asset exchange.»

Meanwhile, another suspected wallet controlled by the potential hacker still holds around $1 million worth of the remaining five tokens. This wallet contained ZB.com's funds from where it was first moved.

ZB.com is one of the oldest crypto exchanges. Formerly known as CHBTC.com, the company had to relocate from China after the country banned crypto trading in 2017. ZB.com is now relocated to Zurich, Switzerland, and has offices in Dubai, Malaysia, Singapore, Australia, Russia, South Korea,

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