HomeGuidesAscendEX Hot Wallets Hacked-Losses $80M

AscendEX Hot Wallets Hacked-Losses $80M

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  • Hackers attack several hot wallets of AscendEX exchange platform.
  • Most of these hacked hot wallets belong to ERC-20, Polygon and BSC blockchains.
  • Losses are estimated to be more than $80 million.

And so we come across another hack for the month. Yes, as I have mentioned earlier numerous times, the hacks are consistently persistent with the crypto community.

Despite numerous security firms and their new technological implementations, yet still hacks are scattered common. 

In spite of all this, in the early hours of December 12, the AscendEX, a global and mass cryptocurrency exchange got hacked. 

The Hack 

It’s denoted that the hackers attacked mainly the hot wallets profusely. Moreover, none of the cold wallets were subjected to any hack and are completely safe and secured. 

However, the anonymous hackers hacked into the hot wallets, mostly belonging to the Ethereum (ETH) blockchain, Binance Smart Chain (BSC), and the Polygon (POLY) blockchains. 

Furthermore, AscendEX took to Twitter officially posting a tweet. Upon the tweet, the firm mentions that the hackers even tried to hack onto the cold wallets too, but failed to. 

The security system protocols have prevented hacking upon the cold wallets. 

AscendEX Decisions

In addition, they mentioned that whatever be the losses for the users, they will completely cover up all their losses. Personally, such acceptance by the firm is to be legitimately appreciated.

Besides, this was the second-largest hack for the month, followed by the BitMart hack. Even though AscendEX and BitMart are ready to cover up the losses, the question is why did they allow such a hack to happen amidst all such profuse security protocol developments. 

Moreover, such hacks deteriorate the trustiness deposited over the crypto exchange by the users and lead to switching over of exchanges. 

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