AscendEX Loses $ 80 Million Due to ERC-20, BSC and Polygon Hot Wallet Compromise

Crypto trading platform AscendEX suffered a loss of $ 77.7 million in a hot wallet compromise that allowed hackers to access and transfer...


Crypto trading platform AscendEX suffered a loss of $ 77.7 million in a hot wallet compromise that allowed hackers to access and transfer tokens hosted on Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (POLY) blockchain.

Soon after completion, AscendEX proactively warned its users about the stolen funds, confirming that hackers were unable to access the company’s cold wallet reserves.

According to PeckShield, a blockchain security and data analytics company, around $ 60 million in tokens have been transferred to the Ethereum blockchain. Tokens stolen from Binance Smart Chain and Polygon are worth $ 9.2 million and $ 8.5 million respectively, as evidenced by EtherScan The data.

Some of the popular tokens stolen in this hack include USD Coin (USDC), Attached (USDT) and Shiba Inu (SHIB). However, AscendEX has yet to officially confirm the exact value of the tokens taken away by the hackers.

The company also announced that it will help affected users by covering their losses due to the attack.

Related: Bitmart hacked for $ 200 million following Ethereum and Binance Smart Chain exploit

As recently as last week, on December 5, a similar attack on the crypto exchange BitMart resulted in a loss of nearly $ 200 million due to a hot wallet compromise hosted on the Ethereum and Binance Smart blockchains. Chain.

As reported by Cointelegraph, the hack was a simple case of transfer, swap and wash:

Transfer of stolen tokens to Bitmart. Source: PeckShield

While BitMart CEO Sheldon Xia confirmed the losses on Twitter, he announced a temporary halt to all withdrawals and deposits while further investigations were pending.