Deribit exchange suffers a hack and loses 28 million

First day of November and first recorded hack. Deribit, a platform specializing in cryptocurrency trading has suffered a hack. As a result of this hack, the platform lost 28 million US dollars. As a result, Deribit has taken a number of measures including the temporary suspension of withdrawals. The platform reassures that customers will be restored to their rights.

28 million fly away

Hackers are still at work in the crypto ecosystem. This November 1, 2022, the cryptocurrency exchange Deribit was the victim of a major hack. The platform itself announced this on Twitter. This hack resulted in the loss of 28 million US dollars for the company.

However, the platform reassures customers that their funds were not affected.

Moreover, any possible loss will be covered by the company’s reserves.

Due to this incident, the Deribit exchange has temporarily suspended the withdrawal. The platform reassures that this suspension of withdrawal is related to ongoing security checks.

Withdrawals will be suspended as long as the platform is not satisfied with the security measures. However, ongoing transactions will be processed.

Not everyone is happy about the Deribit hack, especially its competitors. Referring to the Deribit hack, the Bybit exchange has launched into a dredge of victims. Among other things, the platform said that its security protocols and technologies protect customer data and funds.

The plague of hacking in the crypto ecosystem continues 2022

2022 is a year of slowdown in the cryptocurrency market. But this bear market has not dampened hacker activity.

As of October 11, analytics firm Chainalysis has already recorded 125 hacks in 2022. Notably, these hacks have cost crypto operators nearly US$3 billion. It is mainly the DeFi protocols that are vulnerable to these.

The month of October 2022 was particularly characterized by hacking. In the first 11 days of October, 11 hacks were recorded resulting in over $718 million in losses.

October was so far the biggest month in terms of hacks with over $760 million stolen. On the first day of November, already the first hack was recorded. This is a very worrying trend and should be a wake-up call for crypto investors. Fortunately there are practical and effective tips to protect your coins.